Chinese driverless car start-up WeRide has raised US$310 million in a new round of funding as it pushes to commercialize its technology, CNBC reports. Yutong Group, a Chinese company that manufactures commercial vehicles including electric buses, lead the funding round. The Guangzhou-based firm is among a handful of companies in China vying to become a leader in driverless car technology. WeRide’s funding round follows a cash injection into rival Pony.ai in November which saw the latter’s valuation top US$5 billion. Other companies including search giant Baidu, start-up AutoX and ride-hailing firm Didi, are competing in the same space.

Source: The Standard January 14, 2021 07:30 UTC