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Great company, highly undervalued.
I don’t think people get the potential of this company. Two things you need to understand:
Weride is globally the leading AV company in regulatory footprint. No company comes close in terms of permits to scale. Their multi domain model is the key to unlock markets. Sometimes it’s a Robobus that will open up the market (like happened in. Singapore), sometimes it’s a Robotaxi. First mover advantage provides them regulatory equity. It’s far more important than market realises. Once markets are ready for Robotaxi, WeRide is well positioned (real world data experience, familiarity with LTA’s, track-record on bus and RoboSweepers, etc). This is why the move first in Singapore, Abu Dhabi, Riyadh, Singapore, Switzerland, France, Belgium and Slovakia. I believe soon Madrid will be added (as I understand Norway, Japan (already small scale deployments happening in Robobus) and Australia are mentioned as well).
I think it’s important to understand every domain has a different growth pace: Robobus and RoboSweepers are concessions based growth) - steady predictable revenue, low churn rate. Robotaxi trajectories match exponential patterns due to network effects, tech and regulatory maturation, and S-curve adoption phases. That’s on city by city basis.
What’s interesting about WeRide is that they have moved into the L2+ (and was certified also L3) domain of autonomy. A tough market to enter for a start up, many established players. WeRide teamed up with market leader Bosch, to become the behavioural layer.
The market (China leading) is moving towards L2+ autonomy for the masses. That shift is already happening. For Bosch-WeRide that opportunity is huge. The addressable market becomes bigger, and their safety and validation records fit this market like a glove. I’ll paint the picture. Bosch’s ambition: it says to grab 40% market share in China. That market last year: \~26.7m (wholesale est.). If WeRide captures just a small piece of that pie, you’d easily be looking at an install base of 1m+ units annually by 2028e. To put a number on this business is somewhat tricky. As in this early adoption phase, financials are not contributing yet. A few months post launch they have <50K with L2+ enabled, through SOP and OTA updates. (Chery Exeed Sterra ES/ET, GAC Aion will also use WeRides WePilot (2 models), while Chery will have GT and EX7 added this year. Bosch also mentions a European test. That likely will do less numbers, but important to understand, this goes beyond China. Either Chinese export models, or European brands could adopt this technology. Now looking at growth here:
WeRide benefits from massive vehicle production volumes, while robotaxi scales via fleet efficiency and urban demand. The benefit is, there’s no city-by-city regulatory hurdles. Just system validation, and country or EU level approval. Having an established player in your team helps to speed up the process. This revenue line will show up sooner than most expect. High margin (software) business at OEM scale. The market has not priced this in.

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