- WeRide CFO alleges Pony AI used deliberately disparaging language about WeRide in its roadshow materials, calling it a deception of investors.
- WeRide demanded Pony AI immediately correct all misrepresentations and reserved all legal rights.
Chinese autonomous driving tech company WeRide (NASDAQ: WRD) has accused domestic rival Pony AI (NASDAQ: PONY) of defaming it in Hong Kong IPO roadshow materials, marking an escalation in hostilities between the two firms.
WeRide CFO Li Xuan posted a lengthy message in an analyst group yesterday, refuting what she called false accusations against WeRide in Pony AI's roadshow materials for Hong Kong investors, according to a report today by domestic media outlet Sina Tech.
Li listed four key areas where she said Pony AI's descriptions of WeRide were inaccurate.
Pony AI's operational area data for WeRide in these materials is inaccurate, Li said. WeRide's app has publicly offered pure driverless robotaxi services in Beijing and Guangzhou, and Pony AI's claim of "only one region in Beijing" deceives and misleads investors.
Li said Pony AI's accusation that WeRide "has completed zero rides" is a fabrication with no factual basis.
WeRide's robotaxi fleet now exceeds 700 vehicles, with over 2,200 days of public operation records. It operates commercial robotaxis in Beijing, Guangzhou, and the Middle East --information clearly documented in its prospectus, she said.
WeRide's "one-stage end-to-end" solution has been validated in mass production by Bosch and Chery, she said. Pony AI's claim that WeRide only has a two-stage solution while it claims to achieve a fully one-stage end-to-end L4 solution is laughable in the tech community, Li said.
WeRide operates across 30 cities in 11 countries, holds licenses in 7 nations, and conducts fully driverless operations in 5 countries -- a widely acknowledged industry consensus, Li said.
Pony AI's actions have exceeded normal competitive boundaries, featuring numerous biased, inaccurate, and deliberately disparaging statements about WeRide in its roadshows and materials, she said.
WeRide demands Pony AI immediately rectify all misrepresentations and reserves all legal rights.
Pony AI has yet to respond to these claims.
The escalating hostility comes as both companies prepare for Hong Kong listings, vying to become the first robotaxi stock.
Both WeRide and Pony AI commenced their Hong Kong listing offerings earlier this week, with both planning to begin trading on the Hong Kong Stock Exchange on November 6.
WeRide was listed on the Nasdaq on October 25, 2024, followed by Pony AI listing on the Nasdaq one month later on November 27, 2024.
