Uber Said in Talks to Invest in US IPO of China's Pony AI
Uber Technologies Inc. plans to invest in Pony AI Inc.'s US initial public offering, which is expected to be priced next week after being upsized by the autonomous driving firm, people familiar with the matter said.
Uber has been busy scaling up its robotaxi operations.
San Francisco-based Uber is seeking to buy more than USD10 million of shares in Pony AI's IPO, the people said, asking not to be identified discussing confidential information. The company may consider using Pony AI technology in a partnership outside of the US, one of the people said.
Uber also invested in last month's US IPO of China's WeRide Inc., people with knowledge of the matter said. It has a robotaxi service agreement in Abu Dhabi with the developer of autonomous driving technology.
Deliberations are ongoing and the size of a potential investment in Pony AI hasn't been finalized, they said. Representatives for Uber and WeRide declined to comment. Pony AI didn't respond to a request for comment.
Uber has tied up with several other automated driving tech firms recently, including robotaxi operator Waymo and an undisclosed investment in Wayve Technologies Ltd.
Pony AI said on it was targeting a valuation of up to USD4.55 billion in its IPO. Pony AI's IPO was initially expected to be priced on Nov. 21, but that's been pushed back as the Chinese company addresses regulator questions, the people said. It has also been increased to 20 million American depository shares from 15 million planned previously, potentially raising USD260 million, terms of the deal obtained by Bloomberg News show. The price range is USD11 to USD13 per share.
The company plans to list on the Nasdaq under the symbol "PONY".
The offering is being underwritten by Goldman Sachs, BofA Securities, Deutsche Bank, Huatai Securities and Tiger Brokers.
Founded in 2016, Pony AI develops and operates self-driving fleets in the US and China. Its vehicles include trucks and robotaxis. It has permits to provide fare-charging, fully driverless taxi services in Beijing, Shenzhen and Guangzhou.
Beijing Automotive Group Co. and Guangzhou Automobile Group Co. are among other companies that have indicated interest in participating in Pony AI's IPO.
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