Pony.ai, a Chinese autonomous driving company backed by Toyota, filed for an IPO in the U.S. This reflects increasing investor interest and a relaxing regulatory environment.
The IPO market has been busy lately, thanks to the U.S. Federal Reserve’s easing policies and strong market indexes.
Pony.ai reported nearly $24.7 million in revenue for the first half of 2024, nearly doubling last year’s figure, yet it still faced a net loss of $51.3 million.
The company operates over 250 robotaxis, which have collectively driven more than 33.5 million kilometers, including over 3.9 million kilometers without a driver.
Valued at $8.5 billion after a 2022 funding round, it also received $100 million from Saudi Arabia’s NEOM last year.
Experts warn that deploying robotaxis could be years away due to safety and reliability challenges, including how they deal with bad weather, complex intersections, and unpredictable pedestrians.
Interest in U.S. IPOs from Chinese firms has waned since 2021 due to Beijing’s restrictions. Zeekr’s IPO in May was the first major U.S. listing by a Chinese company since then, followed by BingEx earlier this month.
Pony.ai has applied to list on Nasdaq under the ticker “PONY,” but has not disclosed the offering size. Underwriters include Goldman Sachs, BofA Securities, Deutsche Bank, Huatai Securities, and Tiger Brokers.
