Core Insights - WeRide and Grab have received official approval from Singapore's Land Transport Authority (LTA) to conduct autonomous driving tests in the Punggol area, marking a significant step in their collaboration for the Ai.R (Autonomously Intelligent Ride) project [1] - 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] - The project will feature a fleet of 11 autonomous vehicles, including 10 Robotaxi GXR and 1 Robobus, with public service expected to begin in early 2026 [1] Testing and Technology - During the road testing phase, autonomous vehicles will analyze real-time road data to localize their AI driving models, adapting to local infrastructure, traffic flow, and driver behavior [2] - Vehicles will be trained to handle various weather conditions to ensure reliable operation at all times, optimizing driving performance for safety and efficiency [2] - The Robotaxi GXR and Robobus are equipped with a perception system that provides 360° awareness, capable of detecting obstacles up to 200 meters away, even in adverse weather [2] Strategic Implications - The ongoing testing and technology optimization are foundational for the Ai.R project to launch publicly in early 2026, indicating a substantial advancement in the partnership between WeRide and Grab in Southeast Asia's autonomous mobility sector [5] - The collaboration aims to enhance local traffic conditions and travel demands through technological innovation, ultimately providing users with a safer and more efficient autonomous travel experience [5]

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]

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.

Group 1: Great Wall Motors Q3 Financial Report - Great Wall Motors reported a revenue of 61.25 billion yuan for Q3 2025, a year-on-year increase of 20.51%, marking the best Q3 revenue performance in its history [2][3] - The net profit for the same period was 2.30 billion yuan, a decrease of 31.23% compared to the previous year [2][3] - The company sold 353,600 new vehicles in Q3, a year-on-year increase of 20.20%, with 118,000 of those being new energy vehicles, which saw a growth of 49.21% [2][3][6] Group 2: GAC Group Q3 Financial Report - GAC Group reported a revenue of 24.31 billion yuan for Q3, a decrease of 14.63% year-on-year, with a net loss of 1.77 billion yuan, down 27.02% from the previous year [6][10] - The total vehicle sales for GAC Group in Q3 were 428,400 units, reflecting a decline of 9.7% year-on-year [8][10] Group 3: Robotaxi Service Launch - WeRide has partnered with Uber to launch Robotaxi services in Riyadh, Saudi Arabia, marking a significant milestone in the deployment of autonomous vehicles [11][12] - The initial phase of the service will include safety drivers in the vehicles to ensure passenger safety, paving the way for fully autonomous operations in the future [14][16] - This launch is part of a broader trend of Chinese tech companies expanding their global footprint in autonomous driving, with WeRide now operating in 11 countries and 30 cities [16]

Core Insights - WeRide and Uber have launched Robotaxi public operation services in Riyadh, marking the first deployment of autonomous vehicles on the Uber app in Saudi Arabia, aligning with the country's Vision 2030 for smart and sustainable transportation [1][3] Company Developments - WeRide's new generation Robotaxi GXR is now available for Uber passengers traveling between Roshn Front and Princess Nourah University in Riyadh, showcasing the future of transportation in Saudi Arabia [3] - WeRide's CFO, Li Xuan, emphasized the significance of this collaboration with Uber as a milestone in global expansion and a key step towards intelligent and sustainable transportation in Saudi Arabia [3] - Uber's global head of autonomous driving and delivery, Sarfraz Maredia, highlighted the importance of this partnership in marking a new phase of development in the Middle East, focusing on safety and sustainability in transportation [3] Milestones Achieved - Since entering the Saudi market in May, WeRide has made significant progress, including the launch of the first Robotaxi trial operation service in Riyadh on July 23, and obtaining the first autonomous driving license in Saudi Arabia just five days later [4] - WeRide's Robotaxi is the only one to have passed the regulatory sandbox of the Saudi Traffic Authority (TGA), establishing itself as a leader in the autonomous driving sector in the region [4] - The partnership with Uber also extends to Abu Dhabi, where autonomous ride-hailing services are set to launch by the end of 2024 [4]

Core Viewpoint - WeRide and Uber have launched Robotaxi public operation services in Riyadh, marking a significant milestone in the deployment of autonomous vehicles in Saudi Arabia, aligning with the country's Vision 2030 for innovative and sustainable transportation [1][4]. Group 1: Company Developments - WeRide's new generation Robotaxi GXR will be available for Uber passengers traveling between Roshn Front and Princess Nourah University in Riyadh [2]. - WeRide's CFO expressed pride in the collaboration with Uber, emphasizing the importance of this service for enhancing daily travel experiences and contributing to safer, greener, and more efficient urban environments in Saudi Arabia and beyond [4]. - Since entering the Saudi market in May, WeRide has achieved significant milestones, including the launch of the first Robotaxi trial operation service in Riyadh and obtaining the first autonomous driving license in Saudi Arabia [5]. Group 2: Industry Impact - The partnership with the Saudi Traffic Authority (TGA) and the deployment of autonomous vehicles represent a new phase in Uber's development in the Middle East, focusing on expanding driverless transportation services while ensuring safety and sustainability [4]. - Initial vehicles will be equipped with safety personnel to ensure a secure travel experience for passengers and pedestrians, laying the groundwork for fully autonomous operations in the future [4].

