WeRide files for IPO on NASDAQ

Beijing (Gasgoo)- On July 26, Chinese autonomous driving solution provider WeRide officially submitted its IPO application to the U.S. Securities and Exchange Commission (SEC), planning to be listed on NASDAQ under the ticker symbol "WRD."

Morgan Stanley, J.P. Morgan, and China International Capital Corporation (CICC) will serve as the lead underwriters.

Photo credit: WeRide

As one of the pioneering autonomous driving startups in China, WeRide has developed a comprehensive business portfolio that includes autonomous taxis (Robotaxi), minibuses (Robobus), freight vehicles (Robovan), sanitation vehicles (Robosweeper), and advanced intelligent driving solutions. These products cater to various applications such as smart mobility, intelligent freight, and smart sanitation. In the Robotaxi sector, WeRide has expanded its autonomous driving R&D, testing, and operations to over 30 cities in seven countries, including Guangzhou, Beijing, Shanghai, and Shenzhen.

Photo credit: WeRide

WeRide's revenue streams are primarily divided into two categories: product sales, which include Robobuses, Robotaxis, Robosweepers, and related sensor kits; and services, which encompass autonomous driving operations, technical support, and advanced driver-assistance systems (ADAS) development.

According to the disclosed data, WeRide's revenues for 2021, 2022, 2023, and the first half of 2024 were 138 million yuan, 528 million yuan, 402 million yuan, and 150 million yuan, respectively. Corresponding net losses for these periods were 1.007 billion yuan, 1.298 billion yuan, 1.949 billion yuan, and 882 million yuan, resulting in a cumulative loss of over 5 billion yuan over the past three and a half years.

Despite these losses, WeRide has invested heavily in R&D. From 2021 to the first half of 2024, the company's R&D expenses were 443 million yuan, 759 million yuan, 1.058 billion yuan, and 517 million yuan, respectively, totaling 2.777 billion yuan over the period.