Financial Data and Key Metrics Changes - Total revenue for Q1 2025 increased by 1.8% to RMB 72.4 million, driven by growth in product revenue, partially offset by a slight decline in service revenue [17] - Robotaxis contribution to group revenue rose to 22.3%, up from 11.9% in the same period of 2024 [18] - Product revenue increased by 46.7% to RMB 9.5 million, primarily due to a substantial increase in sales of Robotaxi and RoboCapers [18] - Net loss decreased by 17.7% to RMB 385.1 million, while on a non-IFRS basis, net loss increased by 108.2% to RMB 294.6 million due to continuous investment in R&D [23][24] Business Line Data and Key Metrics Changes - Global taxi revenue reached RMB 16.1 million, continuing momentum from a record high in FY 2024 [18] - Revenue from ADAS R&D services declined by RMB 33.5 million due to the completion of a customized project in 2024, but was partially offset by an increase in intelligence data services and operational support services [20] Market Data and Key Metrics Changes - The company expanded its robotaxi services in major cities like Beijing and Guangzhou, launching routes that cover over 250 kilometers in densely populated urban areas [11] - The company is scaling operations in international markets, particularly in Europe and the Middle East, with plans to deploy robotaxi services in 15 additional cities globally [5][8] Company Strategy and Development Direction - The company aims to solidify its leading position in autonomous mobility by expanding its robotaxi presence and enhancing partnerships, particularly with Uber [5][30] - A phased approach to operational expansion is being adopted to ensure high service quality while meeting regulatory and safety standards [9][10] - The company is focused on building a sustainable business model through trusted partnerships and localized deployments [21] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the company's operational and technological excellence, particularly in light of the expanded partnership with Uber [6][30] - The company is optimistic about capturing opportunities in markets that are favorable to autonomous driving, citing increasing interest in AV technology [86] Other Important Information - The board authorized a share repurchase program of up to USD 100 million, reflecting confidence in the company's fundamentals and growth trajectory [24][108] - The company has a strong cash position with total capital reserves of RMB 6.2 billion, including RMB 4.4 billion in cash and equivalents [24] Q&A Session Summary Question: Why did WeRide and Uber decide to expand their partnership? - The expanded partnership builds on a proven model, combining WeRide's autonomous driving technology with Uber's operational expertise, aiming to deploy services across 15 major global cities within five years [30][31] Question: What regions will be the main focus for robotaxi rollout? - The focus is on markets in Europe and the Middle East, with a phased approach to adding cities, likely three new cities each year [35][36] Question: Can you share insights on robotaxi economics and cost structure? - Robotaxi economics significantly reduce driver costs, with expectations of 50% or more cost-effectiveness compared to traditional taxis in developed markets [44][46] Question: What is the company's view on competition from aggressive OEMs entering the robotaxi business? - The company welcomes competition and believes its proven technology and safety record provide a significant edge over competitors [66][71] Question: What are the plans for further fleet expansion and operation areas? - The company plans to gradually increase deployment in selected tier one cities in China and scale operations through global partnerships [75][78] Question: What is the company's view on regulations in different markets? - The company sees favorable regulations in several countries, particularly in the Middle East and Europe, and believes it is well-positioned to capture opportunities in these markets [80][82]
WeRide Inc.(WRD) - 2025 Q1 - Earnings Call Transcript