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PARIS - WeRide, the autonomous driving technology company valued at $31.3 billion, has achieved a significant regulatory milestone by securing France’s first Level-4 driverless public road testing and operating permit. This permit allows WeRide’s autonomous vehicles to operate at speeds of up to 40 km/h, and it positions the company as the first to hold driverless permits in five countries, including China, the UAE, Singapore, and the U.S. According to InvestingPro data, analysts maintain a bullish outlook on the company, with price targets ranging from $19.10 to $22.94.
The permit, obtained in partnership with French autonomous mobility network operator beti, was granted under the 2019 PACTE law, which involves a multi-agency approval process coordinated by France’s Directorate General for Energy and Climate in collaboration with the Ministry of the Interior and the Ministry of Ecological Transition. WeRide and beti completed this process in three months, setting a record for the fastest driverless permit approval in France.
This development follows the launch of Europe’s first public-road commercial autonomous minibus service in Valence, Drôme, France, on February 27, a project involving WeRide, beti, Renault Group, and Macif. The new permit underlines the government’s support for the project, which aims to introduce a fully driverless commercial operation by July 2025.
WeRide has established its presence in 30 cities across 10 countries and has deployed a fleet of autonomous vehicles, including robotaxis, robobuses, and robosweepers, in various locations such as France, Spain, Switzerland, Singapore, the UAE, and Japan. While the company generated revenues of $49.48 million in the last twelve months, InvestingPro forecasts suggest a strong revenue growth of 163% for FY2025. The company’s strategy includes building an open and collaborative ecosystem, as evidenced by its partnerships with major industry players like Uber, Renault Group, CTM, Zurich Airport, and Macif. For detailed insights and comprehensive analysis, investors can access the full Pro Research Report available on InvestingPro, covering this and 1,400+ other top stocks.
This announcement is based on a press release statement from WeRide Inc. The company currently trades at $14.95, with its financial health score indicating potential areas for improvement according to InvestingPro’s comprehensive analysis framework.
In other recent news, WeRide reported a mixed performance in its Q4 2024 earnings call, noting a 3% year-over-year decrease in total revenue, which amounted to $141 million. Despite the decline in overall revenue, the company saw a significant 46% growth in product revenue, reaching $52 million, fueled by the launch of new products such as the RoboTaxi GSR. WeRide has expanded its autonomous vehicle operations to over 20 cities, both in China and internationally, as part of its strategic focus on innovation and market expansion. The company aims to achieve positive unit economics for its RoboTaxi fleet in major cities by 2025, leveraging an asset-light business model and strategic partnerships.
The company reported a net loss of $592 million for the quarter, a 66% increase year-over-year, which poses a financial challenge that WeRide must address moving forward. Analysts from firms like Morgan Stanley have shown interest in the company’s unique RoboTaxi business model, which combines selling vehicles, charging fixed service fees, and revenue sharing to ensure positive contribution margins from day one. WeRide’s strategic partnerships with companies like Uber in the Middle East and Bosch for ADAS solutions highlight its efforts to capitalize on global markets and enhance its technological capabilities.
Additionally, WeRide has been actively working on international expansion, with operations in more than 30 cities across 10 countries, including recent collaborations in Switzerland and a ride-hailing partnership with Uber in Abu Dhabi. The company’s focus on technology innovation is evident in its deployment of advanced models for both ADAS and L4 driverless systems, aiming to maintain competitiveness in various markets. Despite financial challenges, WeRide’s strategic initiatives and technological advancements position it as a notable player in the autonomous driving industry.
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