WeRide, a pioneering Chinese language autonomous vehicle (AV) developer, has successfully concluded its initial public offering (IPO) and private placement, raking in an impressive $458.5 million.

WeRide, a Guangzhou, China-based developer of autonomous vehicles (AVs), launched on the Nasdaq Global Select Market under ticker symbol “WRD”, pricing its initial public offering (IPO) at $15.5 per American Depositary Share (ADS). The value was at the lower end of the company’s targeted range.

The underwriters will exercise their option in full, triggering the issuance of approximately 8,903,760 American depositary shares (ADSs), according to Reuters. The corporation anticipates receiving a total of $458.5 million, comprised of funds from the general public and an additional $320 million from a concurrent private placement. Assuming the underwriters of the preliminary public offering thoroughly train their personnel.

As WeRide’s founder and CEO Tony Han reflected, seven years of unwavering dedication had finally culminated in this pivotal moment for the company. “We extend our sincerest gratitude to our valued traders, purchasers, staff, and fellow companions for their unwavering support and trust.”

As he reflected on their collective efforts, they had successfully reached a pivotal point in their journey. “For us, going public marks the beginning of a new chapter. As we take this step forward, WeRide will continue to push the boundaries of technological innovation, providing secure, comfortable, and convenient autonomous driving solutions that can be experienced by more countries and regions worldwide.” 

Founded in 2017, WeRide offers comprehensive educational programs spanning Degrees 2 through 4. With a fleet of over 1 million vehicles on the road, Cruise the autonomous driving subsidiary of General Motors, holds autonomous driving licenses in China, the United Arab Emirates, Singapore, and the United States. Up to now, the organisation has successfully executed analyses, growth strategies, testing initiatives, and operational deployments across a network spanning 30 cities and seven countries, boasting an impressive record of more than 1,700 days of continuous operations.

WeRide commercializes autonomous mobility

WeRide’s diverse portfolio includes Robotaxi, Robobus, Robovan, and Robosweeper offerings, as well as a sophisticated driver-assistance system (ADAS). Utilities encompass scenarios that guarantee reasonable transportation, practical supply chain management, and reliable waste disposal.

The company’s debut product, its flagship offering, seamlessly integrates with both WeRide’s proprietary shared mobility ecosystem and third-party networks, unlocking a multitude of usage opportunities for customers. The company leverages its collaborations with renowned original equipment manufacturers, including GAC and Nissan, to develop and produce a range of vehicles through shared design and manufacturing initiatives. 

The subsequent development provides a fully autonomous, level 4 bus specifically designed for widespread public transportation. WeRide collaborated with Yutong Group to deliver the comprehensive solution. The Robobus operates at a prime speed of 25 miles per hour. While WeRide noted that it might potentially handle open roads across varied climatic conditions. 

The corporation was launched in September 2021. The company constructed a logistics system in collaboration with JMC-Ford Motors to facilitate intra-city transportation within urban regions. Up to now, WeRide has successfully conducted highway testing on its new automobile, touted as a versatile solution offering a broad spectrum of logistics services and products.

WeRide offers two versions of its e-bikes: the compact R3 and the more spacious S6. Autonomous sanitation vehicles are designed to effectively clean highways by collecting litter and debris from roadways, ensuring a safer and more attractive environment for drivers and pedestrians alike. The corporation stated that with a single investment, it may potentially cover over 120,000 square feet. m (1.2 million sq. autonomously dispose of waste, self-park, and conserve energy. 

AV firms proceed developments

Other autonomous vehicle firms are also securing significant investments. Waymo, the autonomous driving subsidiary of Alphabet, has secured $5.6 billion in Sequence C funding. Pony.ai is reportedly advancing preparations for a potential initial public offering (IPO).

With the latest funding secured, Waymo plans to expand its Waymo One robotaxi service, welcoming additional riders in San Francisco, Phoenix, and Los Angeles, as well as in Austin and Atlanta through its partnership with Uber.