Why WeRide Stock Plummeted Today
WeRide (NASDAQ: WRD) stock got crushed Wednesday despite a bullish day of trading for the broader market. While the Nasdaq Composite index gained 2.5% in the session, the autonomous driving specialist's share price closed out the day down 17%.
The big sell-off for WeRide stock appears to have been spurred by Pony AI revealing its robotaxi lineup at the Shanghai International Automobile Industry Exhibition today. Pony AI stock rose 30.5% higher in today's trading.
WeRide and Pony AI are both autonomous driving companies with headquarters in China so it's not surprising that investors are concerned about competitive overlap. Investors are clearly excited about the technologies that Pony AI demonstrated today, and it's possible that the strength of its offerings could pressure other players in the market.
Source Fool.com
