文远知行（WRD.US、00800.HK）2026年第一季度业绩电话会
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会议摘要
WeRide reported a 58% year-over-year revenue increase to RMB 114 million in Q1 2026, driven by robot taxi deployments in twelve countries and over forty cities. Achieving four consecutive championships in China's Urban Intelligent Driving Competition, the company launched fully driverless services in Dubai and Riyadh, expanding partnerships with Lenovo and GAC Motors. Internationally, WeRide plans to deploy 1,200 robot taxis in Abu Dhabi, Dubai, and Riyadh by 2027, maintaining a strong cash position of RMB 6.22 billion. Focused on global expansion, WeRide aims to deploy 2,600 robot taxis worldwide by 2026, leveraging its Genesis simulation platform for robust autonomous driving solutions.
会议速览
WeRide Q1 results: global autonomous driving leadership and international expansionWeRide announced its first quarter 2026 results, highlighting its global leadership in autonomous driving, including commercial robo-taxi services in China and expansion in international markets such as Abu Dhabi, Dubai, Riyadh and Singapore. By deepening the technology and commercialization process with partners such as Geely and Lenovo, the company launched WRD 3.0 solutions to support multi-chip compatibility and help global automakers. In the future, WeRide will continue to lead the development of autonomous driving technology and promote smart mobility as a part of daily life.
Rewriting Technology: Global Autonomous Driving Leader, Innovative Technology Drives Performance GrowthAs a global leader in the field of self-driving, the company's revenue in the first quarter reached 11.458 billion billion yuan, up 58% year-on-year. This achievement is due to accelerated Robotaxi deployment, the success of L2 ++ level solutions, and the expansion of the L4 autonomous vehicle fleet. In particular, the company achieved a major technological breakthrough by Genesis a closed-loop world model simulation engine, which generates a realistic virtual driving environment, significantly improves the efficiency of AI model training, reduces the need for field testing, and accelerates global deployment in new markets. The Genesis not only supports a wide range of applications from L2 to L4, but also makes the company the only enterprise to realize the mass production and commercial operation of L2 vehicles.
Commercialization Progress of Global Autonomous Driving Technology and Ecological Construction of PartnersThe report details the commercialization progress of global autonomous driving technology in domestic and foreign markets, including the scale expansion of the Chinese market, the continuous layout of the international market, and the deepening of cooperation with a number of companies to jointly promote the global deployment of autonomous vehicles. In addition, the increased commercial attractiveness of ADAS business and international cooperation in the field of robot taxis and self-driving buses are also mentioned, demonstrating the company's leadership position in the global self-driving field and its future growth potential.
The company's first quarter financial report: revenue growth and research and development investment increased.The report shows the company's financial performance in the first quarter, with a total revenue of 11.4 billion billion yuan, up 58% year-on-year, and a significant increase in product and service revenue. The company maintained good profitability and marginal efficiency, and despite seasonal challenges, the business performance exceeded expectations. Research and development investment continues to increase, supporting technology leadership, while administrative costs decline and sales costs rise. Capital reserves are sufficient to support future development plans, including the global deployment of self-driving taxis, with a target of 2600 global deployments by the end of 2026.
Global Unmanned Taxi Expansion and International Business Growth StrategyThe dialogue revolved around the latest progress in the global expansion of driverless taxis and the growth strategy of international business. Global fleet size, specific progress in China, the Middle East and Europe, as well as key growth drivers and earnings expectations for overseas operations were shared. Highlighting the company's leading position in overseas markets and future expansion plans, especially in Europe.
Discussion on the Impact of China's New Regulations on Automatic Driving Approval on the Industry and Technical RouteDiscusses the impact on the industry of China's recent new approval policy on autonomous vehicles, arguing that it is a short-term regulatory adjustment rather than a structural change, emphasizing the importance of safety records. At the same time, the technical differences between lidar and high-definition map solutions and Tesla's pure vision solutions are discussed to support differentiated supervision based on safety performance, operational experience and technical capabilities.
Level L4 self-driving taxi: the importance of multi-sensor fusion and high-definition mapsThe technical route of the L4 level self-driving taxi is discussed, and it is emphasized that the combination of multi-sensor redundancy technology and high-definition maps is essential to achieve safe and reliable unmanned driving. At the same time, it mentions the respect and reference for Tesla's pure vision solution, as well as the deployment challenges and solutions in complex urban traffic scenarios.
Discussion on the Difference and Multi-platform Compatibility between Level L4 Automatic Driving and ADAS SystemDiscusses the essential differences between L4-level autonomous driving and ADAS systems, emphasizes the importance of system robustness and operational capabilities, and shares the challenges of achieving high-level safety standards in practical applications. At the same time, the implementation method of multi-platform compatibility is introduced, and the advanced AI model supports a variety of chip architectures, showing the technical advantages in the field of automatic driving.
