Watch this pony: China’s autonomous driving technology start-upPony AI Inc. (PONY Proposed)filed plans for its IPO to raise about $100 million, according to an F-1 filing dated Oct. 17, 2024 (available Thursday, Oct. 17, 2024, after the market’s close). Some IPO pros, however, believe that Pony AI could raise about $300 million in its IPO. The Chinese company is developing autonomous driving technology systems for robotaxis and robobuses, according to the prospectus.
Pony AI has partnerships with Toyota and other large OEMs (original equipment manufacturers), the prospectus said.
Goldman Sachs (Asia), BofA Securities, Deutsche Bank Securities, Huatai Securities and Tiger Brokers are the joint book-runners.
Pony AI Inc., based in Guangzhou, China, was founded in 2016. The company runs a fleet of more than 250 robotaxis that are licensed to operate without drivers in four Tier-1 cities in China. Pony AI also runs 190 robotrucks, according to the prospectus.
The Chinese company is not profitable, but it booked revenue of about $84.33 million for the 12 months that ended June 30, 2024, according to the prospectus. Its bottom line, though, is awash in red ink. Pony AI reported a net loss of $106.78 million for the 12 months that ended June 30, 2024.
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