Chinese driverless AI firm Westwell to invest HK$300 million to attract research talent for new Hong Kong headquarters

Name: China’s first commercial driverless sky train begins trial run in Wuhan's hi-tech park
Uploaded: 2024-02-20T09:30:16.000Z
Duration: 2 min 26 s
Description: China’s first commercial driverless sky train begins trial run in Wuhan's hi-tech park

The funding will help create around 500 jobs at the centre, mostly in research and development, said chairman at an opening ceremony for the HQ on Tuesday

Westwell based its choice on Hong Kong’s status as a hub for international financial, trade and shipping, and innovation

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Westwell launched its flagship Q-Truck, an autonomous, battery-powered commercial vehicle, in 2018. Photo: SCMP

Sylvia Ma

Published: 5:30pm, 20 Feb 2024Updated: 6:23pm, 20 Feb 2024

Westwell, a Chinese developer of AI chips for driverless vehicles, plans to invest HK$300 million (US$39.36 million) in the next five years to attract global talent to its new international headquarters in Hong Kong.

The funding will help create around 500 jobs at the centre, of which 70 per cent will be in research and development, said Kenny Tan Limin, founder and chairman of Westwell, at an opening ceremony for the new headquarters on Tuesday.

“Establishing our international headquarters in Hong Kong marks a strategic move in Westwell’s globalisation strategy, and will enable us to better serve international users and further advance our international expansion plans,” Tan said.

The Shanghai-based company designs and develops AI chips and autopilot control systems for autonomous vehicles and the broader logistics industry.

It launched its flagship product, the Q-Truck, an autonomous, battery-powered commercial vehicle, in 2018, two years after the company was formed.

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China’s first commercial driverless sky train begins trial run in Wuhan's hi-tech park

After five rounds of fundraising last year, the company has a valuation of 7 billion yuan (US$973 million), with investors including China-based Essence Securities and InnoStar Venture under Shanghai-based conglomerate Fosun Group.