Multi-chip platform strategy helps global expansion of intelligent driving systemThe dialogue discussed the importance of multi-chip platform strategies to support different OEM needs, optimize costs and accelerate mass production, and shared the development of intelligent driving systems in overseas markets, especially in the Middle East, Southeast Asia and Europe.
Strategic balance and priority of China and international businessThe dialogue discussed the strategic importance of China and the international market, emphasized the commercial attractiveness of the international market in the short term and the key position of the Chinese market in the long term, and pointed out the importance of accelerating global deployment to enhance technological and regulatory trust. International revenue is expected to grow rapidly.
Global light asset model and Uber strategic cooperation: self-driving taxi market expansion strategyDiscussed the strategic partnership with Uber, emphasizing its importance as a strategic shareholder and key partner, and plans to accelerate the deployment of autonomous taxis through diversified partnerships in multiple markets around the world. At the same time, it expounds the implementation of the global light asset business model, including two successful models of third-party platforms or consumer-owned vehicles in different markets, and the long-term goal is to make the model of the Chinese market transition to a more mature light asset structure on the basis of improving operational efficiency and revenue sharing ratio.
Robot taxi cost reduction path and efficiency improvement strategy detailed explanation.The conversation revolved around the path of robo-taxi cost reduction, pointing to hardware integration, supply chain optimization and operational efficiency improvements as key drivers. As the scale of deployment expands, cost efficiency continues to improve, the proportion of remote security officers decreases significantly, and the initial cost of the new market increases, but will become manageable as the scale effect appears. The overall strategy focuses on hardware standardization, supply chain optimization and operational efficiency improvement to achieve cost reduction and maximize economic benefits.
要点回答
Q：What are the key milestones and partnerships in WeRide's autonomous driving strategy?
A：Key milestones and partnerships in WeRide's autonomous driving strategy include operating one of the world's largest commercial robot taxi fleets, launching fully driverless robo taxi services in Abu Dhabi and Dubai, and expanding into Riyadh. WeRide partnered with Gili Ferris to deliver 20,000 purpose-built robot taxi GX RS by 2026 and with Lenovo to deploy 200,000 autonomous vehicles globally by 2030.
Q：What core capabilities distinguish WeRide in the autonomous driving industry?
A：WeRide's core capabilities in the autonomous driving industry include the commercialization of L2+ and L4 autonomous driving technology, a dual flywheel strategy, and the development of WeRide Genesis, a self-developed general-purpose simulation world model. This model enables extensive training and closed-loop validation in high-fidelity simulation environments, which supports the mass production of L2+ vehicles and advanced system intelligence.
Q：What is the significance of WeRide's performance in the China Urban Intelligent Driving Competition?
A：The significance of WeRide's performance in the China Urban Intelligent Driving Competition is that it has won four consecutive championships, setting a historic record. This demonstrates the maturity of its technology and the effectiveness of its operational experience with thousands of level fleets in multiple cities.
Q：How does WeRide's simulation engine, Genesis, contribute to its autonomous driving efforts?
A：WeRide's simulation engine, Genesis, contributes to its autonomous driving efforts by significantly improving the efficiency of training and validation processes compared to traditional road testing. It allows for the simulation of highly realistic driving environments and can generate virtual environments with complex interactions, such as aggressive driving, dense traffic, extreme weather, and other challenging scenarios. This capability supports applications from L2+ to L4 autonomous vehicles and enables WeRide to achieve the large-scale commercialization of both L2 and L4 vehicles, accelerating the deployment in new operational regions globally.
Q：What are the recent operational and commercialization milestones achieved by the company?
A：The company has achieved several operational and commercialization milestones including the expansion of its global taxi fleet in China to about one thousand vehicles, a 97% increase in the service area in Guangzhou, and doubling of registered robot taxi users almost every year. The company has also deepened its partner ecosystem, with collaborations such as the one with Lenovo and Gili to deploy 200,000 autonomous driving vehicles globally over five years, and the plan to deliver 2,000 upgraded Romo taxi GSRS in 2026.
Q：How is the company's robot taxi service performing in international markets?
A：The company's robot taxi service is performing well in international markets. In Singapore, it launched the country's first public autonomous driving service and has built a trustworthy operational track record. The company has also launched fully driverless commercial taxi operations in Dubai and is expanding its service coverage in the Middle East, with plans to deploy at least 1,200 robot taxis across the region by 2027. In Europe, the company entered Slovakia in March and is progressing toward fully driverless commercial operations in Zurich.
Q：What are the company's global deployment figures and its strategy towards growth?
