Chinese AV developer WeRide brings in $458.5M from IPO, private placement

Guangzhou, China-based WeRide was officially listed on the Nasdaq Global Select Market today under the ticker symbol “WRD.” The autonomous vehicle, or AV, developer set its initial public offering price at $15.5 per American depositary share, or ADS. This price was at the lower end of the company’s targeted range.

“Seven years of perseverance have led to WeRide’s new journey today,” stated Tony Han, the founder and CEO of WeRide. “We are deeply grateful to our investors, clients, employees, and all our partners for their trust and support.”

“Together, we have achieved this important milestone,” he said. “For us, going public is a new beginning, and WeRide will continue to drive technological innovation, delivering safe, comfortable, and convenient autonomous driving products and services to more countries and regions.” 

Established in 2017, WeRide provides autonomous driving systems ranging from SAE Level 2 to Level 4. The company holds autonomous driving licenses in China, the UAE, Singapore, and the U.S. So far, it has conducted research and development, testing, and operations across 30 cities in seven countries, with more than 1,700 days of operation.

WeRide commercializes autonomous mobility

WeRide’s portfolio includes its Robotaxi, Robobus, Robovan, and Robosweeper, plus an advanced driver-assistance system (ADAS). It said application scenarios span smart mobility, smart logistics, and smart sanitation.

The company‘s debut product, its Robotaxi, provides L4 services using WeRide’s shared mobility network as well as third-party shared mobility networks. It cited partnerships with world-class OEMs, including GAC and Nissan, to design and manufacture these vehicles. 

Its next offering, the Robobus, is a fully driverless, L4 bus designed for mass transit in urban settings. WeRide partnered with Yutong Group to produce the system. The Robobus has a top speed of 40 kph (24.8 mph). In addition, WeRide said it can handle open roads in all weather conditions. 

The company launched Robovan in September 2021. It built this offering with JMC-Ford Motors for intra-city delivery in urban areas. So far, WeRide has conducted road testing for this vehicle, which it claimed can offer a variety of logistics products and services.

WeRide offers two versions of its Robosweeper, the smaller S1 and the larger S6. These autonomous sanitation vehicles can sweep garbage and dust from road surfaces. The company said that with a single charge, it can cover over 120,000 sq. m (1.2 million sq. ft.), autonomously dump garbage, and park itself. 

AV companies continue advancements

WeRide isn’t the only AV company to announce large funding rounds today. Waymo, the self-driving unit of Alphabet, raised $5.6 billion in Series C funding.

With this latest investment, Waymo said it will continue to welcome more riders into its Waymo One robotaxi service in San Francisco, Phoenix, and Los Angeles, and in Austin and Atlanta through its expanded partnership with Uber. 

Looking ahead, WeRide said it remains committed to its mission, continuing to advance its technology, and striving to provide innovative products and ervices that contribute to greener, low-carbon, and sustainable urban living.