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BEIJING - WeRide, a company specializing in autonomous driving with a market capitalization of $4.55 billion, has received approval to begin commercial Robotaxi ride-hailing services in Beijing, a significant move in the expansion of autonomous transportation in urban areas. This authorization permits WeRide to operate its Robotaxi service between the Beijing Economic-Technological Development Area (BDA) and Beijing South Railway Station.
The service area now extends over 600 square kilometers, encompassing key districts of Beijing, and is accessible through the "WeRide Go" mobile application. Beijing South Railway Station, a major transit hub in Asia, experiences a daily passenger flow of over 150,000 during peak times. According to InvestingPro data, WeRide generated revenue of $52.02 million in the last twelve months, though the company’s Financial Health Score indicates room for improvement. The station connects several high-speed rail lines, including those to Shanghai and Tianjin.
This latest development underscores WeRide’s commitment to advancing the commercialization of its Robotaxi services. Despite a revenue decline of 19% in the last twelve months, the company has launched operations in nearly 10 cities worldwide, including Guangzhou, Nanjing, and international locations such as Abu Dhabi and Zurich, WeRide continues to pioneer in the Robotaxi sector. InvestingPro subscribers can access detailed growth metrics and 12+ additional ProTips about WeRide’s expansion strategy.
The permit to operate in a complex urban environment like Beijing signifies a vote of confidence in the reliability and safety of WeRide’s autonomous vehicles. It also represents a step forward in the company’s strategy to expand its service to more high-traffic areas such as airports and railway stations, and to replicate its business model in additional markets abroad.
WeRide, which is the first publicly listed Robotaxi company, has been at the forefront of the industry, demonstrating a strong track record in deploying Robotaxi fleets. With analyst price targets ranging from $19.16 to $23.02, and the stock currently trading at $16.58, market expectations remain optimistic. The partnership with Uber in December 2024 to introduce a substantial Robotaxi fleet in the Middle East further highlights the company’s growing international presence.
This announcement is based on a press release statement from WeRide.
In other recent news, WeRide Inc. announced the launch of its Robovan W5, a Level 4 autonomous logistics vehicle aimed at improving urban delivery services. The vehicle is designed to operate in various weather conditions and features a cargo capacity of 5.5 cubic meters. It can handle a maximum payload of 1,000 kg and has an operating range of up to 220 kilometers. Meanwhile, WeRide has also initiated a free trial of its Robobus service in collaboration with Renault Group in Barcelona, marking its first public test of Level-4 autonomous vehicles in Spain. This trial is part of WeRide’s strategy to expand its autonomous driving solutions in Europe, following its recent fully driverless commercial deployment in France.
In another development, JPMorgan initiated coverage on WeRide with an Overweight rating and a price target of $21.00, citing the company’s strong position in the autonomous driving industry. The firm’s analysis highlights WeRide’s technological advancements and its operations across 30 cities in nine countries. JPMorgan’s positive outlook reflects confidence in WeRide’s potential to benefit from the global adoption of autonomous driving technologies. These recent developments underscore WeRide’s commitment to advancing autonomous transportation solutions globally.
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