A：The company continues to believe that it remains the most globally deployed autonomous driving company with deployments across twelve countries and permits in eight markets. It is on track toward its long-term vision of deploying tens of thousands of global taxis globally by 2030. The company's strategy includes expanding into new international markets, growing deployment pipelines, and continuing unrivaled winning momentum in ADAS business.
Q：What is the growth trajectory of the company's ADAS business?
A：The company's ADAS business is experiencing growing commercial interest. The current version of its data system, WWRB 3.0, has been adopted by nearly 30 vehicle models from leading OEMs such as GAC and Chery. GAC has also launched pre-sales for the ion6, the first mass production vehicle equipped with the company's ADAS solution. The company's WWRB 3.0 solution now supports three major chip platforms: Nvidia, Snapdragon, and Samba. The company is expanding internationally with partners, including TIG and AManda, to bring AI solutions to consumers globally.
Q：What was the financial performance and margin expansion like in the first quarter?
A：In the first quarter, the company delivered total revenue of 114 million, representing a 558% increase. Product revenue increased 116% to 20 million and service revenue increased 49% to 94 million. Group level gross profit increased 56% to 40 million with a group level gross margin of approximately 35%. Despite the seasonal impact of Chinese New Year and Ramadan, business performance surpassed original internal targets. Operating expenses were at 469 million, and the company maintained top-line expansion without sacrificing margin discipline.
Q：Are you on track to meet your expansion roadmap for robot taxis by 2026?
A：Yes, we are very optimistic and confident in our global taxi expansion. We have been making steady progress, with our global robot taxi fleet reaching approximately 1,300 vehicles by the end of April, which is one of the biggest globally. In China, our overall taxi fleet has grown to approximately 1,000 vehicles with solid demand and a growing user base. Our average daily order per vehicle exceeded 17 trips during the first quarter. The overseas robot taxi fleet has expanded to approximately 300 vehicles across multiple markets in the Middle East, and we have launched a full driverless robot taxi service in Dubai and on Google platforms.
Q：Could you update us on the latest expansion progress in China, the Middle East, and the rest of the world?
A：Our global robot taxi fleet has expanded to approximately 1,300 vehicles by the end of April, with 1,000 vehicles in China. We have solid demand, a healthy daily order volume, and a growing user base. Our average daily order per vehicle exceeded 17 trips during the first quarter. In the Middle East, our overseas robot taxi fleet has grown to approximately 300 vehicles across several markets, and we recently launched a full driverless robot taxi service in Dubai and on Google platforms. In Switzerland, we obtained the region's first driverless commercial permit and progressed toward public operations in Zurich. We also launched our national无人驾驶 program in Slovakia, entering another new European market.
Q：What is your view on the key growth drivers, profitability, and timelines for tangible contributions from overseas operations in 2026-2027?
A：We are very encouraged by the momentum of our international expansion so far. International revenue already accounts for approximately one-third of the total group revenue, and our Middle East operation was already profitable at the net level. We expect international revenue to grow even faster and contribute a larger share of group revenue supported by positive unit economics. Our selection criteria for expanding into additional cities focuses on scalable and commercially attractive operations over the long term, considering growth booking opportunities and gross bookings per mile. Europe remains a key focus, and we aim to share exciting news on more deployments in cities across Europe.
Q：What is the company's perspective on the recent regulatory adjustments related to self-driving approvals in China?
A：The company views the recent regulatory adjustments as a short-term measure rather than a structural change to the industry. They believe that their strong safety and operational record, along with support from both central and local governments, ensures that support for autonomous driving remains strong. The halt in new approvals for edit automobile vehicles is not seen as impacting their current autonomous driving vehicles, which continue to operate actively with increasing orders.
Q：Why does the company believe that good safety records should be rewarded and poor records punished?
A：The company believes that entities with a proven track record of safety should be rewarded and those with poor records should be punished, drawing parallels with the airline industry where companies with good safety records remain in the market while those with records of accidents get eliminated. They suggest that regulatory frameworks should favor companies with demonstrated technology, operational experience, and a strong safety record and expect regulations to become more differentiated based on factors like safety performance, operational track record, and technical capabilities.
Q：What real-world experience does the company claim to have in autonomous driving?
A：The company claims to have accumulated meaningful real-world operational experience in autonomous driving across more than forty cities in twelve countries, highlighting that this experience is necessary for the industry and will lead to a more sustainable competitive landscape.
Q：What is the company's stance on the long-term debate between LIDAR versus HD map approach, as well as their view on competitors' technologies?
