WERIDE - H : BNP Paribas Global EV & Mobility Conference - key highlights

Research evidence excerpt

WERIDE - H : BNP Paribas Global EV & Mobility Conference - key highlights

EQUITIES

SOFTWARE

WERIDE ­ H OUTPERFORMPRICE* HKD18.9  TARGET PRICE HKD30 (UPSIDE 59%)

WERIDE ADR OUTPERFORMPRICE* USD7.0  TARGET PRICE USD12 (UPSIDE 71%)

BNP Paribas Global EV & Mobility Conference – key highlights

WeRide attended our Global EV & Mobility Conference in Hong Kong. In terms of key takeaways,19 MAY 2026

Securities Research Report we highlight 1) preparations for entering Shenzhen in 2H26, 2) the potential launch of a fully

Production time: 11:22* (London time)

driverless robotaxi public service in Zurich within 2026E. We maintain Outperform rating and TP of

Research Analysts & Publishing Entities

USD12/HKD30 unchanged.

Sophia Chi, CFA

BNP Paribas Securities (China) Limited1 China permit suspension likely to be lifted in the near term; preparing for Shenzhen entrySAC Reg. no.:S1880525120001

+86 21 6096 9922 Despite the recent disruption caused by the temporary suspension of robotaxi permit issuance in

sophia.chi@bnpparibas-sec.cn China, the company expects permit issuance to resume in the near term. Therefore, WeRide is in

active communication with local governments that have supportive robotaxi policies. The company

is also preparing for market entry into Shenzhen within 2026E. In addition, WeRide believes that its

safety record in the domestic market could also help secure its first-mover advantage in overseas

markets given foreign governments would also consider domestic track records as a reference

alongside with local data when evaluating robotaxi permit applications.

Maintaining first-mover advantage overseas through regulatory moat and operating leverage

In addition to the Middle East, the company expects European markets to become another strong