PARIS, March 27, 2025 /PRNewswire/ -- WeRide (Nasdaq: WRD), a world leader in autonomous driving technology, announced that the company, in partnership with the leading French autonomous mobility network operator beti, has obtained France's Level-4 driverless public road testing and operating permit. This makes WeRide the first and only technology company worldwide to hold driverless permits across five countries: China, the UAE, Singapore, France, and the U.S. This remarkable milestone underscores WeRide's ...

Core Viewpoint - WeRide has become the first and only autonomous driving technology company to hold licenses for fully driverless public road testing and operations in five countries: China, UAE, Singapore, France, and the USA, showcasing its strong cross-national market applicability and mature compliance, safety, and reliability in operations [1][2]. Group 1: License Acquisition - WeRide, in collaboration with beti, has obtained a public road testing and operation license for fully driverless vehicles in France, marking a significant achievement in the autonomous driving sector [1][2]. - The license allows WeRide's autonomous minibuses to operate at a maximum speed of 40 km/h, which is currently the highest speed approved for fully driverless road testing and operations in France [2]. Group 2: Project Implementation - On February 27, WeRide, along with beti, Renault Group, and Macif, launched the first public road autonomous minibus commercial operation project in Valence, Drôme, France, with the new license providing regulatory support for its successful operation [4]. - The four partners plan to implement a remote-assisted one-to-many fully driverless commercial operation model by July of this year [4]. Group 3: International Expansion - WeRide has conducted autonomous driving research, testing, and operations in 10 countries and 30 cities, with its products such as robotaxi, robobus, and robosweeper already deployed in various countries including France, Spain, Switzerland, Singapore, UAE, and Japan [6][9]. - The company maintains a collaborative approach with various partners, including Uber, Renault Group, beti, CTM, Zurich Airport, and Macif, to expand its network and deliver high-quality autonomous driving products and services globally [8].

With this new permit, WeRide's autonomous minibus is authorized to operate at speeds of up to 40 km/h, marking the highest-speed driverless permit issued in France to date. PARIS, March 27, 2025 (GLOBE NEWSWIRE) -- WeRide (Nasdaq: WRD), a world leader in autonomous driving technology, announced that the company, in partnership with the leading French autonomous mobility network operator beti, has obtained France's Level-4 driverless public road testing and operating permit. This makes WeRide the first and o ...

Group 1 - WeRide has obtained France's Level-4 driverless public road testing and operating permit, making it the first technology company globally to hold driverless permits across five countries: China, the UAE, Singapore, France, and the U.S. [1] - The permit acquisition process in France involves multiple government agencies and was completed by WeRide and beti in three months, setting a record for the fastest driverless permit approval in France [2] - With the new permit, WeRide's autonomous minibus can operate at speeds of up to 40 km/h, the highest-speed driverless permit issued in France to date [3] Group 2 - On February 27, WeRide launched Europe's first public-road commercial autonomous minibus service in Valence, France, with plans to introduce fully driverless commercial operations by July 2025 [4] - WeRide has established a strong presence in 30 cities across 10 countries, deploying a fleet of pre-designed, mass-produced autonomous vehicles including robotaxi, robobus, and robosweeper [5] - The company has formed strategic partnerships with industry leaders such as Uber, Renault Group, beti, CTM, Zurich Airport, and Macif to build an open and collaborative ecosystem in autonomous mobility [6]

NEW YORK, March 26, 2025 (GLOBE NEWSWIRE) -- WeRide Inc. (NASDAQ:WRD) ("WeRide" or the "Company"), a global leader in autonomous driving technology, today announced that it filed its annual report on Form 20-F for the fiscal year ended December 31, 2024 with the Securities and Exchange Commission ("SEC") on March 25, 2025. The annual report in electronic format is accessible on the Company's investor relations website at https://ir.weride.ai as well as on the SEC's website. For those who prefer hard copies, ...