A：The company rejects the need to argue about the approach and emphasizes the importance of results for L4-level robot taxis. They believe in using an HD map as a base layer of information and have adopted a multi-sensor redundancy approach, combining cameras and LiDAR to create a strong, robust autonomous driving system. They also acknowledge the progress of vision-only based approaches like Tesla's FSD and admire their achievements. However, they maintain their belief in the effectiveness of their own approach and are confident in the advantages of a camera-only solution based on foundational and world models.
Q：What approach is being taken to ensure the safety of robot taxi deployments?
A：The approach taken to ensure the safety of robot taxi deployments includes relying on an HTML app and using a map light approach to accommodate emergency road construction and map changes. The company aims to maintain the freshness of the map and utilizes a combination of camera solutions and map light solutions based on the Tesla model into their alpha system.
Q：What are the requirements for a company to be considered an L2+ company versus an L4 robot taxi company?
A：For a company to be considered an L2+ company, it must deploy its ADAS system to mass production cars. For an L4 robot taxi company, the requirements include having a robot taxi fleet of one hundred vehicles that are open to the public, operate for more than half a year, and without any significant or critical accidents.
Q：What are the challenges faced by companies attempting to bridge the gap between advanced driver assistance systems (ADAS) and true L4 robot taxi systems?
A：The challenges faced include system robustness, operational capability, and scalability. Specifically, achieving a high level of system robustness and operation capability is difficult, as evidenced by the significant gap in critical intervention distances (MPCI) between ADAS and L4 systems. It is mentioned that while some companies claim to boost their MPCI by a factor of ten yearly, reaching a three magnitude difference within three years is an ambitious goal that is challenging to achieve.
Q：What is the golden test rule mentioned for autonomous vehicle deployment?
A：The golden test rule mentioned is to have a fleet of at least one hundred cars operate for half a year in the market before declaring the vehicles ready for autonomous level operation. This rule is underpinned by the belief that the difficulties of autonomous operation can only be truly understood by operating a large fleet for an extended period.
Q：Why is the multi-chip platform strategy important for the L2+ and L4 taxi business?
A：The multi-chip platform strategy is important because different Original Equipment Manufacturers (OEMs) have different hardware preferences and supply chain requirements. Some may want cost-effective chips, while others may require high-performance computational platforms, and the strategy allows for adaptation to these diverse needs.
Q：What is the significance of the 'journalist model' in the context of AI?
A：The 'journalist model' likely refers to a model that can tune a spectrum of AI on board, which accommodates different top requirements such as supporting various numbers of top saws and x variants, enabling solutions for different chips used by car manufacturers.
Q：How does multi chip vendor flexibility contribute to the production and cost optimization?
A：Multi chip vendor flexibility contributes to faster mass production and greater cost optimization by allowing the company to apply a spectrum of solutions based on the different chips that the car OEM uses, taking advantage of various cost and supply chain advantages offered by different platforms.
Q：What impact does flexibility in technology have on securing vehicle production and market deployment?
A：Flexibility in technology helps secure more vehicle types and supports deployment for the abroad market. It enables the company to adapt to different platforms and regions, potentially allowing for the integration of their systems into vehicle models in markets like the Middle East, Southeast Asia, and Europe.
Q：What is the strategic balance and prioritization between China and international business?
A：Both China and international markets are seen as strategically important. In the short to medium term, certain international markets offer a clearer and faster path to profitable robot taxi economics due to favorable regulations and partnership pricing. China remains a key long-term market because of its size and infrastructure. The company is focused on building a global presence and is achieving a powerful flywheel effect as it expands in more cities and countries.
Q：What is the relationship between Uber and the company, and how is the company's robot taxi model operating in different markets?
A：Uber holds more than five percent of the company's shares and is a strategic shareholder and key partner. The company has already deployed with Uber in more cities outside the U.S. and continues to expand, entering into more cities with Uber this year. The company operates its own app in China, builds brand awareness, and has partnerships with local platforms in Southeast Asia (Grab) and Europe (SBP in Zurich, TPH in Geneva, Elevate in Slovakia, etc.). This flexibility in market approach supports the global scaling of robot taxis.
Q：What is the company's business model and its approach to asset ownership in different markets?
A：The company operates on an asset-light business model, which is mature and proven in all markets. It focuses on providing technology and operation while leveraging local capital for scaling. In China, the priority is to improve operational efficiency to make the business appealing to third-party owners. The model should naturally transition towards an asset-light structure as utilization strengthens.
Q：What are the main drivers for reducing robot taxi vehicle costs?
A：The main drivers for reducing robot taxi vehicle costs are hardware and system integration, scale and supply chain optimization, and operational efficiency. The company is moving towards pre-integrated and standardized solutions, improving cost efficiency across components and manufacturing, and seeing strong improvements in operational efficiency as utilization increases.
