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After years of belligerent expanding upon at place , China ’s autonomous vehicle upstarts are now setting their gaze on abroad markets . WeRide , in particular , has been on a licensing fling .
The tidings make out just five months after WeRideannouncedit had procure a self - labor permit to test a range of vehicles including robotaxis on subject road in the United Arab Emirates , which has a bold agenda to automate its transport organization . The fellowship also hold various horizontal surface of AV permits in the U.S. and its home country China .
In late year , China ’s Ab company have taken a turn to ramp up their commercial efforts , thus placing relatively less emphasis on the cash - hemorrhaging pursuance of Level 4 robotaxis . Deeproute , for example , is forgingcloser ties with car manufacturers , while others , such as WeRide , are investing in independent buses that move at a lower speed , in unsex itinerary , and have less unpredictable traffic precondition to navigate .
As one of the slow city in the world with an aging workforce , Singapore startle its energy into AVsin 2014as a means to get by with its acres and workforce constraints . agree to the LTA , the urban center with over five million masses has a careful approach to undulate out AVs and has completed the first stage in “ test beds , ” or controlled environments .
The island state is now gearing up to go into the 2d phase of development , wherein Ab for rider and utility role are allowed to operate in selected sphere . It has draw in other orbicular musician in the ego - driving arena , include the Aptiv - Hyundai joint venture Motional , which has beenbuildingandtesting robotaxis in the city .
One of the permission that WeRide obtained is called Milestone 1 or M1 , which , according to the LTA ’s compartmentalization , denotes that AVs can try on open roads in sealed area with safety operators who have full controller of the vehicles .
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infix a foreign mart take months if not age of relationship building with regulators and business mate , and WeRide has been diligently preparing . Its list of investor , which together haveshelled out over $ 1.4 billionin backing , includeSMRT , a major public transport operator in Singapore , and K3 Ventures , a local investment funds house .
On the occupation side , WeRide of late contract strategical cooperation correspondence with Woodlands Transport Services , one of the state ’s largest individual transport operators , and jitney service society EZ Buzz .
WeRide has become a notice child in the wave of Chinese tech firms expanding to Singapore , attracting the attending of eminent - profile political figure . In March , the metropolis - state ’s prime pastor Lee Hsien Loongtook a ridein a WeRide robotaxi on his sojourn to China . Singapore is a “ regional center ” for the caller ’s Asia - Pacific market enlargement , WeRide ’s father and CEO Tony Han pronounce during his reception of Lee ’s entourage .
As one of China ’s most - funded AV company , WeRide was valued at $ 5.1 billion after completing a Series D extension round late last year andconfidentially filed to go publicin the U.S. this March .
update the story on December 12 , 2023 , to think over WeRide ’s up-to-the-minute valuation .
China ’s robotaxi upstart WeRide confidentially files for IPO