Regulatory Compliance - WeRide Inc. has completed the required filings with the CSRC for its initial public offering, with the filing results published on October 17, 2024[33]. - The company may face sanctions from the CSRC for failure to complete filing procedures for future capital raising activities, which could adversely affect its operations[33]. - The PCAOB's ability to inspect audit firms in mainland China may impact WeRide Inc.'s compliance with the Holding Foreign Companies Accountable Act, potentially affecting trading of its ADSs[34]. - The company is subject to a 10% withholding tax on dividends from its PRC subsidiaries if derived from profits, under the PRC Enterprise Income Tax Law[40]. - Compliance with PRC laws regarding data security and personal information protection may incur significant costs and could negatively impact the company's reputation and operations[95]. - The evolving regulatory landscape for autonomous driving vehicles presents uncertainties that could adversely affect the company's business and long-term expectations[83]. - The company is subject to U.S. export control laws and sanctions, which could adversely affect its business and financial condition[136]. - The company does not produce or develop any critical technologies and therefore does not believe it is subject to mandatory filing requirements with CFIUS[139]. - The company maintains policies to ensure compliance with regulations, but non-compliance could lead to severe sanctions and adversely affect its reputation and financial condition[140]. - The complexity of M&A rules in China could hinder the company's growth through acquisitions, requiring compliance with various regulatory approvals[218]. - The company faces regulatory uncertainties regarding compliance with SAFE regulations, which could lead to fines or legal sanctions affecting business operations and profit distribution[221]. Financial Performance - Revenue for the year ended December 31, 2022, was RMB 527.5 million, with a gross profit of RMB 232.5 million[48]. - The VIE and its subsidiaries contributed 7.2% of total revenue for the year ended December 31, 2022[46]. - Net cash used in operating activities was RMB 670.4 million for the year ended December 31, 2022[53]. - The company incurred a total operating loss of RMB 779.2 million for the year ended December 31, 2022[48]. - Research and development expenses amounted to RMB 758.6 million for the year ended December 31, 2022[48]. - The company incurred losses of RMB 1,298.5 million, RMB 1,949.1 million, and RMB 2,516.8 million (US$344.8 million) in 2022, 2023, and 2024, respectively[113]. - The company derived 10.2%, 12.1%, and 8.9% of total revenue from related parties in 2022, 2023, and 2024, respectively[102]. - Government grants recognized as other net income were RMB 19.7 million, RMB 14.4 million, and RMB 14.1 million (US$1.9 million) in 2022, 2023, and 2024, respectively[118]. - The impairment loss on receivables and contract assets increased from RMB 11.7 million in 2022 to RMB 40.2 million in 2023, primarily due to aging deterioration of receivables[125]. - The impairment loss on receivables and contract assets decreased from RMB 40.2 million in 2023 to RMB 28.7 million (US$3.9 million) in 2024, indicating improved collection efforts[125]. Business Operations - On March 21, 2023, WeRide Inc. unwound its VIE structure by acquiring the VIE as a wholly-owned subsidiary, aiming for better corporate governance and reduced regulatory scrutiny[41]. - The VIE structure was terminated primarily due to economic reasons and increased regulatory scrutiny, with the ICP License being deregistered as it was deemed unnecessary[42]. - The company has established stringent controls for cash flow management, requiring multiple levels of review for cash transfers[37]. - The company launched paid robotaxi services in 2019 and achieved commercial production of robobus in 2021[61]. - The company commenced mass production of a state-of-the-art ADAS in March 2024[61]. - The company aims to establish and expand its customer base for purpose-built L4 autonomous driving vehicles, including robotaxi and robobus[64]. - The company has received governmental approvals for testing autonomous driving vehicles in cities such as Guangzhou, Shenzhen, and Beijing, but these approvals are time-limited and may not be renewed[83]. - The deployment of L4 autonomous driving vehicles is contingent upon timely governmental approvals, which are essential for transitioning from testing to full commercial operations[84]. - The company collects user data through the WeRide Go app, which is stored on a cloud service provider, with agreements in place to ensure data security[86]. - The company has not been designated as a critical information infrastructure operator and does not currently hold personal information of over one million users, thus avoiding certain cybersecurity review requirements[92]. Market and Competition - The company faces significant risks related to the emerging autonomous driving industry, including technology commercialization challenges[58]. - The autonomous