WeRide minibus business

Minibuses accounted for more than 90% of our revenue in 2021 and 2022, but sales have declined this year. The increase in revenue from the cooperation with Mobileye for L2+ products has caused the revenue share of minibuses to drop to more than 40%, while the share of L2+ has risen to more than 50%. In the next two to three years, the core of revenue will be L4 and L2+ products. The market capacity of minibuses is limited, and sales have declined significantly. It is expected that only about 60 units will be sold this year. The minibus is priced at 2.3 million yuan in the Middle East and less than 2 million yuan in China. The costs mainly include the vehicle BOM cost of about 500,000 yuan, transportation, customs clearance and operation and maintenance costs of about 300,000 to 400,000 yuan, plus maintenance in the first three years, the total cost is about 800,000 to 900,000 yuan, and the gross profit margin can reach 60%.