WeRide and Uber Launch Robotaxi Rides in UAE by Year-End
- WeRide has announced a partnership with Uber to provide rides in its robotaxis via the Uber app in the UAE by the end of this year.
- The company faced challenges with its IPO plans, which were halted in August, and has reported low revenue compared to its significant R&D expenditures.
- This partnership is crucial for WeRide as it seeks to enhance its visibility and attract investors while navigating its financial hurdles.
WeRide Inc., a robotaxi operator, has formed a strategic partnership with Uber, launching in the UAE by the end of this year. This collaboration allows Uber app users to order rides in WeRide's autonomous vehicles, marking a significant step for both companies. Despite the partnership, WeRide's IPO plans have faced setbacks, as its $400 million listing was halted in August due to delays in updating transaction documents. The company generated only 150 million yuan in the first half of 2023, while spending heavily on R&D. WeRide's robotaxis are still in testing phases in other markets, limiting the immediate impact of the Uber partnership. The company is now working to resubmit its application for a U.S. listing, hoping for a quicker approval process from China's securities regulator. This partnership with Uber is seen as a way to maintain visibility and attract potential investors as WeRide navigates its financial challenges and seeks to commercialize its technology.