Chinese driverless tech startup Guangzhou WeRide Technology Co. has filed confidentially for a $500M U.S. IPO, potentially in H1 2021. Chinese companies resumed U.S. IPOs after Didi Global Inc.’s 2021 listing, prompting a Beijing crackdown. WeRide will outsource data collection to an entity not part of the U.S. listing.
Deliberations are ongoing, and details of WeRide’s IPO, including size and timing, could change. The company was valued at about $4.4 billion in a March 2022 fundraising round, weighing IPO venues, including the U.S. and Hong Kong. Steve Slesinski and Trent Broberg of Dana and Acertus, respectively, pop the EV hood and explore new ways to repair, prepare and invest in electric trucks. President Xi Jinping publicly backs China’s private companies in semiconductors, AI, and autonomous driving and urges them to strengthen innovation and play a more significant role in establishing China’s technology independence.
Founded in 2017, WeRide develops and tests autonomous driving technology in over 25 cities. They produce vehicles, software, and hardware solutions and are backed by the Renault-Nissan-Mitsubishi Alliance, Guangzhou Automobile Group, Bosch, and Carlyle Group.
Sources
https://www.ttnews.com/articles/self-driving-startup-weride-files-us-ipo-sources-say
Leave a Comment