Group 1: Company Overview - WeRide Inc. (NASDAQ:WRD) is a Chinese autonomous driving company focused on self-driving vehicle technology, incorporated in 2017 and has conducted tests in over 30 cities across ten countries [4] Group 2: Market Potential - Citi initiated coverage on WeRide Inc. with a 'Buy' rating and a price target of $15.50, indicating a potential upside of nearly 58% from current levels, driven by optimism in the robotaxi sector [1] - The penetration of the robotaxi market is projected to increase from 0.1% in 2025 to 9.0% in 2030, and further to 30% by 2035, marking a significant growth trajectory [1] Group 3: Business Expansion and Innovations - The company is expanding its overseas business and has developed a high-computing-power domain control platform, showcasing a strong cost structure and strategic collaborations with leading platform enterprises [2] - WeRide Inc. presented four autonomous vehicle models at the 2025 World Intelligent Connected Vehicles Conference, including the Robotaxi GXR, Robobus, sanitation truck S6, and sweeper S1, emphasizing their diverse applications in mobility and urban services [3]

Core Viewpoint - The 2025 World Intelligent Connected Vehicles Conference was held in Beijing, showcasing advancements in intelligent connected vehicles and featuring WeRide's autonomous driving solutions [1][2]. Group 1: Event Overview - The conference, themed "Gathering Wisdom and Energy, Connecting the Infinite," was co-hosted by China's Ministry of Industry and Information Technology, Ministry of Transport, and Beijing Municipal Government, attracting over 4,000 representatives from more than 10 countries and regions [2]. - WeRide showcased its new generation Robotaxi GXR and autonomous driving minibus Robobus, providing autonomous shuttle services across multiple key locations during the event [1][7]. Group 2: WeRide's Contributions - WeRide's founder and CEO, Han Xu, participated in a safety forum, emphasizing that safety is the top priority for the large-scale deployment of autonomous vehicles [2][5]. - The company deployed nearly 10 Robotaxi GXR and multiple Robobus vehicles to offer shuttle services, demonstrating its capabilities in L4-level autonomous driving technology and large-scale operations [7]. Group 3: Product Showcase - WeRide presented four autonomous driving products at the static display area, including Robotaxi GXR, Robobus, autonomous sanitation vehicle S6, and unmanned street sweeper S1, highlighting its technological layout and commercialization progress in smart mobility and sanitation [9]. - The Robotaxi GXR is designed for rapid deployment in any global city, supporting 24/7 fully unmanned commercial operations, while Robobus targets urban micro-circulation scenarios [9].

Core Insights - WeRide Inc. (NASDAQ:WRD) experienced a significant share price increase of 12.04%, closing at $12.38, driven by investor interest in robotaxi companies and optimism in the autonomous driving sector [1][2][3] Company Developments - WeRide announced its expansion into Ras Al Khaimah, UAE, marking its third city in the region for pilot testing of its Robotaxi GXR and Robobus [3][4] - The company is set to begin commercial operations in early 2026 in partnership with the Ras Al Khaimah Transport Authority (RAKTA), initially featuring a safety officer on board before transitioning to fully driverless operations pending regulatory approval [4] Industry Context - The growth of WeRide is part of a broader trend in the autonomous driving industry, supported by favorable government policies and increasing global adoption of autonomous vehicle technology [2]

Core Insights - WeRide launched its Robotaxi GXR and Robobus pilot services in Ras Al Khaimah, marking its first deployment in the emirate and expansion into its third UAE market [1] - The pilot integrates WeRide's autonomous vehicles into the public transport system of Ras Al Khaimah, making WeRide the sole partner in the emirate's smart mobility strategy [1][4] - The Robobus will initially operate across nine stops on Al Marjan Island, while the Robotaxi GXR will serve the city center, with commercial operations expected to start in early 2026 [3] Company Developments - His Highness Sheikh Saud bin Saqr Al Qasimi became the first passenger to ride the Robobus on public roads, highlighting the significance of the launch [2] - WeRide signed a Memorandum of Understanding with RAKTA to provide advanced technology, operational support, and training for the safe deployment of autonomous vehicles [4] - Despite the international expansion, WeRide's stock has underperformed, dropping over 27% year-to-date compared to rival Pony AI's over 60% returns [4] Regulatory Environment - A new policy from Beijing will require Chinese exporters of pure electric passenger vehicles to secure licenses starting January 1, 2026, tightening oversight of EV exports [5] - This regulatory change comes as WeRide pursues global growth, including securing a Dubai permit for Robotaxi trials and plans to scale its fleet from 50 to 1,000 Robotaxis by 2030 [6] Market Performance - WeRide's stock was trading higher by 2.71% to $10.60 premarket following the news of the pilot launch [6]