Summary:
WeRide, a Chinese self-driving startup, is set to go public on Nasdaq under the ticker "WRD".
The IPO could be the largest for a Chinese company in the U.S. since DiDi Global's $4.4 billion IPO in 2021.
WeRide offers a range of products, including robobuses, robotaxis, robosweepers, and sensor suites.
The company faces strong competition from industry leaders like Tesla, Waymo, and Cruise LLC.
Morgan Stanley, JPMorgan Chase & Co., and China International Capital Corp. are leading the IPO.
WeRide: A Chinese Self-Driving Startup Set to Go Public on Nasdaq
WeRide, a leading Chinese autonomous driving company, is taking the leap and filing for an initial public offering (IPO) on the Nasdaq Stock Market under the ticker "WRD". This move could make WeRide's IPO the largest for a Chinese company in the U.S. since DiDi Global's $4.4 billion IPO in 2021.
While the company hasn't disclosed the number of shares it intends to sell or the expected price range, it did reveal a loss of $268 million on revenue of $55 million last year. Despite the losses, WeRide boasts a valuation of $4.4 billion following a fundraising round in March 2022.
WeRide's offerings extend beyond autonomous vehicles, including robobuses, robotaxis, robosweepers, and sensor suites. The company faces stiff competition from giants like Tesla, Waymo, Cruise LLC, and Pony.ai in the rapidly evolving self-driving technology space.
Morgan Stanley, JPMorgan Chase & Co., and China International Capital Corp. are leading the IPO, and the Renault-Nissan-Mitsubishi Alliance is set to buy shares through a private placement.
This IPO signifies WeRide's ambition to capture a significant share in the global autonomous driving market, which is expected to witness substantial growth in the coming years.
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