Grapevine

China's self-driving startup WeRide delays U.S. IPO as deadline looms

In this photo illustration, a WeRide logo of Chinese robotaxi firm is seen on a smartphone and a pc screen.

Self-driving technology company WeRide delayed its plan for an initial public offering in the U.S., citing its need for more time to complete documents.

"Updating transaction documents is currently taking longer than expected, and WeRide is working to complete the documentation necessary to move forward with the transaction," the company said in a statement Thursday.

The company, which develops self-driving technology for robotaxis, minibuses as well as freight sanitation vehicles, was last valued around $5.11 billion and has raised $1.39 billion, according to Pitchbook data.

Beijing approval for the deal will expire this week and it's unclear if the company would need to reapply for approval if it misses the deadline.