WeRide Inc. (NASDAQ: WRD) saw its stock price surge 10.93% in pre-market trading on Monday, following the announcement that the company has secured Saudi Arabia's first Robotaxi autonomous driving permit. This groundbreaking achievement not only marks a significant milestone for WeRide but also positions the company as a global leader in the autonomous driving industry.
The newly acquired permit authorizes WeRide to operate an autonomous vehicle (AV) business and deploy Robotaxis nationwide in Saudi Arabia. The company has already launched pilot operations in Riyadh earlier this month, in partnership with Uber Technologies (UBER) and local partner Ai Driver. The pilot program covers key locations throughout Riyadh, including King Khalid International Airport and major highways. WeRide aims to launch a full-scale commercial Robotaxi service by the end of 2025 through its partnership with Uber, opening up new revenue streams and market opportunities.
This latest achievement solidifies WeRide's position as the world's only technology company with autonomous driving permits in six countries: Saudi Arabia, China, the UAE, Singapore, France, and the US. The company's ability to secure permits in multiple countries demonstrates its technological prowess and regulatory compliance, crucial factors in the highly competitive and rapidly evolving autonomous driving industry. Jennifer Li, CFO and Head of International at WeRide, stated, "This permit marks a major step in our global expansion, enabling us to scale Robotaxi services and unlock new commercial opportunities in Saudi Arabia."
Investors are clearly optimistic about WeRide's expansion into the Middle East market and its potential for growth. The stock's significant pre-market jump reflects increased investor confidence in the company's global strategy and technological capabilities. As WeRide continues to advance its autonomous driving technology and expand its global footprint, it is positioning itself as a key player in the future of transportation, potentially reshaping urban mobility in major cities worldwide.
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