The Chinese robotaxi company, a potential Tesla rival, has filed for a U.S. initial public offering

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  • Pony.ai has applied to be listed on the Nasdaq Stock Exchange with the stock code PONY.
Pony AI, founded in 2016 by employees of Baidu’s self-driving unit, provides robotaxi services in major Chinese cities including Beijing, Shanghai, Guangzhou and Shenzhen.

Chinese self-driving company Pony.ai, backed by automaker Toyota, filed for an initial public offering in the United States on Thursday, another sign of growing investor interest in new listings and easing regulatory pressure.

IPO market activity has accelerated in recent weeks, boosted by the start of a much-anticipated policy easing cycle by the Federal Reserve and benchmark indexes approaching record highs.

Pony.ai, in which Japan’s Toyota holds a 13.4% stake, revealed that its revenue in the first half of 2024 will almost double to US$24.7 million.

The company said it operates a fleet of more than 250 robotaxis and has accumulated more than 33.5 million kilometers of autonomous driving, including more than 3.9 million kilometers of unmanned driving.

Also read: Musk vows to build legions of robotaxis, conflicting with US regulations

The company will be valued at $8.5 billion when it raises funding in 2022.

Even so, analysts and industry experts note that building robotaxis could still take years, largely due to challenges in ensuring safety and reliability. They cited accidents and situations where the technology has struggled to cope with conditions such as bad weather, complex intersections and unpredictable pedestrian behavior.

Since Beijing restricted overseas financing in 2021, the number of Chinese companies listed in the United States has declined in the past few years.

Electric car maker Zeekr debuted in May, the first major U.S. listing by a Chinese company since then. Earlier this month, delivery company BingEx also listed on Nasdaq.

Pony.ai has applied to be listed on the Nasdaq Stock Exchange with the stock code “PONY”. The company did not disclose the size of its offering.

Goldman Sachs, BofA Securities, Deutsche Bank, Huatai Securities and Tiger Brokers are the underwriters of this offering.

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First published date: October 18, 2024 08:33 AM IST

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