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BARCELONA - Autonomous driving technology takes a leap forward as WeRide (Nasdaq: WRD), a $4.39 billion market cap company whose stock has gained nearly 13% year-to-date, in collaboration with Renault Group, launches a free trial of its Robobus service in Barcelona’s city center. The trial, which started on March 10th and will run until March 14th, marks the first public test of WeRide and Renault’s Level-4 autonomous vehicle in Spain.Want deeper insights into WeRide’s financial health and growth potential? InvestingPro subscribers get exclusive access to detailed financial metrics and expert analysis.
The initiative builds on previous experiments, including those conducted during the Roland-Garros 2024 tennis tournament. Tony Han, founder & CEO of WeRide, emphasized the trial’s significance in the company’s international expansion and its commitment to showcasing the adaptability of its technology to different global settings.
The Robobus service will operate daily from 11:00 AM to 5:00 PM along a circular route exceeding 2 kilometers, featuring four stops for passengers to board and alight. The service aims to introduce riders to autonomous driving within real traffic scenarios, providing a glimpse into the future of sustainable and autonomous urban transport. The demonstration also aligns with the broader aspirations of European cities to achieve carbon neutrality and establish Low Emission Zones.
This trial in Barcelona follows WeRide’s recent announcements of expanding its autonomous driving solutions in Europe. Despite generating $52 million in revenue over the last twelve months, the company faces challenges with a declining revenue growth of -19% and a WEAK Financial Health Score according to InvestingPro analysis. Last month, the company revealed its first fully driverless commercial deployment in France’s Dôme region. Earlier in the year, WeRide announced a commercial autonomous shuttle project at Zurich Airport and was selected as the technology supplier for a Swiss national railway pilot project.
WeRide’s experimental Robobus has received the necessary authorization from Barcelona City Council and the Directorate General of Traffic to operate on public roads. This event is expected to provide valuable insights into the public’s reception of autonomous vehicles and their performance in complex urban landscapes.
The trial is part of a shared vision between WeRide and Renault Group to deliver smart, sustainable mobility solutions on a global scale. As the autonomous driving industry continues to evolve, this collaboration represents a significant step toward integrating such technologies into everyday life. Analysts maintain a bullish outlook on WeRide, with price targets ranging from $19.13 to $22.99, suggesting potential upside from current levels.Discover more investment opportunities in the autonomous driving sector with InvestingPro’s curated portfolio ideas and comprehensive financial analysis tools.
This news is based on a press release statement from WeRide Inc.
In other recent news, WeRide Inc. has introduced the Robovan W5, a Level 4 autonomous logistics vehicle aimed at enhancing delivery services in urban settings. The vehicle is designed to operate continuously in various weather conditions and features a cargo capacity of 5.5 cubic meters with a maximum payload of 1,000 kg. It also boasts an operating range of up to 220 kilometers and nearly 40 million kilometers of autonomous driving experience on public roads. The Robovan W5 includes features like a self-designed sensor kit for 360-degree perception and an intelligent path optimization system for real-time route adjustments. Additionally, it supports multi-vehicle platooning, allowing a single operator to manage multiple vehicles.
In another development, JPMorgan has initiated coverage on WeRide Inc. with an Overweight rating and a price target of $21.00. The firm highlights WeRide’s strategic position in the autonomous driving industry, noting its diverse range of technologies from Level 2 to Level 4 automation. The Overweight rating indicates that JPMorgan expects WeRide’s stock to outperform the average return of the stocks it covers over the next six to twelve months. The positive outlook reflects growing confidence in the autonomous driving sector, with WeRide well-positioned to capitalize on the increasing global adoption of these technologies.
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