WeRide, a China-based autonomous driving startup, stated that it would expand development with Nissan Motor 7201.T on autonomous driving technology for the market as it raised $310 million at a valuation of $3.3 billion.
WeRide, led by founder Mr. Tony Han, is pursuing what is known in the auto industry as a level 4 autonomous standard, in which the vehicle can handle all aspects of driving in most circumstances without the need for human interference.
WeRide, which is testing vehicles in the US did not disclose the amount of funding. It was granted permission last month to test two passenger vehicles on public roads in California without a safety driver in the front section.
Guangzhou-based WeRide said in a statement that Renault-Nissan-Mitsubishi RENA. PA, 7201.T, 7211.T alliance, and China Structural Reform Fund are among the investors in the $310 million funding round.
Mr. Ashwani Gupta, Chief Operating Officer of Nissan remarked that “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.”
Automakers and technology companies are pouring billions of dollars into autonomous driving, aiming to take an early lead in what many consider the future of mobility.
WeRide has received a slew of big investments in the last year, including a $200 million strategic round from Chinese bus manufacturer Yutong in December.