(Yicai) Aug. 13 -- Shares in WeRide plunged today after the Chinese autonomous-driving company's net loss narrowed just 0.2 percent in the first six months from a year earlier due to a significant rise in research and development expenses, despite a sharp increase in revenue.

WeRide’s share price [HKG: 0800] closed down 8.3 percent at HKD15.30 (USD1.95).

WeRide reported a net loss of CNY790 million (USD117.1 million) in the six months ended June 30, while revenue surged 73.3 percent from a year earlier to CNY346 million (USD51.3 million), according to the latest financial report released by the Guangzhou-based company yesterday. Overseas revenue soared 154.4 percent over the period while R&D expenditure jumped 23.7 percent to CNY798 million (USD118.3 million).

In the second quarter, revenue surged 82.2 percent year on year to CNY232 million (USD34.4 million), while the net loss attributable to equity holders narrowed slightly to CNY401 million (USD59.4 million) from CNY406 million a year earlier, it said.

In overseas markets, WeRide’s autonomous driving business had expanded to more than 60 cities across 13 countries as of yesterday.

As of the end of July, WeRide boasted a global fleet of about 3,400 Level 4 autonomous vehicles, including more than 1,800 Robotaxis.

Editor: Kim Taylor