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GUANGZHOU, China - Autonomous driving company WeRide (NASDAQ: WRD), currently valued at $2.43 billion, has announced an expanded strategic partnership with Tencent Cloud to advance the development and commercialization of its Robotaxi services and to facilitate its international market expansion. According to InvestingPro data, WeRide’s stock has declined nearly 40% year-to-date, suggesting potential value opportunities in the autonomous driving sector. The collaboration will focus on integrating WeRide’s autonomous vehicles into Tencent’s digital platforms and leveraging Tencent Cloud’s global infrastructure for WeRide’s overseas operations.
The agreement, building on a previous partnership from April 2024, aims to commercialize Level-4 autonomous Robotaxis. Despite generating $49.48 million in revenue last year, WeRide faces challenges with a 10.13% revenue decline. Users will soon find WeRide’s Robotaxi services on Tencent’s Smart Transportation Mini Program within Weixin/WeChat and Tencent Maps, enhancing the autonomous travel experience with claims of increased safety and convenience. For detailed financial analysis and growth projections, investors can access comprehensive reports through InvestingPro.
Both companies plan to jointly develop intelligent driving solutions tailored for international markets, supported by Tencent Cloud’s localized services to ensure compliance with regional standards. This partnership is expected to bolster WeRide’s presence abroad, where it already claims a first-mover advantage in several markets.
In addition to commercial deployment, the two companies will construct cloud platforms and tools to support the development and implementation of autonomous driving technologies. The previous cooperation between WeRide and Tencent Cloud has already yielded results, with the rapid mass production of a driver assistance solution in collaboration with Bosch.
Tony Han, Founder and CEO of WeRide, emphasized the significance of combining their autonomous driving capabilities with Tencent Cloud’s computing services to foster innovation and accelerate the commercialization of Robotaxis and other autonomous solutions. Zhong Xiangping, Vice President of Tencent and President of Tencent Intelligent Mobility, echoed this sentiment, highlighting the shared goal of exploring new commercial applications and delivering enhanced smart mobility experiences.
WeRide, known for its autonomous driving technology, operates in over 30 cities across 10 countries and is the first Robotaxi company to go public. Its products range from L2 to L4 autonomous driving solutions, serving various industries including mobility, logistics, and sanitation. Tencent Cloud is recognized for its cloud services and digital transformation solutions across multiple industries.
The partnership’s success could have significant implications for the future of autonomous driving and smart mobility, with both companies looking to shape the landscape of transportation and cloud computing. This news is based on a press release statement from WeRide Inc.
In other recent news, WeRide reported a 3% year-over-year decrease in Q4 2024 revenue, totaling $141 million, despite a robust 46% increase in product revenue, reaching $52 million. The company continues to expand its autonomous vehicle operations internationally and domestically, aiming for positive unit economics for its RoboTaxi fleet in major cities by 2025. In a significant move, WeRide has launched a 24-hour Robotaxi service in Guangzhou, marking China’s first round-the-clock autonomous ride-hailing network. This expansion is part of WeRide’s broader strategy to enhance its autonomous driving technology and services. Additionally, WeRide has partnered with Dubai’s Road and Transport Authority and Uber to bring its autonomous vehicles to Dubai, further extending its global reach. In another regulatory milestone, WeRide secured France’s first Level-4 driverless public road testing permit, allowing operations at speeds up to 40 km/h. These developments underscore WeRide’s commitment to advancing autonomous driving technology and expanding its market presence globally.
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