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Chinese WeRide Raises $310M in Funding, Competition Heats Up

Chinese driverless car start-up WeRide has raised $310 million in a new round of funding as it pushes to commercialize its technology. Yutong Group, a Chinese company that manufactures commercial vehicles including electric buses, lead the funding round. A number of other new investors jumped on board while existing venture capital firms also participated.

Chinese WeRide Raises $310M in Funding, Competition Heats Up

WeRide did not disclose its valuation and declined to comment when contacted by CNBC. The Guangzhou-based firm is among a handful of companies in China vying to become a leader in driverless car technology. WeRide focuses on building the technology that enables vehicles to be autonomous rather than actually manufacturing automobiles. WeRide’s funding round follows a cash injection into rival in November which saw the latter’s valuation top $5 billion. Other companies including search giant Baidu, start-up AutoX and ride-hailing firm Didi, are competing in the same space.

Source: FXPro

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