Renault, Nissan, Mitsubishi Backed Guangzhou WeRide Confidentially Files For US IPO

  • Chinese driverless technology startup Guangzhou WeRide Technology Co has filed confidentially for an initial public offering in the U.S.
  • The company looks to raise up to $500 million, Bloomberg reports citing familiar sources.
  • The listing could take place by the first half of 2023.
  • WeRide proposes outsourcing data collection to an entity not part of the planned U.S. listing to stay clear of regulatory norms.
  • WeRide was weighing IPO venues, including the U.S. and Hong Kong. 
  • The company was worth $4.4 billion in a March 2022 fundraising round.
  • WeRide develops autonomous driving technology and is testing the technology. WeRide produces vehicles, including robotaxis, minibusses, vans, street sweepers, and its autonomous driving software and hardware solutions. 
  • Backed by Renault SA RNLSY-Nissan Motor Co, Ltd NSANY-Mitsubishi Motors Corp MMTOY Alliance, and Guangzhou Automobile Group Co, Ltd GNZUY, WeRide's investors also include Bosch and private equity firm Carlyle Group as existing investors.
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