driving technology is still in the early stages of commercialization, with limited historical financial track record impacting revenue predictions[67]. - Future revenue growth may slow down or decline due to factors such as slower-than-expected commercialization and increased competition[67]. - Competition in the autonomous driving industry is intensifying, with competitors potentially having greater financial and technical resources[130]. - The company’s future success depends on its ability to maintain a competitive position in technology and product offerings against both local and international competitors[129]. Research and Development - Research and development expenses for 2022, 2023, and 2024 were RMB 758.6 million, RMB 1,058.4 million, and RMB 1,091.4 million (US$149.5 million), representing 143.8%, 263.4%, and 302.2% of revenues for the respective years[80]. - The company anticipates incurring substantial and potentially increasing research and development expenses as it develops new technologies and services[80]. - Substantial investments in new technologies and offerings are expected, but the success of these initiatives is uncertain[81]. Risks and Challenges - The company faces significant challenges in developing and commercializing autonomous driving technology, including regulatory frameworks and public trust[68]. - The company intends to maintain an asset-light model by partnering with OEMs for vehicle manufacturing, which may present unpredictable challenges[75]. - The company faces risks related to the reliability of cloud services, which could lead to additional costs and potential liability if data security agreements are violated[87]. - There is no assurance that the company's algorithms and data analysis technology will achieve the required reliability for large-scale commercial autonomous driving[99]. - Any accidents resulting from improper operation of autonomous driving vehicles could harm the company's brand and result in product liability claims[100]. - The company may face significant additional costs due to product liability and recalls, which could adversely affect its financial condition[105]. - The company faces risks associated with international expansion, including the need to adapt to local regulations and market conditions[134]. - The company’s collaboration with third-party partners is subject to risks, including potential delays and disagreements that could affect development projects[124]. - The company’s ability to attract and retain qualified personnel is critical, with competition for talent being intense in the autonomous driving sector[132]. - The company may face reputational damage if it fails to meet evolving environmental, social, and governance (ESG) expectations, which could negatively impact its financial condition[135]. Supply Chain and Inventory - The company did not experience shortages in the supply of key components from major suppliers in 2022, 2023, and 2024, but future shortages or pricing fluctuations could adversely affect operations[126]. - The company relies on a stable supply of high-quality raw materials and equipment, and any price increases or supply interruptions could negatively impact profitability[127]. - The company faces risks related to inventory obsolescence and customer credit risk, which could adversely impact profits and cash flow[193]. Legal and Insurance - The company is subject to legal proceedings that could materially affect business and financial condition, including ongoing labor disputes[196]. - A material weakness in internal control over financial reporting was identified, which could lead to material misstatements in financial statements if not remediated[187]. - The company does not maintain business interruption insurance, which could expose it to significant costs in case of unforeseen events[194]. Economic Environment - The Chinese economy has been slowing since 2010, with a decline in population starting in 2022, which may adversely affect business operations[180]. - A significant majority of the company's assets and operations are located in mainland China, making it vulnerable to changes in the economic, political, or social conditions in the region[202]. - Labor costs, including wages and employee benefits, are expected to continue increasing due to rising average wages in China, potentially adversely affecting financial results[223]. - Stricter regulatory requirements for labor contracts and employee benefits may lead to fines or legal sanctions if the company fails to comply, impacting financial condition[224]. Currency and Capital - Fluctuations in the Renminbi against the U.S. dollar could materially affect the company's results of operations and investment value[214]. - Limited hedging options in China may increase the company's exposure to foreign currency exchange risk[217]. - The company has limited operating history and operates in a rapidly evolving industry, leading to uncertainty in future capital requirements[115]. - The company plans to raise capital through equity or other financings, which may lead to dilution for existing shareholders[116].

