WeRide stock soars on expanded Uber partnership

Investing.com -- Shares of WeRide (NASDAQ:WRD) surged 21% after-hours Monday following the announcement of a significant expansion of its strategic partnership with Uber Technologies, Inc. (NYSE:UBER). The collaboration, which initially launched in Abu Dhabi and is set to commence in Dubai, will now extend to 15 additional cities globally over the next five years, marking a substantial push into European markets.

This expansion is a strategic move to accelerate WeRide and Uber’s joint ambition of establishing autonomous mobility on a global scale. Outside the US and China, WeRide’s Robotaxi services will become available through the Uber app, with Uber overseeing fleet operations.

Tony Han, founder and CEO of WeRide, expressed enthusiasm about the partnership’s growth, stating, "Expanding into new cities across multiple continents reflects both companies’ confidence in our technology and our shared commitment to innovative, sustainable transportation solutions." He emphasized that the expansion is in line with WeRide’s strategy for global growth, aiming to make autonomous driving solutions more affordable and accessible worldwide.

Uber’s CEO, Dara Khosrowshahi, mirrored this sentiment, highlighting the partnership as "one of the biggest of its kind ever announced." Khosrowshahi noted that the partnership would leverage Uber’s global scale and operational expertise to help commercialize WeRide’s autonomous vehicles and extend the benefits of autonomy to a broader customer base.

The market’s positive response to the news reflects investor confidence in the potential of autonomous driving technology and its integration into existing transportation platforms. The strategic partnership between WeRide and Uber is poised to be a significant driver of innovation within the industry, as both companies lead the charge in transforming the future of mobility.

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