Pony.ai Shares Fall After Nasdaq Debut

Shares of China-based autonomous driving firm Pony.ai closed down 8% Wednesday after the corporate made its Nasdaq debut.

Guangzhou, China-based Pony priced shares at $13 every, the highest of the proposed vary, elevating $260 million. It expects to boost one other $150 million in a concurrent share buy by non-public traders.

The corporate says it plans to make use of the proceeds to hold out the large-scale commercialization of its autonomous driving expertise, together with each robotaxi and robotruck companies. Pony says it presently operates a fleet of over 250 robotaxis and has licenses to function in Beijing, Shanghai, Guangzhou and Shenzhen.

Pony additionally established a three way partnership with strategic backer Toyota final yr, aimed toward future mass manufacturing and large-scale deployment of absolutely driverless robotaxis. It presently employs Toyota and Lexus automobiles in its robotaxi fleet.

Rising income

Eight-year-old Pony involves market as an unprofitable firm, albeit one with rising income. For the primary six months of this yr, income totaled round $25 million, roughly double year-ago ranges. The corporate posted a internet lack of $52 million for the primary half of 2024, down from $70 million within the year-ago interval.

Previous to its IPO, Pony raised a minimum of $1.3 billion in identified enterprise and strategic funding, per Crunchbase data.

Illustration: Dom Guzman