WeRide, a CEC Capital Group portfolio company, obtains first remote test permit for autonomous cars

WeRide (the “Company”), a portfolio company of CEC Capital Group, obtained the first remote test license for smart networked vehicles jointly issued by Guangzhou Transportation Bureau, Municipal Bureau of Industry and Information Technology and Municipal Public Security Bureau, becoming the first autonomous vehicle company in China and the second in the world approved to carry out driverless road tests.

WeRide is a smart vehicle company with China's leading technology platform for L4 autonomous driving. The Company is China's first L4 autonomous driving startup receiving investment from global automotive OEMs with total autonomous driving mileage of more than 2.6 million kilometers. WeRide’s driverless road test is equipped with advanced 5G remote control functions throughout the entire process. The Company was the first to achieve 5G-based remote control of unmanned driving in China as early as September 2018, becoming the first company in the autonomous vehicle industry to deploy 5G remote control.

In November 2019, WeRide launched the first available autonomous taxi (robotaxi) service in Guangzhou. The Company has been operating continuously for more than 200 days on 144 square kilometers of urban open roads in Huangpu District and Guangzhou Development Zone. There have been no safety accidents and WeRide has accumulated valuable experience in autonomous driving transportation operations.

In June 2020, WeRide’s robotaxi service became available on Gaode’s taxi platform to access a more mature transportation market. This has become the first available robotaxi service in China jointly launched by a ride-hailing platform and an autonomous vehicle company. WeRide’s "WeRide ONE" autonomous driving algorithm covers the full range of a robotaxi’s driving needs, including all-weather coverage in tunnels, bridges, and highways, during morning and evening peaks, night, and rainy days, among other conditions. Through its 5G technology partnership with China Unicom, the Company has been able to launch the country’s first unmanned driving service using the 5G network.

CEC Capital Group, an early investor in WeRide, is one of China’s leading investment banks, focusing on three major industries including TMT, consumer and healthcare. In addition to its investment banking practice, CEC Capital Group manages both an RMB fund and a USD fund. The company is headquartered in Beijing, with offices in Shanghai. Its US affiliate, China eCapital Partners, LLC, has offices in Los Angeles and San Francisco. CEC Capital Group has participated as an investor in many well-known domestic and foreign companies, including Miss Fresh, Arrail Dental, Universal Medical Imaging, and Freenome. Its fund currently operates out of offices in Beijing and Shanghai.