WeRide, a Chinese autonomous driving technology startup, has filed for an IPO on the Nasdaq. The company has not disclosed the funds it intends to raise through the IPO. Following its Series D+ round, WeRide was valued at USD 5.1 billion in 2022.

Operating in 30 cities across seven countries, WeRide holds autonomous driving permits in China, the US, the UAE, and Singapore. It was founded in 2017 and offers commercial Level 2 to Level 4 autonomous driving services.

As per the filings, in 2023, WeRide generated revenue of USD 55 million (CNY 401.8 million; down 24% YoY) and reported a net loss of USD 262 million (CNY 1.9 billion; worsened 1.5x YoY).

Analyst QuickTake: Today, we increasingly notice strategic moves by Chinese firms amidst geopolitical tensions. Chinese regulators also allowed autonomous vehicle tech firms like Pony.ai and Momenta to list in the US market. Tesla got approval to test its ADAS "Full Self-Driving (FSD)" software in Shanghai's Nanhui New City District, despite US-China tensions.