## WeRide: A Chinese Autonomous Vehicle Startup Gears Up for US IPO

WeRide, a leading Chinese autonomous vehicle company, is getting ready for a public debut on US stock markets. This follows a period of tightening regulations from the Chinese government, which has been easing its restrictions on foreign IPOs.

The company has registered 1 billion American Depository Receipts (ADRs) at a maximum price of $0.05, signaling its intention to go public.  This move comes after Bloomberg reported that WeRide is seeking to raise up to $400 million through an IPO and private placement, potentially making it the biggest IPO by a Chinese company in the US since Zeekr, a Geely-owned luxury EV startup, went public in May.

WeRide's pursuit of an IPO reflects the company's need for funding to scale and compete in the fiercely competitive autonomous vehicle market.  The company has raised $1.39 billion so far and has a valuation of $5.11 billion. However, with venture capitalists becoming more cautious about investing in autonomous vehicle startups, WeRide's path to profitability is uncertain.

**WeRide's Footprint:**

The company boasts a presence in multiple markets, holding permits to operate autonomously in China, the UAE, and Singapore.  It also has permits to test in California, both with and without a driver. WeRide's ventures extend beyond robotaxis to include driverless robobuses, robovans for goods delivery, and robosweepers.

**Revenue and Losses:**

WeRide's financial performance shows a slight decline in revenue, with $20.7 million for the first six months of 2024 compared to $25.5 million in the same period in 2023. The company also experienced significant losses, reporting $121.3 million in losses for the first half of 2024, compared to $100.9 million in the first half of 2023.

**Competition and Market Outlook:**

WeRide faces stiff competition in the US market.  Its main competitor, Pony.ai, is also preparing for a US IPO after facing setbacks in 2021.  The success of both companies will depend on their ability to navigate the regulatory landscape, secure funding, and develop commercially viable autonomous vehicle solutions.

**The future of autonomous vehicles remains uncertain. But WeRide's IPO is a significant step in the evolution of the industry and a testament to the company's ambitions.**

WeRide, a Chinese autonomous vehicle company, is officially gearing up for a U.S. public debut, over a year after China started easing its effective ban

2 months ago Startups News Digested