Keys to Europe - Madrid as the EU gateway

Research evidence excerpt

Not for redistribution without written consent of Morgan Stanley

M

Update

September 10, 2026 02:16 PM GMT

WeRide Inc | Asia Pacific

Morgan Stanley Asia Limited+

Tim Hsiao

Equity Analyst

Keys to Europe - Madrid as the

EU gateway

Peggy Wang

Research Associate

Joey Xu, CFA

Equity Analyst

Key Takeaways

By teaming up with Uber and AVOMO, WeRide has obtained Spain's first national

permit for L4 autonomous passenger vehicles on public roads.

This is the first EU-country national approval for WeRide's GXR, lifting the group

Shelley Wang, CFA

Equity Analyst

Junming Zhang

Research Associate

to autonomous-driving permits in nine countries.

WeRide Inc (WRD.O, WRD US)

The initial phase deploys ~20 GXR vehicles under one onboard safety operator;

China Autos & Shared Mobility | China

commercial service via the Uber app is targeted before end-2026.

Stock Rating

Industry View

Price target

Up/downside to price target (%)

Shr price, close (Sep 9, 2026)

52-Week Range

Sh out, dil, curr (mn)

Mkt cap, curr (mn)

EV, curr (mn)

Avg daily trading value (mn)

We believe the approval sets a regulatory benchmark for vehicle certification and

commercialization across the wider EU.

Initial fleet is small and supervised ,yet the significance lies in the regulatory

precedent, not near-term revenue uptick.

A national permit converts Madrid from pilot to live pathway. As highlighted in

our global robotaxi report "Robotaxi Diffusion – Robots, Taxis and the TrillionDollar Traffic Portal", Madrid is one of major cities under the WeRide-Uber

agreement. The permit in Madrid authorizes the front end of deployment, including

mapping, route validation and readiness testing, kicking off the supervised-tounmanned transition that will serve as the key value inflection, in our view. By

collaborating with Uber and AVOMO (autonomous fleet operator), WeRide can

better navigate the dense, liability-strict, per-jurisdiction EU market faster than

peers.

Stay OW: The permit in Europe should bolster sentiment amid the lingering China

policy concern. In the short run, we will monitor fleet ramp, the timeline for

removing the safety operator, and early rider metrics, e.g. utilisation, safety, repeat

usage.…