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RIYADH - WeRide (NASDAQ:WRD), a $2.94 billion market cap autonomous driving technology company currently trading at $10.34, has obtained Saudi Arabia’s first nationwide robotaxi autonomous driving permit, the company announced Monday. According to InvestingPro analysis, the stock appears overvalued at current levels.
The permit authorizes WeRide to operate autonomous vehicle services throughout Saudi Arabia, beginning with pilot operations in Riyadh in partnership with Uber and local partner Ai Driver. The pilot program, launched earlier this month, covers King Khalid International Airport and several key locations in Riyadh.
According to the company’s press release, WeRide is now the only technology company with autonomous driving permits in six countries: Saudi Arabia, China, the UAE, Singapore, France, and the United States.
The permit was granted at an official ceremony attended by Saudi Minister of Transport and Logistics Services Saleh bin Nasser Al-Jasser, WeRide CFO Jennifer Li, and other Saudi government officials.
WeRide completed the Transport General Authority’s Regulatory Sandbox for autonomous vehicle piloting in Saudi Arabia, which involved testing, assessments, and technology validation to ensure safety standards.
"This permit marks a major step in our global expansion, enabling us to scale robotaxi services and unlock new commercial opportunities in Saudi Arabia," said Jennifer Li, CFO and Head of International at WeRide. The company’s expansion plans are supported by a strong balance sheet, with InvestingPro data showing a healthy current ratio of 13.6 and minimal debt-to-equity ratio of 0.02.
The company plans to launch a full-scale commercial robotaxi service in Saudi Arabia by the end of 2025 through its partnership with Uber. Analysts maintain a bullish outlook on WeRide’s growth potential, with price targets ranging from $13.06 to $21.11. For deeper insights into WeRide’s financial health and growth prospects, investors can access the comprehensive Pro Research Report available on InvestingPro, which covers over 1,400 US stocks with detailed analysis and actionable intelligence.
Since entering the Saudi market in May 2025, WeRide has also been testing its Robobus at various locations including King Fahad Medical City and Aramco residential communities. The company’s Robosweeper S1 is operating at King Fahad Medical City, described as the first monetized autonomous sanitation project in the Middle East.
WeRide is also expanding elsewhere in the region, with fully driverless robotaxi testing in Abu Dhabi and planned service in Dubai.
In other recent news, WeRide Inc. announced the launch of Saudi Arabia’s first robotaxi pilot service in Riyadh, conducted under the supervision of the Transport General Authority. This pilot will operate on public roads, including prominent locations like King Khalid International Airport, with the service available through the Uber platform. Additionally, WeRide has secured a permit to road test its autonomous logistics vehicle, Robovan W5, in Guangzhou’s Huangpu District, marking its second active road testing permit in the city.
The company has also disclosed a memorandum of understanding with the Road and Transport Authority and Uber to initiate pilot operations of self-driving vehicles, as part of its strategy to expand autonomous driving technology into new markets. In another development, WeRide is teaming up with Renault Group to offer a Level-4 autonomous minibus service at the 2025 Roland-Garros tournament, continuing their successful collaboration. Meanwhile, WeWrite reported a 1.8% increase in total revenue to $72.4 million for the first quarter of 2025, alongside a significant rise in product revenue and a decrease in net loss.
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