Jul. 1 at 9:42 AM
$WRD There seems to be a misconception as to what WeRide provides in the L2++ domain. I think investors should look at WePilot as:
- not a hardware business. WeRide does not supply LiDARs, cameras or compute. Those are sourced by the OEM or a Tier 1.
- a provider of ADAS behavioural software. It also provides integration services for the OEMs.
The key metric isn’t hardware ASP or total OEM production, but software penetration. Chery and GAC are multi-vendor OEMs. Others will also win programs. A more realistic approach is to model growth from 10-30% of eligible vehicle programs over the next few years, not 100% of OEM production.
At roughly
$200 -
$250 p/vehicle, every additional nomination adds high-margin sw revenue. If WeRide hits 150,000 units enabled this year, that would be good. Note that current nominated models rolling of the belt, might not be enabled just yet, but are eligible through OTA upgrade.
Rev Estimate
2026:
$30MM -
$37,5MM (150K)
2027:
$100MM -
$125MM (500K)
