Chinese autonomous vehicle manufacturer WeRide has filed for an initial public offering (IPO) in the U.S. that would value the company at as much as $5 billion.

WeRide said it plans to offer 6.45 million American depositary shares (ADS), and price them at between $15.50 and $18.50 per ADS, raising up to $119.4 million.

In addition, the firm noted that certain investors—including the venture capital fund of the Renault Nissan Mitsubishi Alliance—have agreed to buy $320.5 million worth of ADS concurrently with, and subject to, completion of the IPO, in a private placement. WeRide added that German automotive supply maker Robert Bosch has expressed interest in purchasing $100 million worth of ADS as well.

WeRide Generates Most of Its Money From L4 Autonomous Vehicles

The company reported 2023 revenue of 401.8 million Chinese yuan ($55.3 million), and for the first six months of 2024, it was 150.3 million yuan ($20.7 million). WeRide explained that it generates most of its money from sales of its L4 autonomous-driving vehicles.

It has applied to be listed on the Nasdaq under the ticker symbol “WRD.”