Daily Management Review

Nissan Supported Chinese Self-Driving Startup WeRide Raises $310 Mln


Nissan Supported Chinese Self-Driving Startup WeRide Raises $310 Mln
Japan’s Nissan Motor supported China based autonomous driving startup WeRide raised $310 million at a $3.3 billion valuation recently and announced that it would be deepening its partnership with the Japanese auto giant for development of autonomous driving technology and vehicles aimed for the Chinese market.
Founded by Tony Han, WeRide us trying to achieve what is known in the auto industry as a level 4 autonomous technology which is a standard created by the industry wherein autonomous vehicles are equipped with technology that enables the vehicle to handle all aspects of driving under almost all situations on the road with completely no human intervention.
Details on the size of the funding were however not disclosed by WeRide which has its headquarters in the southern city of Guangzhou and the central city of Zhengzhou in China and is currently testing out its autonomous vehicles in California, United States. The startup was given a permit last month for testing two passenger vehicles on California's public roads without a safety driver in the front section.
WeRide said in a statement that Renault-Nissan-Mitsubishi, , (7211.T) alliance and China Structural Reform Fund were present among the investors for the $310 million funding round organized by the firm.
"As China stands at the forefront of helping define the future of mobility, we are delighted to partner with WeRide to bring even more innovative technologies and services to enrich people's lives in China," said Ashwani Gupta, chief operating officer of Nissan.
Investments worth billions of dollars in autonomous driving is being made by auto makers and technology companies with the target of being able to take an early lead in an industry segment that is considered to be the future of mobility.
In Guangzhou, where several COVID-19 cases were reported in recent weeks, WeRide and several other autonomous driving companies, including Toyota-backed Pony.ai, are delivering essential goods to residents in locked-down communities using self-driving vehicles.
WeRide had raised $310 million in January this year.