Chinese language driverless automotive start-up WeRide raises $310 million in funding as competitors heats up

A automotive geared up with WeRide autonomous driving expertise in Guangzhou, China.

WeRide

GUANGZHOU, China — Chinese language driverless automotive start-up WeRide has raised $310 million in a brand new spherical of funding because it pushes to commercialize its expertise.

Yutong Group, a Chinese language firm that manufactures industrial autos together with electrical buses, lead the funding spherical.

Plenty of different new traders jumped on board whereas current enterprise capital corporations additionally participated.

WeRide didn’t disclose its valuation and declined to remark when contacted by CNBC.

The Guangzhou-based agency is amongst a handful of firms in China vying to change into a frontrunner in driverless automotive expertise. WeRide focuses on constructing the expertise that allows autos to be autonomous quite than really manufacturing vehicles.

WeRide’s funding spherical follows a money injection into rival Pony.ai in November which noticed the latter’s valuation high $5 billion. Different firms together with search big Baidu, start-up AutoX and ride-hailing agency Didi, are competing in the identical area.

In a press launch, Tony Han, CEO of WeRide stated the funding and new traders will give the corporate the “strategic sources to satisfy the purpose of commercializing self-driving expertise.”

In late 2019, WeRide launched a robotaxi mission in Guangzhou and has since expanded to permit customers to hail a trip by Alibaba’s Amap app. The corporate says it would launch trial operations for “Mini Robobuses” on Friday.

WeRide’s CEO Han beforehand informed CNBC that he predicts the large-scale software of robotaxis will happen between 2023 and 2025. He stated that WeRide will start to earn cash from the enterprise in 2025. 

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