WeRide, a leading robotaxi operator, is making waves in the autonomous driving industry. While its New York IPO was put on hold in August, the company hasn’t been sitting idle. In a significant move, WeRide announced a strategic partnership with ride-hailing giant Uber, bringing its driverless vehicles to the Uber platform, starting in the UAE by the end of the year.
This alliance represents a major step for WeRide, allowing it to tap into Uber’s vast user base and expand its robotaxi services to a wider audience. This partnership could be a key revenue generator for WeRide, which has been struggling to generate significant revenue despite its impressive technology. The company generated only $21 million in the first half of this year and $42 million in 2023, despite its $5.1 billion valuation.
WeRide currently operates in 30 cities across seven countries, including China, Singapore, the UAE, and the U.S. The company holds autonomous driving permits in these locations, but its robotaxis are still in the testing phase in most markets. The Uber partnership is likely to be limited initially, focusing on the UAE, and excluding the U.S. and China for now.
The partnership with Uber adds fuel to WeRide’s story, keeping it in the spotlight following the postponement of its U.S. IPO. WeRide has resubmitted its application to the Chinese securities regulator and is aiming to relaunch its IPO by the end of the year. This ambitious plan comes amidst a crowded field of Chinese autonomous driving concept stocks, including iMotion, Hesai, Pony.ai, Momenta, Horizon Robotics, and Black Sesame Technology.
WeRide’s IPO faced a setback in August when it was abruptly halted at the last minute. The company had received approval from China’s securities regulator but failed to complete the listing process before the approval expired. Despite the delay, WeRide is optimistic about securing new approval and completing its IPO, which could potentially raise over $400 million.
The new Uber partnership and potential IPO highlight WeRide’s commitment to pushing the boundaries of autonomous driving technology and establishing itself as a major player in the industry. With its focus on global expansion and innovative partnerships, WeRide appears poised to make a significant impact on the future of mobility.
