Chinese technology company WeRide last week said it has raised US$200m in its B1-series fundraising from local bus-maker Yutong Group, according to local reports.
WeRide is one of China's leading autonomous driving technology companies and Yutong's strategic investment is the largest by any vehicle manufacturer so far.
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Yutong is looking to strengthen its partnership with WeRide in anticipation of future demand for autonomous public transport vehicles in the country.The two companies have already worked together on the development of the driverless mini "Robobus", a front-loading vehicle with no steering wheel, accelerator or brakes.
The two companies are looking to apply L4 technologies to minibuses and city buses and plan to explore opportunities to commercialise completely driverless vehicles.
WeRide's CEO and co-founder Tony Han said in a statement "this new round of funding has offered a strong impetus for our innovations, and more importantly, secured us another vital strategic investor".
He added: "with Yutong Group 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".
