Nio-backed robotaxi startup Pony AI files for US IPO
Actually, Nio already has robotaxis.
Chinese autonomous driving startup Pony AI filed an initial public offering (IPO) prospectus with the US Securities and Exchange Commission (SEC) overnight, planning to list on Nasdaq under the ticker symbol PONY.
The startup, backed by Toyota and Nio Capital, has received seven rounds of funding totaling more than USD1.3 billion before its planned IPO.
Goldman Sachs, Bank of America Merrill Lynch, Deutsche Bank, Huatai Securities, and Tiger Brokers are the underwriters for its US IPO.
Following the IPO, the startup, founded in 2016, will become the first publicly traded company in the global robotaxi space.
Pony AI has set up R&D centres in Silicon Valley, Beijing, Shanghai, Guangzhou, and Shenzhen, and has automated driving operations in countries and regions including South Korea, Luxembourg, Saudi Arabia, and the UAE.
The company's goal is to create Virtual Drivers for different car models and scenarios, and is involved in robotaxi, robotruck, and personally-owned vehicles (POV) businesses.
Pony AI launched China's first robotaxi service at the end of 2018 and has obtained robotaxi licenses in Beijing, Shanghai, Guangzhou, and Shenzhen, and currently operates a fleet of over 250 vehicles.
To date, Pony AI has accumulated nearly 40 million kilometres of total self-driving road test mileage.
The company's revenue in 2023 was USD71.9 million, up 5.1% from USD68.39 million in 2022.
In the first half of 2024, Pony AI reported revenue of USD24.72 million, up 101.2% from the same period of last year.
The company launched PonyPilot, a robotaxi service platform, in Dec 2018 and had over 220,000 registered users at the end of Jun.
At the end of 2019, Nio Capital invested an undisclosed amount in Pony AI. In Feb 2020 the company announced it had raised USD400 million from Toyota.
On Aug 4, 2023, Pony AI signed an agreement with Toyota and Toyota's joint venture company, GAC Toyota, in order to create a joint venture to operate robotaxi business in China.
On Oct 25, 2023, Pony AI said it received a USD100 million investment from Saudi Arabia's Neom and its investment fund NIF (Neom Investment Fund).
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Dragon Fish : WoW. How come I dunno this news. Nio robotaxi is going for an IPO. Then we can fight with Baidu and Tesla robotaxi.![[undefined]](https://static.moomoo.com/nnq/emoji/static/image/default/default-black.png?imageMogr2/thumbnail/36x36 "undefined")
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bullrider_21 OP Dragon Fish : Yes. Waymo also.
bullrider_21 OP : Toyota has 13.4% stake in Pony.AI. Pony AI isn't profitable yet, but it's headed in the right direction. The company's net loss changed from USD69.4 million in the first half of 2023 to USD51.3 million in the first half of 204 . Perhaps it can strive for profitability by the end of next year as well.
bullrider_21 OP : The company says that the robotaxis have driven more than 33.5 million kilometres (20.8 million miles), with 3.9 million of them (2.4 million miles) without a human in the car supervising the driving.