WeRide Autonomous Driving: U.S. Testing Approval Milestone
Chinese autonomous driving company WeRide has reached a significant milestone by securing approval from the California Public Utilities Commission to test its driverless vehicles with passengers on U.S. roads. This approval, marking a critical step in WeRide’s global ambitions, allows the company to conduct demonstration rides for non-employees, focusing on testing and demonstration purposes rather than offering rides to the general public.
Enhancing Autonomous Driving Technology in the U.S.
The approval for WeRide autonomous driving tests in the U.S. is expected to play a crucial role in refining the company’s technology. By conducting these tests in a complex and diverse road environment, WeRide aims to gather more reliable and precise data. This data, in turn, could significantly accelerate the company’s path toward commercial operations. Furthermore, this move may enhance WeRide’s appeal to potential investors in the U.S., as noted by Zhang Xiang, secretary-general of the International Intelligent Vehicle Engineering Association.
WeRide’s Growth and Global Ambitions
Founded in 2017, WeRide has rapidly emerged as a leading player in the autonomous driving sector. The company offers a wide range of self-driving products and services, from Level-2 to Level-4 automation, catering to various industries, including mobility, logistics, and sanitation. Notable offerings include Robotaxi, Robobus, Robovan, and Robosweeper, among other advanced driving solutions. Moreover, significant investment from prominent backers such as GAC Asset Capital, Bosch, Yutong, and Nvidia has fueled the company’s growth.
U.S. Market Expansion and IPO Plans
As of November 2022, WeRide was valued at approximately US$5.1 billion. The company has also filed for an initial public offering (IPO) in the United States, joining other Chinese self-driving startups like Pony.ai and Momenta, which have recently submitted their IPO applications to the U.S. Securities and Exchange Commission. Additionally, in May, electric vehicle manufacturer Zeekr made its debut on the New York Stock Exchange, further signaling the increasing presence of Chinese tech companies in the U.S. market.
Autonomous Driving Market Growth
The global market for autonomous driving is rapidly expanding, with China expected to become the largest market for self-driving vehicles. McKinsey & Co. predicts revenue from autonomous vehicles in China will exceed US$500 billion by 2030. To support this, China’s Ministry of Industry and four other ministries designated 20 cities as pilot areas in July. These cities, including Beijing, Shanghai, Guangzhou, and Shenzhen, will apply intelligent networks that integrate vehicles, roads, and cloud-based systems.