WeRide, a Nasdaq-listed autonomous driving company, released its financial results for the first quarter ended March 31, 2026, on May 13.
The company reported total revenue of RMB 114.1 million (USD 16.8 million) in the first quarter, up 57.6% year-on-year (YoY). Product revenue rose 115.8% to RMB 20.5 million (USD 3 million), driven mainly by higher revenue from robotaxis and other Level 4 vehicle sales. Service revenue increased 49% to RMB 93.7 million (USD 13.8 million), supported primarily by intelligent data services and driving assistance services.
WeRide’s gross profit rose 55.9% YoY to RMB 39.6 million (USD 5.8 million), while its gross margin stood at 34.7%, compared with 35% in the same period of 2025. R&D expenses increased 11.5% to RMB 363.3 million (USD 53.4 million). Operating loss narrowed 1.2% YoY to RMB 431 million (USD 63.3 million). Net loss was RMB 389.1 million (USD 57.2 million), compared with RMB 385.1 million (USD 56.6 million) a year earlier.
WeRide’s robotaxi business continued to expand. In Q1, registered users of its robotaxi service in China were about twice the level recorded in the same period of 2025. Average daily orders per vehicle in China exceeded 17, rising to 28 during peak periods. WeRide’s global robotaxi fleet totals about 1,300 vehicles, and the company expects to deploy 200,000 robotaxis and other autonomous vehicles over the next five years.
Tony Han, founder and CEO of WeRide, said the company made progress in autonomous driving technology and global expansion in Q1, with WeRide Genesis serving as a key driver of that momentum.
According to Han, Genesis combines closed-loop simulation, artificial intelligence training, and end-to-end model capabilities to improve the system’s ability to generalize across scenarios and iterate more efficiently. The platform supports WeRide’s deployment across multiple use cases, including the global expansion of its robotaxi operations and the commercialization of WRD 3.0.
Han added that WeRide’s robotaxi fleet in China now exceeds 1,000 vehicles, while registered users in Q1 were roughly double the level recorded a year earlier. As the company strengthens its AI training infrastructure, it is working to build a global autonomous driving platform.
Jennifer Li, CFO and international head at WeRide, said the company’s Q1 revenue reached USD 16.5 million, representing 58% YoY growth. Product revenue rose 116%, supported by higher sales of Level 4 autonomous vehicles, including robotaxis.
Li said WeRide’s deployment efficiency and focus on high-value mobility markets helped it maintain a 35% gross margin, while gross profit increased 56% from the previous year. The company also continued to narrow its operating loss despite sustained investment in R&D.
She added that WeRide’s fully driverless commercial robotaxi operations in Dubai and Abu Dhabi, public robotaxi operations in Singapore, and entry into Slovakia as its fourth European market highlight the company’s ability to deploy across different regulatory environments.
Since the start of 2026, WeRide has continued to commercialize its robotaxi business.
In China, after establishing normalized fully driverless operations in Guangzhou’s Huangpu district, WeRide expanded its service coverage into core urban areas, including the Tianhe district. According to the company’s plans, it will add robotaxi services in another tier-one city this year.
Internationally, WeRide has continued to expand its footprint:
- In March, it launched Slovakia’s first autonomous driving project. The company described the project as Europe’s first national-level autonomous driving commercialization plan spanning multiple product lines. Slovakia has become WeRide’s fourth European market after France, Belgium, and Switzerland.
- In April, WeRide and Grab launched a public robotaxi service in Singapore. WeRide is reportedly the only company currently approved to conduct public autonomous passenger operations in Singapore.
- WeRide’s robobus has received approval at Switzerland’s Zurich Airport to remove the safety operator, marking another step toward fully driverless commercial operations. The company has also partnered with Geneva public transport operator Transports Publics Genevois, or TPG, to deploy its first batch of robobuses.
- In France, WeRide is working with Renault for the third consecutive year to provide shuttle robobus services for the 2026 French Open.
- WeRide and Lenovo have announced an expanded partnership to build on their existing collaboration. The two companies expect to deploy 200,000 robotaxis and other autonomous vehicles globally over the next five years, accelerating the commercial rollout of Level 4 autonomous driving.
Globally, WeRide’s business now covers more than 40 cities across 12 countries.
On the technology side, WeRide announced at the 2026 Beijing Auto Show that its WRD 3.0 assisted driving solution has been adapted for multiple chip platforms. It supports mainstream in-vehicle computing platforms, including Nvidia Drive, Qualcomm Snapdragon, and SemiDrive’s X9, covering different computing power levels and cost ranges. The system provides global OEMs (original equipment manufacturers) with a family of Level 2 and higher advanced driver assistance solutions, ranging from high-performance to lower-cost options.
In April, the Aion N60, the first passenger vehicle developed and mass produced by WeRide and GAC Aion, went on sale. It also marked WeRide’s first mass production of one-stage end-to-end technology on the Qualcomm Snapdragon platform.
WRD 3.0 has secured design wins for nearly 30 models from OEMs including GAC Group and Chery. It serves domestic users of brands including GAC’s Aion, Trumpchi, and Hyptec, as well as Chery’s Exeed. The company said the solution will gradually expand to other brands including Tiggo, Lepas, Omoda, and Jaecoo.
WeRide Genesis is also central to the company’s broader technology strategy. As a world model designed to generalize across scenarios, Genesis supports simulation across diverse urban road conditions, sensor perspectives, and vehicle configurations. It is compatible with algorithm training for autonomous driving products ranging from Level 2 and above.
Compared with traditional road testing, WeRide said Genesis may improve the efficiency of data collection, generation, and training for long-tail edge cases by thousands of times, while reducing data collection and labeling costs by 75%.
Goldman Sachs initiated coverage of WeRide with a “buy” rating and a price target of HKD 54.23 (USD 6.9). The bank said WeRide is positioned to benefit from growth in robotaxi service revenue, fleet expansion, and first-mover advantages in both domestic and overseas markets. It pointed to the company’s deployment progress in China and abroad as a foundation for further international expansion.
Goldman Sachs added that WeRide’s asset-light model has improved fleet deployment efficiency, while recurring service revenue has strengthened profitability. Continued technology iteration, operational optimization, and declining vehicle costs could further improve the economics of the robotaxi model, it said.
Huatai Securities reiterated its “buy” rating and set a price target of HKD 50 (USD 6.4). Huatai said it is optimistic about WeRide’s technological foresight and overseas first-mover advantage, adding that the company could become a strong target in physical AI and robotaxis, with a foundation for a valuation premium.
This article was adapted based on a feature originally written by and published on IPO Zaozhidao. KrASIA is authorized to translate, adapt, and publish its contents.
Note: HKD, RMB figures are converted to USD at rates of HKD 7.83 = USD 1 and RMB 6.81 = USD 1 based on estimates as of May 14, 2026, unless otherwise stated. USD conversions are presented for ease of reference and may not fully match prevailing exchange rates.