Core Insights - WeRide has received a city-level commercial permit for fully driverless Robotaxi operations in Abu Dhabi, making it the first international company to achieve this milestone in the UAE [1][2][4] - The permit allows WeRide's Robotaxis to operate without an on-board safety driver, enabling the company to achieve financial breakeven on unit economics [6][8] - WeRide plans to expand its fleet to 1,000 Robotaxis in the Middle East by 2026 and aims to deploy tens of thousands by 2030 [9] Company Developments - The permit was granted on October 31, 2025, following a thorough evaluation process and the completion of a rigorous testing phase [2][4][3] - WeRide has been operating Robotaxis in Abu Dhabi since 2021 and launched a partnership with Uber in December 2024, which is the largest commercial Robotaxi service outside the U.S. and China [5][10] - As of October 2025, WeRide Robotaxis have accumulated close to one million kilometers in Abu Dhabi [6] Industry Context - WeRide is recognized as a global leader in autonomous driving technology, having tested or operated vehicles in over 30 cities across 11 countries [10] - The company is the first publicly traded Robotaxi company and has received autonomous driving permits in seven markets, including the UAE [10]

Group 1 - The core point of the news is that the Abu Dhabi Integrated Transport Center has officially launched commercial operations for L4 level fully autonomous vehicles, marking the first instance in the MENA region [1] - The initial phase of operations will commence after rigorous testing, which includes performance evaluation and response capability testing of vehicles in real traffic environments [1] - Leading companies in the autonomous driving sector, such as WeRide (文远知行) and Baidu's autonomous ride-hailing service platform, Luobo Kuaipao, are participating in the initial phase of operations [1] Group 2 - As of October 2025, WeRide's autonomous taxis (Robotaxi) in Abu Dhabi have accumulated over 800,000 kilometers of driving distance, with each vehicle capable of completing up to 20 trips during a 12-hour shift [1]

Core Viewpoint - WeRide has received official approval from Singapore's Land Transport Authority (LTA) to conduct autonomous vehicle testing in the Punggol area, marking a significant step in its expansion into Southeast Asia [1] Group 1: Company Developments - WeRide's Ai.R autonomous ride-hailing service will cover two dedicated shuttle routes in Punggol, with the first public passengers expected in early 2026 [1] - During the testing and initial public operation phases, all vehicles will be equipped with trained safety personnel to monitor vehicle operations in real-time [1] Group 2: Market Position and Growth Potential - According to Everbright Securities, WeRide is the only company globally to have obtained autonomous driving licenses from seven countries, with operations spanning 11 countries and 30 cities [1] - The company is expected to achieve commercial maturity in the Middle East by 2025, with an expanding fleet and an optimized single-vehicle economic model [1] - WeRide's five core product lines are well-aligned with smart mobility, smart freight, and smart sanitation scenarios, indicating a strong market fit [1] - The company is considered to have a certain level of rarity and premium potential, with the Robotaxi model expected to drive a scaling inflection point through cost reduction and policy synergy [1]

Core Insights - WeRide and Grab have received approval from Singapore's Land Transport Authority (LTA) to conduct autonomous vehicle (AV) testing with the Ai.R fleet in the Punggol district [1][8] - The partners began AV testing in Punggol in mid-October 2025 and plan to increase the number of test runs by up to four times by the end of the year [2][8] - The Ai.R fleet consists of 11 AVs, including 10 GXRs and one Robobus, aimed at launching a public autonomous ride service in early 2026 [3][8] Company and Industry Overview - WeRide is recognized as a global leader in autonomous driving technology, having tested or operated vehicles in over 30 cities across 11 countries, and is the first publicly traded Robotaxi company [11] - Grab operates as a leading superapp in Southeast Asia, providing services across deliveries, mobility, and digital financial sectors, serving over 800 cities in eight countries [12] - The Ai.R service will connect residents to key amenities in Punggol, enhancing local transportation options [6][8] Testing and Development - The AVs are gathering real-world data to improve their AI driving models, focusing on local road infrastructure, traffic flows, and pedestrian behaviors [9] - The AVs are equipped with advanced sensors, including LiDARs and cameras, providing 360-degree vision and the ability to detect objects up to 200 meters away [9] - Safety Operators will be present during the testing phase to ensure real-time supervision and safety [5][10] Training and Talent Development - Grab and WeRide are training a cohort of over 10 experienced Grab driver-partners for Safety Operator roles, progressing from theory lessons to on-road training [10][8] - The training aims to build local talent for AV operations, supporting the rollout of the Ai.R service [10][8]

