WeRide, the Nasdaq-listed autonomous driving company, reported its full-year 2025 results on March 23, posting record revenue of RMB 684.6 million (USD 99.3 million), up 89.6% year over year, as fourth-quarter revenue more than doubled to RMB 314 million (USD 45.5 million). Robotaxi revenue rose 209.6% to RMB 148 million (USD 21.5 million). The company said its global robotaxi fleet reached 1,125 vehicles and is expected to grow to 2,600 by the end of 2026, subject to regulatory approvals and market conditions.
The more consequential signal in the results is WeRide’s shift toward real-world deployment, particularly overseas. On the earnings call, management said international markets contributed about 29% of 2025 revenue, supported by expansion in the Middle East, Europe, and the Asia Pacific. In its release, the company highlighted Europe’s first driverless robotaxi permit for passenger services in Switzerland, a fully driverless commercial permit in Abu Dhabi, and new launches in Dubai, Riyadh, Singapore, and Slovakia.
The results also signal how far the business remains from translating scale into earnings. Full-year gross profit rose to RMB 206.8 million (USD 30 million), with gross margin broadly stable at 30.2%. However, WeRide reported an operating loss of RMB 1.85 billion (USD 268.3 million) and a net loss of RMB 1.65 billion (USD 239.3 million). Even after narrowing from 2024, those losses remained more than twice annual revenue.
The fourth quarter reflected similar dynamics. Revenue rose 123% to RMB 314 million (USD 45.5 million), driven by a 308.9% increase in product revenue to RMB 211.4 million (USD 30.7 million), mainly from robotaxi and robobus sales. Service revenue grew 15.2% to RMB 102.6 million (USD 14.9 million). Gross margin declined to 28.5% from 36.5% a year earlier, which the company attributed primarily to a lower contribution from higher-margin R&D services related to advanced driver assistance systems (ADAS).
That revenue mix is significant. While robotaxis anchor WeRide’s long-term narrative, its current revenue base remains diversified. On the earnings call, management said robotaxi contributed 22% of 2025 revenue, robobus 34%, and ADAS and data services 29%. This indicates WeRide is scaling as a diversified business before demonstrating it can generate returns as a mature robotaxi operator.
The progress, however, is incremental rather than definitive. One of the more important signals in the release was cost. WeRide said total cost of ownership in China fell 38% in 2025, supported by lower bill-of-materials costs and improved operating efficiency. The remotely assisted human-to-vehicle ratio improved fourfold, while the latest GXR robotaxi reduced bill-of-materials costs by 15% and cut per-vehicle production time to under ten minutes.
These improvements help explain management’s emphasis on scalability. On the call, the company said average daily orders per vehicle in China reached 15 trips over the past six months and 26 during peak periods, while its Middle East subsidiary was already profitable on a standalone basis. These disclosures indicate where WeRide sees a path to viable unit economics: denser fleets, lower operating costs, and overseas markets with more favorable pricing and regulatory conditions.
The balance sheet provides time to pursue that strategy. WeRide ended 2025 with RMB 7.13 billion (USD 1.03 billion) in total capital reserves, including RMB 6.97 billion (USD 1.01 billion) in cash, cash equivalents, and time deposits, and announced a USD 100 million share repurchase program.
Even so, the company is not close to breakeven. R&D spending remained elevated at RMB 1.37 billion (USD 198.7 million) for the year, up from RMB 1.09 billion (USD 158.1 million) in 2024, driven by investment in data compliance capabilities, preinstalled robotaxis, and next-generation infrastructure. That level of spending may be necessary to build a global platform spanning Level 2 to Level 4 capabilities, but it also extends the timeline to profitability.
What WeRide’s 2025 results show is not the emergence of robotaxis as a mature business, but the early assembly of one. The company is building the components: international permits, growing fleet density, lower unit costs, expanding product revenue, and a broader overseas footprint. In 2026, WeRide must show that its deployments can translate into repeatable, higher-margin ride revenue before the cost of building it rises again.
Note: RMB figures are converted to USD at rates of RMB 6.90 = USD 1 based on estimates as of March 24, 2026, unless otherwise stated. USD conversions are presented for ease of reference and may not fully match prevailing exchange rates.