WeRide (WRD, Financial), a leader in autonomous driving technology, has officially listed on Nasdaq, marking a significant milestone as the world’s first publicly traded universal autonomous driving company and Robotaxi provider. On its first trading day, WeRide’s stock experienced a surge, triggering two trading halts and reaching a peak increase of 27% to $19.73 per share, with a total market capitalization hitting $5.34 billion. The day closed with a 6.77% increase, bringing the share price to $16.55 and a total market valuation of $4.491 billion.
Founded in 2017 and headquartered in Guangzhou, WeRide specializes in the development of autonomous vehicle systems. The company has successfully completed 10 financing rounds, raising over $1 billion from investors such as GAC Group, NVIDIA, Bosch, and IDG Capital. The latest valuation reached $5 billion after a D+ funding round in 2022.
WeRide offers a diverse range of autonomous vehicle products, including Robotaxi, Robobus, Robovan, Robosweeper, and Advanced Driving Solutions, catering to ride-hailing services, on-demand public transport, urban logistics, smart sanitation, and advanced driving solutions. Recently, WeRide gained approval to conduct autonomous driving passenger tests in California and is currently active in 30 cities across seven countries.
Shortly before this IPO, WeRide unveiled its latest generation mass-produced Robotaxi, the GXR, on October 15. The GXR features innovative designs such as the elimination of the front passenger seat, a hidden B-pillar, and a special luggage area, making it the most spacious production Robotaxi to date. Public operations for the GXR are set to commence soon.
According to WeRide's IPO prospectus, the company aimed to raise $119.4 million in its public offering and $320.5 million in private placements, issuing 6.5 million American Depositary Shares (ADS) priced between $15.5 and $18.5 per share. The total fundraising could exceed $400 million, with an estimated valuation of up to $5 billion. Morgan Stanley, JPMorgan, and CICC served as joint lead underwriters for the IPO.
From 2021 to the first half of 2024, WeRide reported revenues of CNY 138 million, CNY 528 million, CNY 400 million, and CNY 150 million, with cumulative losses totaling approximately CNY 5 billion. During the same period, R&D expenditures were CNY 443 million, CNY 759 million, CNY 1.058 billion, and CNY 517 million, representing about three to 3.5 times the company's revenue, driven by significant investments needed for developing autonomous driving technology.
