WeRide reports widened annual net loss in 2024

Beijing (Gasgoo)- On March 14, autonomous driving technology company WeRide released its full-year and fourth-quarter (Q4) financial results for 2024. The company reported total revenue of 361 million yuan for the year, indicating a 10.2% decline from 402 million yuan in 2023.

In the past year, the company's gross profit stood at 16 million yuan, with a gross margin of 18.2%.  

Photo credit: WeRide

WeRide's total expenses for 2024 surged to 2.284 billion yuan, compared to 1.725 billion yuan in the previous year. The company posted a net loss of 2.517 billion yuan, widening from a net loss of 1.949 billion yuan in 2023. On a non-IFRS basis, its adjusted net loss was 800 million yuan in the past year, compared to 502 million yuan in 2023.  

In the fourth quarter of 2024, WeRide generated 141 million yuan in quarterly revenue, down 2.76% year-on-year. The company's net loss for Q4 reached 592 million yuan, compared to the 379-million-yuan net loss in Q4 2023. The non-IFRS adjusted net loss came in at 246 million yuan, compared to 116 million yuan in the same period of 2023.  

For Q4 2024, WeRide's R&D expenses amounted to 320 million yuan, while sales and administrative expenses stood at 15.2 million yuan and 305 million yuan, respectively.