WeRide Inc. (WRD) shares have sunk 8.8% since it reported its fourth-quarter 2024 loss of 29 cents per share. The company reported total revenues of $19.3 million. Product revenues increased due to stronger sales of robotaxis, robosweepers and robovans in the fourth quarter, partially offset by a fall in the sale of robobuses. However, service revenues decreased due to a drop in revenues from ADAS research and development services, and operational and technical support services. Over the past three months, ...

• 公司商业运营取得进展，成为第二款获得无人驾驶和可付费出租车服务资 格的车型，并与优步在阿布扎比启动合作，预计到 2025 年中期，优步平 台上的机器人出租车数量将达到 50 辆。 • 公司认为机器人出租车行业正处于发展阶段，通过基础模型在广州、北京 等拥挤城市及极端天气条件下保持稳定运营，致力于提高全球出租车服务 的可及性。 • 自 2021 年以来，公司积极拓展全球市场，获得阿联酋国家级运营许可， 与瑞士苏黎世机场合作提供接驳服务，并在国内市场将业务拓展至 20 多 个城市。 • 公司在技术和产品方面取得突破，推出针对出租车和机场司机的端到端模 型，采用大型视觉-语言模型，并推出专用全球出租车 GSR 和 5.6 代传感 器套件。 • 2024 年全年总收入为 3.61 亿人民币，产品收入大幅增长 46%至 52 百万 人民币，主要归因于机器人出租车销量增加，但全年服务收入下降 21%至 2.73 亿美元。 • 公司通过销售车辆、收取固定服务费和收入分成方式向当地合作伙伴提供 自动驾驶汽车及服务，实现正面的贡献毛利，并与每个市场领先平台合作， 以实现更快的机器人出租车部署。 • 公司计划 2025 年在 ...

Financial Data and Key Metrics Changes - Total revenue for Q4 2024 decreased by 3% to 141 million RMB, primarily due to a decline in service revenue, partially offset by growth in product revenue [31] - For the full year 2024, total revenue was 361 million RMB, with product revenue increasing by 46% to 252 million RMB in Q4 and 62% to 88 million RMB for the full year [31][32] - Service revenue decreased to 89 million RMB in Q4, down 21% to 273 million RMB for the full year [32] - Operating expenses rose by 82% to 640 million RMB in Q4 and increased by 32% to 2.3 billion RMB for the full year [33] - Net loss increased by 66% to 592 million RMB in Q4 and by 29% to 2.5 billion RMB for the full year [37] Business Line Data and Key Metrics Changes - Product revenue growth was driven by significant sales of Robotaxi, RoboSweeper, and Robovan, while revenue from Robobuses decreased [32] - R&D expenses increased by 32% to 320 million RMB in Q4 and by 3% to 1.1 billion RMB for the full year, reflecting investment in talent and technology [34] - Administrative expenses surged by 205% to 305 million RMB in Q4, primarily due to growth strategy execution and higher professional service fees [35] Market Data and Key Metrics Changes - The company has expanded its Robotaxi operations to over 20 cities in China and deployed L4 vehicles across more than 30 cities in 10 countries [17][38] - The Robotaxi fleet size is currently around 400, with over 1,000 autonomous vehicles across all product lines [122] Company Strategy and Development Direction - The company is focused on international expansion and has established partnerships with key stakeholders, including Uber and Bosch, to enhance its global footprint [16][110] - The strategy includes diversifying revenue streams through product innovation and scaling the Robotaxi fleet to drive operational efficiencies [28][80] - The company aims to maintain an asset-light business model and achieve profitability through high utilization rates in various markets [49][72] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about the long-term potential of the Robotaxi market, citing increasing public acceptance and a favorable regulatory environment [11][28] - The company is committed to advancing technology and innovation, with plans to deploy hundreds of vehicles across multiple cities worldwide in 2025 [83] - Management acknowledged challenges in scaling operations but emphasized that overcoming these challenges could create competitive advantages [59] Other Important Information - The company holds 4.9 billion RMB in cash and equivalents, which is expected to support ongoing R&D and expansion efforts [38] - The company has achieved record-breaking Robotaxi revenue and the highest international revenue since its founding [39] Q&A Session Summary Question: What is WeRide's current Robotaxi business model and latest progress? - The company operates a unique business model combining vehicle sales, fixed service fees, and revenue-sharing arrangements with local partners, ensuring positive contribution margins from day one [46] Question: What is WeRide's current market position in the Robotaxi industry? - The company maintains a leading position globally, with a large fleet and zero regulatory discipline caused by autonomous driving system failures [51][52] Question: What major challenges does WeRide foresee in scaling Robotaxi operations? - Challenges include city-level regulatory approvals and operational scalability, but these challenges also present opportunities for differentiation [59] Question: What is the path to profitability for the Robotaxi business? - The company believes profitability can be achieved quickly in target markets with high utilization rates, even with a small fleet [72] Question: Why expand internationally instead of focusing solely on the domestic market? - The company sees strong demand in international markets facing labor shortages and believes a multi-market approach diversifies revenue streams and improves resilience [79] Question: What are the next milestones regarding technology and product development? - The company plans to deploy advanced technologies, including high-dynamic range cameras and solid-state LiDARs, in its next-generation AV systems [83] Question: How do ADAS initiatives interact with L4 technology? - The ADAS system is designed to integrate seamlessly with the L4 system, allowing for efficient transitions between different levels of autonomy [96] Question: What insights does WeRide have regarding the impact of autonomous driving on jobs? - The company believes autonomous driving will replace tedious jobs while creating new opportunities in related fields, ultimately improving quality of life [118]