Core Insights - WeRide and Grab have received approval from Singapore's Land Transport Authority (LTA) to conduct autonomous vehicle (AV) testing with the Ai.R fleet in the Punggol district [1][7] - The AV testing program commenced in mid-October 2025 and aims to increase the number of test runs by up to four times by the end of the year [2][7] - The Ai.R service will be Singapore's first residential autonomous shuttle service, expected to begin public operations in early 2026 [3][6] Company Overview - WeRide is a global leader in autonomous driving technology, having tested or operated vehicles in over 30 cities across 11 countries, and is the first publicly traded Robotaxi company [11] - Grab operates as a superapp in Southeast Asia, providing services across deliveries, mobility, and digital financial sectors, serving over 800 cities in eight countries [12][15] Testing and Operations - The Ai.R fleet consists of 11 AVs, including 10 GXRs and one Robobus, designed to serve two dedicated shuttle routes in Punggol [3][6] - During testing, AVs gather real-world data to enhance AI driving models, focusing on local road conditions and user behaviors [8] - The AVs are equipped with a sensor suite for 360-degree vision, capable of detecting objects up to 200 meters away, even in adverse weather [9] Safety and Training - Safety Operators will be present on all AVs during testing and initial public rides to ensure real-time supervision [5][10] - GrabAcademy and WeRide are training over 10 experienced Grab driver-partners as Safety Operators, with the first cohort now in on-road training [10][11] Service Connectivity - The autonomous shuttle service will connect residents to key amenities, including the Punggol Coast MRT station and local malls [6]

Core Insights - WeRide and Grab have received approval from Singapore's Land Transport Authority to conduct autonomous driving tests in Punggol, marking a significant step in their Ai.R project [1][2] - The Ai.R project aims to provide a public autonomous ride-hailing service, with plans to increase testing frequency by four times by the end of 2025 [1][2] - The initial phase of the project will involve 11 autonomous vehicles, including 10 Robotaxi GXR and 1 Robobus, with public service expected to begin in early 2026 [2] Group 1 - The Ai.R project is designed to offer autonomous transportation services to residents in Punggol, connecting them to key public facilities [2] - The autonomous vehicles will undergo rigorous testing to ensure reliability, including real-time analysis of road conditions and localized AI training [3] - The vehicles are equipped with advanced perception systems, enabling 360° awareness and obstacle detection even in adverse weather conditions [3] Group 2 - Training for safety operators is underway, with the first cohort consisting of former Grab drivers who are transitioning to this new role [4] - The safety operators will monitor vehicle performance in real-time during the testing and initial operational phases [4] - Feedback from safety operators will play a crucial role in optimizing the performance of the autonomous vehicles [4]

Core Viewpoint - WeRide Inc. is set to release its third quarter 2025 financial results on November 24, 2025, before the U.S. market opens [1] Group 1: Earnings Call Details - The management team will host an earnings conference call at 8:00 AM U.S. Eastern Time on November 24, 2025 [2] - Participants must register online in advance to receive dial-in numbers and a unique access PIN for the conference call [2] Group 2: Company Overview - WeRide is a global leader in the autonomous driving industry and the first publicly traded Robotaxi company [4] - The company's autonomous vehicles have been tested or operated in over 30 cities across 11 countries [4] - WeRide is the first technology company to receive autonomous driving permits in seven markets: China, the UAE, Singapore, France, Saudi Arabia, Belgium, and the U.S. [4] - The WeRide One platform offers autonomous driving products and services from Level 2 to Level 4, catering to mobility, logistics, and sanitation needs [4] - WeRide has been recognized in Fortune's 2025 Change the World and 2025 Future 50 lists [4]

Core Viewpoint - WeRide has received approval from the UAE federal government to operate a fully autonomous Robotaxi service in Abu Dhabi, marking a significant milestone in the commercialization of autonomous driving outside the United States [2][3]. Licensing and Operations - The license allows WeRide to operate Robotaxi services without a safety driver, initially through Uber and TXAI platforms in Abu Dhabi, with more operational details to be announced soon [3]. - The approval was granted by the Regulations Lab under the UAE Cabinet Secretariat, which evaluates innovative projects for future economic development [4]. - WeRide previously obtained the first autonomous driving road test license in the UAE in July 2023, allowing nationwide testing and operations under regulatory requirements [5]. Collaboration and Expansion Plans - Since 2021, WeRide has collaborated with TXAI for public Robotaxi operations in Abu Dhabi, and plans to launch a partnership with Uber in December 2024, creating one of the largest Robotaxi fleets outside of China and the U.S. [5]. - By July 2025, the operational area will expand to cover nearly half of Abu Dhabi's core urban areas, including Al Reem Island and Al Maryah Island, with full coverage expected by the end of 2025 [5]. Performance Metrics - As of October 2025, WeRide's Robotaxi service in Abu Dhabi has accumulated nearly 1 million kilometers of driving distance, and the new license allows for the elimination of safety drivers, enabling the service to achieve break-even on a per-vehicle basis [6]. - Testing for the fully autonomous Robotaxi service began in the second quarter of 2025, focusing on verifying the reliability of the autonomous driving system [6]. Future Growth - This landmark license lays a solid foundation for WeRide's expansion in the Middle East, with plans to grow the Robotaxi fleet to 1,000 vehicles by 2026 and potentially to tens of thousands by 2030 [8].

