Rally time for a company that is currently the only global robotaxi player

Chinese autonomous vehicle startup WeRide Inc. (NASDAQ:WRD) jumped 33% on Monday and traded at a new post-IPO high of $21.63. As part of its public debut, WeRide (WRD) issued 7,742,400 American Depositary Shares at $15.50 per ADS in late October. Following the recent rally, the market cap for the robotaxi player is now over $5.4 billion.

A notable investor in a separate $321 million private placement by WeRide (WRD) was Alliance Ventures (the venture capital fund of the Renault Nissan Mitsubishi Alliance), which agreed to purchase $97 million worth of shares.

WeRide, founded in 2017 and headquartered in Guangzhou, China, is a pioneering company in the field of autonomous driving technology, specializing in Level 2 to Level 4 automation. The company holds the distinction of currently being the only tech firm globally with driverless permits in multiple countries, including China, the UAE, Singapore, and the U.S. WeRide operates a diverse fleet that includes Robotaxis, Robobuses, Robovans, and Robosweepers, providing innovative solutions for urban mobility, logistics, and sanitation.

WeRide (WRD) has successfully launched commercial services in several locations, notably its Robotaxi service in Guangzhou in 2019, which has completed hundreds of thousands of trips. With strategic partnerships with major automotive manufacturers like Renault SA (OTCPK:RNSDF)-Nissan (OTCPK:NSANY)-Mitsubishi (OTCPK:MMTOF) alliance and Bosch, WeRide aims to enhance safety and accessibility in transportation.