Renault, Nissan, Mitsubishi Backed Guangzhou WeRide Confidentially Files For US IPO

Chinese driverless technology startup Guangzhou WeRide Technology Co has filed confidentially for an initial public offering in the U.S.
The company looks to raise up to $500 million, Bloomberg reports citing familiar sources.
The listing could take place by the first half of 2023.
WeRide proposes outsourcing data collection to an entity not part of the planned U.S. listing to stay clear of regulatory norms.
WeRide was weighing IPO venues, including the U.S. and Hong Kong.
The company was worth $4.4 billion in a March 2022 fundraising round.
WeRide develops autonomous driving technology and is testing the technology. WeRide produces vehicles, including robotaxis, minibusses, vans, street sweepers, and its autonomous driving software and hardware solutions.
Backed by Renault SA RNLSY-Nissan Motor Co, Ltd NSANY-Mitsubishi Motors Corp MMTOY Alliance, and Guangzhou Automobile Group Co, Ltd GNZUY, WeRide's investors also include Bosch and private equity firm Carlyle Group as existing investors.