WeRide (WRD.O/0800.HK) Conference Call Summary Company Overview - **Company**: WeRide - **Ticker**: 0800.HK (H-share), WRD.O (ADR) - **Founded**: 2017 - **Industry**: Autonomous Driving - **Global Presence**: Operations in over 30 cities across 11 countries, with permits in seven markets including China, Saudi Arabia, UAE, Singapore, France, Belgium, and the US [16][21] Key Points Coverage Initiation - **Rating**: Initiated coverage on WeRide-H with a Buy/High Risk rating - **Target Price**: HKD39.6 for H-share and US$15.3 for ADR, adjusted from US$18.2 due to share dilution from H-share listing [1][4] Market Forecast - **Robotaxi Market Growth**: - Fleet size expected to grow from 3.8k units in 2025 to 538k units in 2030 and 2.3 million units in 2035 - CAGR of 169% from 2025 to 2030 and 34% from 2030 to 2035 - Total addressable market for robotaxis in China projected to reach US$15 billion in 2030 and US$68 billion in 2035, with a CAGR of 229% from 2025 to 2030 [2] Cost Reduction - **Vehicle Cost**: Anticipated decline in full vehicle cost per Robotaxi to US$32.4k in 2030 and US$28.2k in 2035, with a CAGR of -6% from 2025 to 2030 and -3% from 2030 to 2035 [2] Major Milestones - **Expansion**: Launched Robotaxi and Robobus pilots in Ras Al Khaimah, UAE, marking the third emirate of operation [3][10] Financial Projections - **EPS Forecast**: Updated EPS forecast for 2025-27E to Rmb -4.44/-3.89/-2.82, down from Rmb -5.34/-4.68/-3.39 due to share dilution [4] - **Free Cash Flow**: Expected outflow of Rmb1.58 billion in 2025, Rmb1.16 billion in 2026, and Rmb1.14 billion in 2027, with potential refinancing needed in 2027 [9] Valuation Metrics - **Valuation Methodology**: DCF valuation with a WACC of 17.1% and a terminal growth rate of 2% - **Target Price Implications**: Implies 13x 2027E PS and 1.3x 2030E PS/9.0x 2030E PE, with current trading around 8x 2027E PS and 0.8x 2030E PS/5.6x 2030E PE [4][18] Investment Strategy - **High-margin Overseas Business**: Significant milestones achieved overseas, with partnerships with Uber and Grab to accelerate deployment of L4 robotaxis [17][22] - **Cost Advantages**: Latest robotaxi model GXR priced at USD 40k with advanced computing power of 2,000 TOPS, expected fleet size of 1k units by end-2025 [17][22] Risks - **High Risk Rating**: Due to loss-making status and uncertainties in robotaxi development - **Key Risks**: Include technological challenges, business model uncertainty, safety concerns, competition, regulatory risks, cash shortages, and limited operating history [19][24] Conclusion - WeRide is positioned as a leader in the autonomous driving sector with significant growth potential in the robotaxi market, supported by strategic partnerships and cost advantages. However, the company faces substantial risks that could impact its future performance.

Core Viewpoint - The company, WeRide (文远知行), has received approval from the UAE federal government to launch a fully autonomous Robotaxi service in Abu Dhabi, marking a significant milestone in the global deployment of Level 4 autonomous driving technology outside the United States [1] Group 1: Company Developments - WeRide's stock rose approximately 3.4% in pre-market trading, reaching $8.26 [1] - The approval allows WeRide to operate a fully autonomous Robotaxi service without a safety driver, which is expected to lead to single-vehicle breakeven in Abu Dhabi [1] Group 2: Industry Impact - This approval represents the first city-level Level 4 autonomous driving commercial license issued outside the United States, indicating a new phase for autonomous operations in the Middle East [1] - By October 2025, WeRide's Robotaxi service in Abu Dhabi is projected to accumulate nearly 1 million kilometers of driving distance [1]