WeRide raises $200m from Yutong for autonomous buses

WeRide, China's leading L4-level autonomous driving company, announced on Wednesday that it has raised $200 million from the nation's commercial vehicle maker Yutong Group in its series B1 round of fundraising.

Level 4 autonomy means that the vehicle can drive autonomously in most conditions without a human driver.

The latest strategic investment from Yutong marked the largest investment from a local original equipment manufacturer, or OEM, in the autonomous driving firm.

With the new fundraising, the two companies will join hands to drive autonomous driving applications in minibuses and city buses and will explore the large-scale commercialization of fully driverless vehicles.

"This new round of funding has offered a strong impetus for our innovations, and more importantly, secured us another vital strategic investor. Yutong Group's strategic investment will be a strong testament to WeRide's robust technology and our constant efforts to expand industry boundaries,” said Tony Han, CEO and co-founder of WeRide.

"We will engage in extensive cooperation in multiple key areas, such as research and development, vehicle platforms and mobility services. We will leverage each other's strengths to create a brand new urban mobility and transportation system,” he said.

By now, the two companies have already developed China's first fully driverless mini Robobus, created for open road operation in cities. The bus is a front-loaded, mass-produced model with no steering wheel, accelerator or brakes.