WeRide expands robotaxi service to Dubai in partnership with RTA and Uber

GUANGZHOU, China – WeRide Inc. (Market cap: $3.96 billion), a company specializing in computer-integrated systems design, announced today a strategic partnership to bring its autonomous vehicle technology to Dubai. The collaboration involves Dubai’s Road and Transport Authority (RTA) and ride-hailing giant Uber (NYSE:UBER), as detailed in a Form 6-K filed with the Securities and Exchange Commission. According to InvestingPro data, WeRide’s stock currently trades at $13.92, with analysts setting price targets between $19.08 and $22.99.

The agreement marks WeRide’s latest move to expand its robotaxi services globally, as the company continues to capitalize on the growing interest in autonomous transportation solutions. WeRide’s Chief Financial Officer, Jennifer Li, signed the report on behalf of the company, confirming the partnership’s commencement.

Under the partnership, WeRide will deploy its advanced driverless vehicles within Dubai’s public transportation network, integrating with Uber’s platform to offer residents and visitors a new option for getting around the city. The initiative aligns with Dubai’s broader strategy to become a leader in smart transportation and to foster innovation within its infrastructure.

WeRide, which is headquartered at the Guangzhou Life Science Innovation Center, has been at the forefront of developing autonomous driving technology. The company’s expansion into Dubai represents a significant milestone in its international growth and underscores the increasing global confidence in autonomous vehicle systems. Despite generating revenue of $49.48 million in the last twelve months, InvestingPro’s comprehensive analysis indicates a weak overall Financial Health Score of 1.32, suggesting potential challenges ahead. For deeper insights into WeRide’s financial health and growth prospects, investors can access the detailed Pro Research Report, available exclusively on InvestingPro.

The collaboration with Dubai’s RTA and Uber is expected to enhance the efficiency and safety of Dubai’s transport system, while also contributing to the city’s vision of reducing traffic congestion and environmental impact. The move is seen as a testament to WeRide’s technological capabilities and its commitment to advancing the future of mobility.

The SEC filing did not disclose the financial details of the partnership or the specific timeline for the rollout of the robotaxi services in Dubai. While the announcement signals the company’s strategic direction, WeRide’s financial metrics reveal a challenging picture, with a -10.13% revenue decline and an EBITDA of -$290.94 million in the last twelve months. For comprehensive analysis of WeRide’s valuation and growth potential, including exclusive ProTips and detailed financial metrics, visit InvestingPro.

Investors and industry observers will be watching closely as WeRide navigates the regulatory landscape and consumer adoption in this new market. The partnership is a strategic step for all parties involved, as they work together to redefine urban mobility and embrace the potential of autonomous driving technology.

In other recent news, WeRide reported a 3% year-over-year decrease in revenue for Q4 2024, totaling $141 million. Despite this decline, product revenue saw a significant 46% increase to $52 million, driven by new product launches. The company continues to expand its autonomous vehicle operations, now present in over 20 cities globally. WeRide aims for positive unit economics for its RoboTaxi fleet in major cities by 2025, according to its strategic plans.

In regulatory developments, WeRide secured France’s first Level-4 driverless public road testing permit, marking a significant milestone in its international expansion. This achievement positions WeRide as the first company to hold driverless permits in five countries, including China, the UAE, Singapore, and the U.S. Additionally, the company has partnered with Uber to launch a ride-hailing service in Abu Dhabi, with plans to have 50 RoboTaxis on the Uber platform by mid-2025.

Analysts from Morgan Stanley (NYSE:MS) have taken note of WeRide’s unique business model, which combines vehicle sales with service fees and revenue sharing. The company is also working with strategic partners like Renault (EPA:RENA) Group and Macif to enhance its service offerings. Despite financial challenges, WeRide’s focus on innovation and strategic partnerships provides a promising outlook for future growth.

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