1、M IdeaWeRide Inc|Asia Pacific2Q in line-Record robotaxi sales a bright spotWeRide saw record robotaxi sales that impressed the market thanks to solid overseas business.Robotaxis will remain the key growth driver in 2H while expansion in the global market will be the stepping stone to future growth.C

2、ould upside from robotaxi ramp-up offset potential delays in robosweeper/robobus projects?Despite potential delays in robobus/robosweeper project launches amid slowing government spending,we stay optimistic on WeRides robotaxi expansion both in China and overseas,driven by volume ramp-up in Abu Dhab

3、i and Riyadh,as well as operational area expansion in Beijing and Guangzhou.We now look for WeRides robotaxi fleet size to reach 1k units(including 200 overseas)in end-2025 and 3k units(including 1k overseas)in end-2026,vs.a few hundred units in China and 100+units overseas now.Reiterate OW:Echoing

4、our Global Bluepaper on rising global smart driving adoption,we expect L4+sales volume to surpass 1mn units in 2030,accounting for more than 1%of global new car sales.We believe WeRides early mover advantage in commercializing robotaxi in China and partnership with Uber in 15+cities enable it to 1)s

5、cale its fleet size,2)expand its customer reach,3)secure permits from local governments,and 4)achieve UE breakeven sooner than some of its peers.Hence,we stay OW on WeRide and optimistic on its robotaxi potential despite potential Morgan Stanley Asia Limited+Tim HsiaoEquity Analyst Tim.H +852 2848-1

6、982 Stanley WangResearch Associate Stanley.W +852 2848-7382 Peggy WangResearch Associate Peggy.Pc.W +852 3963-3934 Shelley Wang,CFAEquity Analyst Shelley.W +852 3963-0047 Joey Xu,CFAEquity Analyst Joey.X +852 3963-0337 WeRide Inc(WRD.O,WRD US)China Autos&Shared Mobility|ChinaStock RatingOverweightIn