Uber Technologies Inc (NYSE:UBER) reportedly plans to invest in autonomous driving firm Pony AI's initial public offering in the U.S.
What Happened: Uber is looking to buy over $10 million of shares in the IPO, Bloomberg reported, citing people familiar with the matter. However, the investment size has not been finalized and talks are ongoing, the report added.
Uber may also consider a partnership with Pony AI for its self-driving technology outside the U.S., one of the sources told Bloomberg.
Though Pony AI's IPO was initially expected to be priced on Thursday, it is now expected to be priced next week to give the company time to address questions from regulators. The company will issue 20 million American depository shares raising as much as $260 million, according to a regulatory filing.
Why It Matters: Pony AI was founded in late 2016 by James Peng and Tiancheng Lou. It operates self-driving fleets in the U.S. and China and has driven nearly 40 million autonomous testing and operation kilometers on open roads worldwide.
Uber, meanwhile, has partnerships with other autonomous vehicle companies including Alphabet Inc.'s Waymo and UK's Wayve.
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