Aug. 11 at 12:45 AM
$WRD Ahead of WeRide’s Q2 earnings, I have tried to build expectations bottom-up from fleet growth and the development of its service businesses.
My current Q2 base case:
Revenue
Product: ~RMB130M (
$18.2M), +117% YoY
Service: ~ RMB110M (
$15.4M), +63% YoY
Total: ~RMB240 M (
$35.0M), +97% YoY
The product revenue estimate is mainly driven by the sharp increase in WeRide’s deployed fleet, but I apply a significant haircut because Q1 showed that deployments do not translate directly into recognized vehicle sales.
Robotaxi: +350 (~140-150 overseas)
I estimate 450-460 incremental non-Robotaxi vehicles during the period. Based on 23 Mar - 17 jul disclosures (minus an accounting correction). I believe a significant proportion of these increments are RoboSweepers.
Services revenue is predominantly due to data services (JingShuo: RMB 300M FY26 goal includes WeRide, so deducted I estimate RMB 20M), Adas (still modest, slow ramp), and improved Robotaxi ops in China and Abu Dhabi.