Robotaxi rivals Pony and WeRide join Chinese ride-hailing service OnTime's $153M round
April 2022—WeRide.ai and Pony.ai, which both operate out of China's southern metropolis Guangzhou and California, have participated in OnTime's one billion yuan ($153 million) Series A funding round, according to an announcement from ride-hailing company OnTime on Tuesday. As autonomous driving technology and regulations advance rapidly in China, ride-hailing platforms start looking for solutions to cut labor costs. On the other hand, robotaxi startups also want help from car-hailing services to reach the masses.
Financing from the round came from a mix of private and public funds in China and overseas. State-backed Guangzhou Automobile Group (GAC), the parent company of OnTime and one of the largest automakers in China, led the round. Investors other than WeRide and Pony include Japan's SPARX, Singapore's Pilgrim Partners Asia, as well as government-affiliated funds Guangzhou Industrial Investment and Capital Operation, Lingnan Commerce and Trade Tourism, and Guangzhou Industrial Control.