Financial Data and Key Metrics Changes - Total revenue for Q4 2024 decreased by 3% to RMB 141 million, primarily due to a decline in service revenue, partially offset by growth in product revenue [23] - For the full year 2024, total revenue was RMB 361 million, with product revenue increasing by 62% to RMB 88 million, while service revenue decreased by 21% to RMB 273 million [24] - Operating expenses rose by 82% to RMB 640 million in Q4 and increased by 32% to RMB 2.3 billion for the full year 2024, mainly due to higher personnel-related expenses and share-based compensation [24][25] - Net loss increased by 66% to RMB 592 million in Q4 and by 29% to RMB 2.5 billion for the full year 2024 [28] Business Line Data and Key Metrics Changes - Product revenue saw substantial growth, increasing by 46% to RMB 52 million for Q4, driven by sales of RoboTaxi, RoboSweeper, and RoboVAN [23] - Service revenue decreased to RMB 89 million in Q4, mainly due to the completion of customized R&D services for certain clients [24] - The RoboTaxi fleet size is currently around 400, with over 1,000 autonomous vehicles across all product lines [101] Market Data and Key Metrics Changes - The company has expanded its footprint to over 20 cities in China and has declared L4 vehicles across more than 30 cities in 10 countries [13] - The company launched its first strategic robotaxi pilot project in Switzerland and has begun commercial operations in Abu Dhabi [10][12] Company Strategy and Development Direction - The company focuses on international expansion and establishing a robust ecosystem through strategic partnerships, including collaborations with Uber and Bosch [12][92] - The strategy includes diversifying revenue streams through product innovation and upgrades, with a commitment to scaling the RoboTaxi fleet [20][21] - The company aims to maintain an asset-light business model while expanding its global presence [38][64] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about long-term potential despite current economic headwinds, emphasizing the importance of internationalization and technology innovation [14][20] - The company believes that overcoming challenges in scaling operations will create opportunities for growth and resilience [50][52] - Management highlighted the importance of safety and regulatory acceptance in the autonomous driving industry [11][41] Other Important Information - The company has achieved record-breaking robotaxi revenue and the highest international revenue since its funding [29] - The company holds autonomous driving permits from four countries and has a track record of zero regulatory incidents caused by autonomous driving system failures [41] Q&A Session Summary Question: What is WeRite's current robotaxi business model? - The company provides autonomous vehicles and services to local partners through a combination of vehicle sales, fixed service fees, and revenue sharing arrangements, ensuring positive contribution margins from day one [34] Question: What is WeRite's current market position in the robotaxi industry? - The company maintains a leading position in technology and commercialization, with a large fleet and strong safety records [40] Question: What major challenges does WeRite foresee in scaling global taxi operations? - Challenges include city-level regulatory approvals and operational scalability, but these challenges also present opportunities for establishing trust with local governments [50] Question: How does WeRite view the future competitive landscape? - The company believes that the high entry barriers in the global taxi market limit new competition, and it is well-positioned to maintain its leadership through advanced technology [52] Question: What is the current cost and path to profitability for the robotaxi business? - The company operates a hybrid fleet model, with competitive BOM costs and expectations for quick profitability in target markets [60] Question: Why is WeRite expanding in multiple countries instead of focusing solely on the domestic market? - The company sees strong demand in international markets and believes that a multi-market approach diversifies revenue streams and improves resilience against market fluctuations [64] Question: What are the next milestones regarding technology and product development? - The company plans to deploy hundreds of vehicles with advanced technology and continue integrating end-to-end models into its L4 systems [71][75] Question: How does WeRite's ADAS initiative interact with its L4 technology? - The ADAS system is designed to integrate seamlessly with the L4 system, leveraging shared data pipelines and toolchains for efficient development [80]