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WeRide Makes Nasdaq Debut as First Robotaxi Stock, Eyes Global Expansion

Word on the StreetFriday, Oct 25, 2024 1:00 pm ET

1min read

On October 25, autonomous driving firm WeRide (WRD.US) successfully debuted on the Nasdaq Stock Exchange, becoming the world's first publicly traded universal autonomous driving company and the first Robotaxi stock. Priced at $15.50 per American Depository Share, if the underwriters fully exercise their option to purchase additional shares, the company is set to offer a total of 8,903,760 shares. Including a previously disclosed $320 million simultaneous private placement, the total raise could reach $458.5 million.

Founded in 2017, WeRide provides L2 to L4 autonomous driving products and services, and has developed a comprehensive product matrix including autonomous taxis (Robotaxi), minibuses (Robobus), cargo vans (Robovan), street sweepers (Robosweeper), and advanced driver-assistance systems (ADAS). The company has been pivotal in the global deployment of autonomous driving technology, receiving permits in China, UAE, Singapore, and the USA, and it's active in 30 cities across seven countries with over 1,700 operational days.

WeRide’s significant focus on research and development, which is one of the reasons for its reported losses from 2021 to 2023, is aimed at advancing its technology during this developmental phase. As per their filings, as of June 30, 2024, WeRide held cash and equivalents totaling approximately 5.76 billion USD (41.88 billion RMB).

Prospective growth in the industry presents substantial potential, with expectations for the global autonomous driving market to expand significantly by 2030. WeRide has actively pursued international market development, notably in the Middle East where it operates a leading Robotaxi fleet.

Looking forward, WeRide remains dedicated to its mission of advancing autonomous driving technology, contributing to a greener, sustainable urban future through its innovative offerings.

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