WeRide's new generation production model Robotaxi GXR.
On Friday, WeRide made its debut on Nasdaq with an initial offering priced at $15.50 per American Depositary Share. The prominent Chinese autonomous driving technology firm started trading under the ticker symbol WRD hitting $19.80 a share within minutes, but retraced through the trading day to close at $16.55 a share. With a market capitalization of $4.5 billion, WeRide garnered substantial investor interest despite some regulatory concerns as a China-based tech company.
Founded in 2017, WeRide specializes in Level 4 autonomous driving technology having field-tested vehicles like robotaxis and robobuses in 30 cities across seven countries. The company currently operates the largest robotaxi fleet in the Middle East.
The IPO itself raised $120 million while an additional $320.5 million was secured through a private placement. Alliance Ventures, the venture arm of the Renault Nissan Mitsubishi Alliance committed $97 million. Proceeds will be used to further research and development efforts, to manufacture a fleet of vehicles and to fund the company’s entry into new markets. WeRide is not profitable yet.
WeRide’s IPO follows the debut of electric vehicle maker Zeekr (NYSE: ZK) earlier in the year.
