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China autonomous driving firm WeRide valued at $3.3 billion after funding

A fleet of WeRide robotaxis are pictured. The corporate has been testing its robotaxis throughout the southern Chinese language metropolis of Guangzhou since 2019.

WeRide

GUANGZHOU, China — Autonomous driving firm WeRide has raised new funds valuing the corporate at $3.3 billion {{dollars}}.

The Nissan-backed start-up didn’t disclose the sum raised nevertheless talked about it totaled “tons of of hundreds of thousands” of {{dollars}} from enterprise capital merchants along with IDG Capital and Sky9 Capital. Numerous completely different backers and present merchants participated throughout the spherical.

Tony Han, CEO of WeRide talked about in an announcement that the model new funding may very well be used for evaluation and development, and commercialization “with the intention of delivering large-scale autonomous mobility within the coming future.”

WeRide is among the many many firms based totally in China pushing aggressively to take a lead throughout the autonomous driving space globally.

In 2019, it opened a robotaxi undertaking throughout the southern Chinese language metropolis of Guangzhou, the place it’s headquartered. Members of most of the people have been ready to utilize the service since closing yr in a positive house of city.

In April, WeRide obtained a enable from the California Division of Motor Autos (DMV) to conduct driverless testing on public roads in San Jose.

The corporate is competing with completely different start-ups akin to Pony.ai, which raised $267 million in November, and AutoX. Bigger know-how firms along with net massive Baidu and ride-hailing firm Didi, are moreover exploring the world.

WeRide’s latest funding spherical comes off the once more of a $310 million cash injection in January.

WeRide’s CEO beforehand suggested CNBC that he predicts the large-scale utility of robotaxis will occur between 2023 and 2025. He talked about that WeRide will begin to earn cash from the enterprise in 2025. 

The corporate doesn’t actually manufacture autos. As a substitute, it sells the autonomous driving packages to completely different automakers.

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