WeRide Inc. (WRD) soared 5.71% in the pre-market session on Tuesday, driven by bullish sentiment surrounding the company's prospects in the rapidly growing autonomous vehicle and robotaxi market.

Investors are optimistic about WeRide's strong foothold in China, the leading market for autonomous vehicles, and its strategic global expansions. The robotaxi market is projected to exhibit significant growth, with potential revenues of $2,377 billion if 50 million robotaxis operate globally by 2030.

Nvidia's significant investment in WeRide underscores the company's potential, bolstered by its impressive gross margins and strategic partnerships with leading tech firms. WeRide's advantages include cost-effective operations, regulatory advancements in key markets, and a massive total addressable market (TAM), positioning it for sustained high double-digit revenue growth.

Using the P/S method and comparing WeRide to its peer, Tesla, analysts have assigned a target price of $76 per share for the company, reflecting its promising growth prospects in the burgeoning robotaxi industry.