:max_bytes(150000):strip_icc()/GettyImages-2161717078-dc9351d099cb40c5a6e7ec0ffe164a60.jpg?w=1024&resize=1024,1024&ssl=1 "Chinese Self-Driving Vehicle Maker WeRide Files for US IPO")
Key Takeaways
- Chinese autonomous vehicle manufacturer WeRide has filed for an initial public offering in the U.S.
- The company plans to sell 6.45 million American depositary shares at a price of $15.50 to $18.50 per ADS.
- Other investors will buy an additional $320.5 million ADS in a private offering.
Chinese autonomous vehicle manufacturer WeRide has filed for an initial public offering (IPO) in the U.S. that would value the company at as much as $5 billion.
WeRide said it plans to offer 6.45 million American depositary shares (ADS), and price them at between $15.50 and $18.50 per ADS, raising up to $119.4 million.
In addition, the firm noted that certain investors—including the venture capital fund of the Renault Nissan Mitsubishi Alliance—have agreed to buy $320.5 million worth of ADS concurrently with, and subject to, completion of the IPO, in a private placement. WeRide added that German automotive supply maker Robert Bosch has expressed interest in purchasing $100 million worth of ADS as well.
WeRide Generates Most of Its Money From L4 Autonomous Vehicles
The company reported 2023 revenue of 401.8 million Chinese yuan ($55.3 million), and for the first six months of 2024, it was 150.3 million yuan ($20.7 million). WeRide explained that it generates most of its money from sales of its L4 autonomous-driving vehicles.
It has applied to be listed on the Nasdaq under the ticker symbol “WRD.”
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