Why WeRide Inc. (WRD) Crashed On Friday

We recently published a list of 10 Firms That Led Bloodbath Today. In this article, we are going to take a look at where WeRide Inc. (NASDAQ:WRD) stands against other Friday’s worst-performing stocks.

WeRide dropped its share prices by 9.62 percent on Friday to finish at $9.11 apiece as investors resumed profit-taking following the previous days’ surge, buoyed by its recently inked partnership with Tencent Cloud.

Under the agreement, WeRide Inc. (NASDAQ:WRD) and Tencent Cloud joined forces in deploying Level 4 autonomous robotaxis into Weixin/WeChat and Tencent Maps, as well as research and development efforts, commercialization, and expansion into international markets.

WeRide Inc.’s (NASDAQ:WRD) partnership with Tencent followed its recently deepened collaboration with ride-hailing giant Uber Technologies Inc. (NYSE:UBER) for the expansion of its robotaxis into 15 more locations, under the Uber app. The locations included key markets in Europe and the Middle East.

Why WeRide Inc. (WRD) Crashed On Friday

Pixabay/Public Domain

WeRide Inc. (NASDAQ:WRD) and Uber Technologies Inc.’s (NYSE:UBER) agreement kicked off last year with the launch of robotaxis in Abu Dhabi and Dubai, as they aim to expand their autonomous vehicle partnership to several new cities each year, all outside of the US and China.

Overall, WRD ranks 8th on our list of Friday’s worst-performing stocks. While we acknowledge the potential of WRD, our conviction lies in the belief that some AI stocks hold greater promise for delivering higher returns and have limited downside risk.  If you are looking for an AI stock that is more promising than WRD and that has 100x upside potential, check out our report about this cheapest AI stock.

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Disclosure: None. This article is originally published at Insider Monkey.