Categories: Market Overview

Chinese driverless car start-up WeRide raises $310 million in funding as competition heats up

Chinese driverless car start-up WeRide has raised $310 million in a new round of funding as it pushes to commercialize its technology. Yutong Group, a Chinese company that manufactures commercial vehicles including electric buses, lead the funding round. A number of other new investors jumped on board while existing venture capital firms also participated.

WeRide did not disclose its valuation and declined to comment when contacted by CNBC. The Guangzhou-based firm is among a handful of companies in China vying to become a leader in driverless car technology. WeRide focuses on building the technology that enables vehicles to be autonomous rather than actually manufacturing automobiles. WeRide’s funding round follows a cash injection into rival Pony.ai in November which saw the latter’s valuation top $5 billion. Other companies including search giant Baidu, start-up AutoX and ride-hailing firm Didi, are competing in the same space.

Chinese driverless car start-up WeRide raises $310 million in funding as competition heats up, CNBC, Jan 14

The FxPro News Team

This team of professional journalists announces the most interesting and influential articles from the major financial media as a brief summary. All such news may have sufficient potential to affect the course of trading assets.

Share
Published by
The FxPro News Team

Recent Posts

Nasdaq 100 Wave Analysis 23 December 2024

- Nasdaq 100 reversed from strong support level 21000.00 - Likely to rise to resistance…

6 hours ago

USDJPY Wave Analysis 23 December 2024

- USDJPY reversed from key support level 156.35 - Likely to rise to resistance level…

6 hours ago

US indices: has the bullish trend broken?

The recent declines in US indices may have broken the bullish trend, indicated by technical…

11 hours ago

Dollar: Slowing Momentum, Same Direction

The dollar has paused its strengthening, as weaker-than-expected inflation data reduces fear of future Fed…

16 hours ago

Bitcoin Fell Back to Local Support

Bitcoin finds support near the 50-day moving average, but further declines in the stock market…

17 hours ago

EURCHF Wave Analysis 20 December 2024

- EURCHF falling inside minor impulse wave 5 - Likely to fall to support level…

4 days ago

This website uses cookies