Pony.ai plans to issue up to 98,149,500 ordinary shares and list on the Nasdaq or New York Stock Exchange.
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Pony.ai, a Chinese autonomous driving startup backed by Toyota and Nio Capital, has made a filing with Chinese securities regulator for its planned US listing.
Guangzhou-based Pony AI Inc has filed a filing with the China Securities Regulatory Commission (CSRC) for a US listing, according to an announcement on the CSRC's website dated April 22.
Pony.ai plans to issue up to 98,149,500 ordinary shares and list them on the Nasdaq Stock Exchange or the New York Stock Exchange in the US, according to the announcement.
Pony.ai will need to update its filing before moving forward if it does not complete its listing within 12 months, according to the announcement.
Chinese companies were not originally required to report to their home regulators for US listings, but after the financial fraud at Luckin Coffee and the farce over Didi's US listing, the CSRC's new rules, introduced at the end of 2021, imposed the requirement.
Pony.ai was founded in late 2016, with R&D centers in Silicon Valley, Guangzhou, Beijing, and Shanghai, and local robotaxi operations.
In late 2019, Nio Capital invested in Pony.ai for an undisclosed amount. In February 2020 the company announced it had raised $400 million from Toyota.
On August 4, 2023, Pony.ai signed an agreement with Toyota and Toyota's Chinese joint venture, GAC Toyota, in order to create a joint venture company to operate robotaxi businesses.
On October 25, 2023, Pony.ai said it received a $100 million investment from Saudi Arabia's Neom and its investment fund NIF (Neom Investment Fund).
Pony.ai plans to set up a joint venture with Neom in northwestern Saudi Arabia to provide autonomous driving technology solutions for the region, the company said last October.
On March 2, Pony.ai said it plans to establish a regional R&D center in Luxembourg to further its internationalization efforts.
Toyota, Pony plan to set up joint venture to run robotaxi business in China
