Tesla Robotaxi Rival WeRide Raises $308 Million In Hong Kong Share Sale Ahead Of Hong Kong Debut

WeRide Inc. (NASDAQ:WRD) raised over $308 million in Hong Kong share sales ahead of a reported HK Stock Exchange debut on November 6.

88 Million Shares Sold

The company sold over 88 million shares priced at HK$27.10 to a maximum price of HK$35, Bloomberg reported on Monday. The share sale helped the company raise over HK$2.39 billion ($308 million), but it could rise to $354 million if a greenshoe option is exercised, the report said.

A greenshoe, or over-allotment option, is a provision that lets the underwriter sell more shares than initially planned in the event of increased demand for the shares.

WeRide will reportedly use the money it raises from the listing to develop Robotaxi technology, as well as expand into newer markets and scale up commercialization, the report said.

Apollo Go's 250,000 Milestone, Uber's Nvidia Deal

The news comes as Baidu Inc.'s (NASDAQ:BIDU) Robotaxi service, Apollo Go, recently reached the 250,000 weekly Robotaxi rides milestone. The company achieved the milestone after driving over 140 million driverless miles and 17 million Robotaxi orders to date.

Meanwhile, Uber Technologies Inc. (NYSE:UBER) also signed a deal with chipmaker Nvidia Corp (NASDAQ:NVDA) to deploy over 100,000 Robotaxis by 2027 by using Nvidia's autonomous driving technology. Uber also has a deal in place with Lucid Group Inc. (NASDAQ:LCID) to deploy 20,000 Robotaxis over the next six years.

Uber's CEO Dara Khosrowshahi also made a bold autonomous driving prediction, saying that all cars in the next 20-plus years would be autonomous. Uber is set to host its earnings call on Tuesday, with a key focus on its autonomous technology roadmap, according to analysts.

Tesla's Cybercab Spotted Testing

Elsewhere, Tesla Inc.'s (NASDAQ:TSLA) Cybercab was recently spotted testing on the open road in California with what appeared to be a steering wheel, days after the automaker posted multiple job listings detailing various open positions for the Cybercab's production at Tesla's Gigafactory in Texas.

Check out more of Benzinga's Future Of Mobility coverage by following this link.

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