California allows Chinese robotaxi firm WeRide to test with passengers
China-based autonomous driving startup WeRide has received approval from California to test its driverless vehicles with passengers, according to a permit from the state's utility regulator.
The move comes as the company seeks a valuation of as much as USD5 billion from its New York IPO even as the U.S. is set to ban vehicles with China-developed systems, according to people briefed on the matter.
The permit from the California Public Utilities Commission (CPUC) - issued earlier this month for 3 years - allows WeRide to ferry passengers in test vehicles with a driver and without one. WeRide will not be allowed to offer rides to the general public and cannot charge any fares.
WeRide has 12 active vehicles and will operate in San Jose and nearby areas, CPUC said in a statement to Reuters.
Developing and commercializing robotaxis in the U.S. has been tougher than expected with regulatory hurdles, opposition from city agencies and public outrage.
Alphabet's Waymo, which has about 700 vehicles in its fleet, is the only U.S. firm operating uncrewed robotaxis that collect fares.
General Motors' Cruise restarted testing with safety drivers in Apr after one of its vehicles hit a pedestrian last year.
WeRide, founded in 2017, first received permits from California to test its vehicles without passengers in 2021. The company, which also makes autonomous vans, buses and street sweepers, has driverless permits in Singapore and the United Arab Emirates.
WeRide, known for autonomous taxis, vans, buses and street sweepers, is aiming to raise as much as US$119.4 million in the IPO by offering 6.45 million American depositary shares at a price range of US$15.50 and US$18.50 per share.
Certain investors have also agreed to purchase shares worth US$320.5 million in WeRide in a concurrent private placement, subject to the IPO's completion.
Such investors include Alliance Ventures BV - the venture capital fund of the Renault Nissan Mitsubishi Alliance - and JSC International Investment Fund SPC, among others.
German automotive supplier Robert Bosch GmbH has indicated an interest in purchasing WeRide shares worth up to US$100 million sold in the IPO.
Tesla will need to get approval to test driverless vehicles if it wants to start robotaxi operations.
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bullrider_21 OP blue fin : Aug 20.
bullrider_21 OP : WeRide plans to list on the Nasdaq under the ticker symbol "WRD," according to a prospectus made public earlier this month.
70634665 : What day will it go on sale
bullrider_21 OP 70634665 : IPO may be in the next few months.
72800643 : Why is it being delayed again? When will it be launched?
bullrider_21 OP 72800643 : https://www.businesstimes.com.sg/companies-markets/transport-logistics/chinas-weride-delays-us-ipo-just-deadline-nears