Toyota and Nio Capital-backed Pony AI plans to list on Nasdaq under the ticker symbol PONY.
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 $1.3 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 centers 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 kilometers of total self-driving road test mileage.
The company's revenue in 2023 was $71.9 million, up 5.1 percent from $68.39 million in 2022.
In the first half of 2024, Pony AI reported revenue of $24.72 million, up 101.2 percent from the same period of last year.
The company launched PonyPilot, a robotaxi service platform, in December 2018 and had over 220,000 registered users at the end of June.
At the end of 2019, Nio Capital invested an undisclosed amount in Pony AI. 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 joint venture company, GAC Toyota, in order to create a joint venture to operate robotaxi business in China.
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).
Baidu plans to launch Apollo Go robotaxi service outside China, report says
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