Home World News Chinese language driverless automotive start-up WeRide raises $310 million in funding as...

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

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Chinese driverless car start-up WeRide raises $310 million in funding as competition heats up

A automotive outfitted 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 business automobiles together with electrical buses, lead the funding spherical.

A variety of different new traders jumped on board whereas current enterprise capital companies additionally participated.

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

The Guangzhou-based agency is amongst a handful of firms in China vying to turn into a pacesetter in driverless automotive expertise. WeRide focuses on constructing the expertise that permits automobiles to be autonomous reasonably than truly manufacturing vehicles.

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

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

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

WeRide’s CEO Han beforehand advised AnotherBillionaire Information that he predicts the large-scale utility of robotaxis will happen between 2023 and 2025. He mentioned that WeRide will start to make cash from the enterprise in 2025.