Bosch-Backed Autonomous Driving Startup From China Mulls $500M IPO

Bosch-Backed Autonomous Driving Startup From China Mulls $500M IPO
  • China-based Guangzhou WeRide Technology Co is considering a potential $500 million initial public offering, Bloomberg reported citing people familiar with the situation.
  • The driverless technology startup is working with advisers on the potential listing and is weighing the U.S and Hong Kong markets.
  • According to the people, if WeRide chooses the U.S. listing, it could face significant challenges from Chinese regulators.
  • The robotaxi company could file for the IPO probably by September and aim for a listing as early as this year. After the latest round of funding of $400 million, the five-year-old unicorn is valued at about $4.4 billion.
  • Backed by the Renault-Nissan-Mitsubishi Alliance and Guangzhou Automobile Group, WeRide received a strategic investment from Bosch in May to develop autonomous driving software jointly.
  • Founded in 2017, WeRide develops autonomous driving technology and is testing the technology in 23 cities globally.
  • In addition to its full-stack software and hardware solutions, it produces autonomous vehicles, including robotaxis, mini buses, vans, and street sweepers.
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