Pony.ai朝向香港IPO迈进，机器人出租车竞争日趋激烈

Pony.ai is moving towards a Hong Kong IPO as the robotaxi competition intensifies. The company is well-positioned to capitalize on the growing demand for autonomous vehicles and ride-hailing services. The IPO will provide investors with an opportunity to gain exposure to the rapidly growing autonomous driving sector.

Pony.ai is racing toward a Hong Kong IPO, passing a key hearing with the Hong Kong Stock Exchange on October 17, just 11 months after its U.S. debut.

The move could make it the first Robotaxi stock listed in both markets, a symbolic milestone that investors see as crucial for the company’s growth and visibility.

The timing reflects the pressure on Pony.ai to stay ahead in China’s increasingly competitive autonomous driving market. Apollo Go, Baidu’s autonomous ride-hailing arm, operates more than 1,000 vehicles globally, while WeRide has around 700. Pony.ai currently has a fleet of 680, putting it at a disadvantage, especially as Didi enters the Robotaxi space with plans to deploy more than 1,000 vehicles in 2025.

Robotaxi technology is widely considered the future of mobility, but market observers note that scale, capital, and regulatory approval are key barriers. “L4-level autonomy is the future, and Robotaxis powered by it will transform mobility,” an autonomous driving industry source told AI Blue Media. Pony.ai is a leader in L4 technology in China, but its rollout still lags behind competitors.

The company is the only one in China licensed to offer autonomous ride-hailing in all four first-tier cities—Beijing, Guangzhou, Shenzhen, and Shanghai—but its urban coverage remains limited. Apollo Go, for comparison, has expanded to 16 cities, completing more than 14 million rides with over 200 million kilometers driven safely. Pony.ai’s 680 vehicles have logged 47.9 million kilometers, including 26.6 million on public Robotaxi trips.

Financially, Robotaxi revenue accounts for less than 10% of Pony.ai’s total revenue. In Q2 2025, Robotaxi service revenue was $1.5 million, up 158% year-on-year, but only about 7% of the company’s total revenue. Still, Pony.ai emphasizes fleet expansion and mass production of its seventh-generation Robotaxi as central to its growth story.

The company’s market valuation reflects investor optimism: $7.5 billion, or roughly $10 million per Robotaxi vehicle. That valuation has withstood a short-seller attack from Grizzly Research, which criticized pickup point availability and wait times.

Capital needs are urgent. R&D spending hit $49 million in Q2, a 69% increase from the previous year, largely due to development of the seventh-generation Robotaxi. Sales, general, and administrative costs also surged 97% to $15.7 million, as Pony.ai hired personnel and paid professional services to prepare for large-scale operations.

The company posted $35.4 million in revenue in the first half of 2025, up 43%, but losses soared to $90.6 million, a 75% increase. CEO James Peng has said Pony.ai will reach profitability once its Robotaxi fleet hits 50,000 vehicles—likely around 2028–2029. With just 680 vehicles now and an expected 1,000 by year-end, there is still a long road ahead.

Going public in Hong Kong would give Pony.ai access to new capital, strengthen its brand, and reinforce investor confidence, all vital as competition intensifies. Didi, for instance, recently raised $274 million in Series D funding to support Robotaxi deployment, highlighting the capital-intensive nature of the sector.

Analysts say the IPO is more than a funding exercise; it is a strategic move to cement Pony.ai’s place as a leader in autonomous mobility. “The Robotaxi business is capital-heavy and scale-dependent. IPO proceeds can help the company survive and grow before it achieves the scale needed for profitability,” the industry source said.

With domestic competitors like Apollo Go and Didi accelerating, and global players such as Waymo and Tesla watching closely, Pony.ai’s Hong Kong IPO is a critical step in the race to dominate China’s autonomous ride-hailing market.