2021.07.08 CoStone Capital Views:
WeRide, the global leading L4 autonomous driving company closed its $310Mn series C funding from IDG, CoStone Capital etc. In May 2021, reported a post-money valuation of $3.3Bn.
WeRide got its road-testing licenses from Guangzhou Government and Californica DMV in 2020 and 2021, making this infant company the first autonomous vehicle player who are authorized to deploy road testing in both China and U.S.
WeRide is one of CoStone Capital’s TMT portfolio company. CoStone Capital discovered WeRide in 2020, when the valuation of WeRide was 9 billion dollars. Lin Ling, CoStone Capital’s partner and chairman, believes that the management expertise and innovation across the young team would bring more possibilities to WeRide.
“Being as the ultimate solution of transportation, autonomous cars have a promising trend in future development. With the rapid growth of technology and huge market space, majority of enterprises around the world has entered into the breakthrough stage in autonomous driving. WeRide is the leading autopilot company in China, formed by a team with sophisticated experience in automotive driving and management from both China and the United States. Equipped with comprehensive ability in technical research and development, WeRide is the pioneering company in the fields of road test and commercialized progress. CoStone believe there is a bright future in WeRide.”
According to Japanese automobile COO, Ashwani Gupta’s words, “China is at the cutting-edge of defining future transportation. We are glad to work with WeRide, providing more innovative technology and services for China.”
Up to recent days, WeRide constantly published autopilot road test videos, continuing to display their development of automotive technology. The road tests covered primary and secondary distributor roads, expressway, city tunnel, toll station. The multi-angle videos presented WeRide’s proficient technical strength in autopilot.
For the full transcript, please refer to https://stonevc.com/InformationCentre/info.aspx?itemid=1287
Rewriting by Kong Xiaomei; Editing by Du Zhixin and Li Yunzhen.
The year 2019 marks the fortieth anniversary of China’s Reform &Opening-Up, once again, we meet at the turning point of history. What’s the next step for the game, is there any clear guidance? The answer is affirmative.
Our country is enjoying a good momentum of development, which does not come from the Washington Consensus nor the Beijing Consensus. China’s experience has proved that both the visible hand and the invisible hand are crucial: the visible hand, stands for the government-led reform, and would yield benefits for reform and opening up; the invisible hand, stands for the Marginal Power represented by the private sector, and would improve economic efficiency and tax collection, create jobs and employment opportunities.
Provided that we want to protect and expand the benefits form reform, three simple but mandatory agreements are to be made and followed: No.1 Private ownership must be recognized, protected and treated equally with public ownership constitutionally, both ownerships are scared and inviolable;No.2 Make further clarification of the principal position of market economy, “deepen economic system reform by centering on the decisive role of the market in allocating resources”, as President Xi addressed in the third Plenary Session of the 18th CPC Central Committee;No.3 Implement the guiding principles of “comprehensively promoting law-based governance” of the fourth plenum. The rule of law is essential for economic growth, irreplaceable to protect private ownership, and necessary to encourage innovation and entrepreneurship.
Above are three rules for us to avoid falling into the Middle-income Trap. Assuming that we are breaking systematic barriers to private enterprises’ participation in market economy, and boosting innovation and entrepreneurship of our society, then we are heading towards a promoting direction. We are marching in the path of light, regardless of the ups and downs of Sino-US relationship, the drop in GDP growth rate, or the monetary policy.
These principals also apply on knowing how better to run a business: don’t be hedged by rules and regulations at the beginning, pay more attention to your survival, and you’ll learn more when you start your second business.
For many years, Huawei has been the only Chinese company on the list of the Top 50 R&D Spenders. Regardless of the economy and its income, what Huawei has been doing is investing in its future, dedicated to R&D, continuously and resolutely. This provisional work underscores Huawei’s accomplishments, making Huawei anindustry leader.
So, there are standard answers on how to run a company,which could be summarized as concentration and professional dedication, continuous investment on innovation and trying harder in R&D. Entrepreneurship is also important, every single company needs entrepreneurs to push aside all obstacles and difficulties, to implement strategies and ideas. We, as investors, are destined to look for such outstanding entrepreneurs and their companies, invest in them and partner with them.
At this key point of history, a country, a company, or asingle individual, will all need to find the right path. Four decades after the Reform and Opening-up, it’s time to learn from our experience and stop “wadding across