WeRide trims losses as China’s robotaxi race accelerates

WeRide trims losses as China’s robotaxi race accelerates

The Chinese self-driving firm posted a US$43 million net loss in Q3 amid competition for the growing driverless cab market.

WeRide’s Hong Kong shares dropped 24% since its debut this month amid investor concerns over rising competition. (WeRide pic)
SHANGHAI:
WeRide Inc narrowed its third-quarter net loss on increased robotaxi orders, as it races for a slice of the growing global market for driverless cabs.

The Chinese autonomous driving company posted a 307 million-yuan (US$43 million) net loss, less than a third of the 1.04 billion loss reported a year ago, according to a filing Monday. Robotaxi revenue grew eightfold to 35.3 million yuan.

The firm is cooperating with ride hailing giants like Grab Holdings Ltd and Uber Technologies Inc as both firms seek to expand their robotaxi fleets, while also receiving its own approvals to operate such services from Abu Dhabi to Switzerland, reinforcing its global ambitions.

The company currently holds autonomous driving permits in eight countries, the most out of all robotaxi players in the region.

Beijing views autonomous-driving technology as a strategic priority and has outlined a policy to make China the global leader in driverless vehicles by 2035.

WeRide’s recently listed Hong Kong shares have slumped 24% since their debut earlier this month, as competitive pressures spark concern among investors. Peer Pony AI Inc. is due to report Tuesday.

 

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