⚡ Pony.ai Takes Its Self-Driving Tech to the U.S. Market with IPO
posted 17 Oct 2024
Pony.ai, an innovative startup developing autonomous driving technology, will officially file for an Initial Public Offering (IPO) in the U.S. this week.
The company is aiming to secure roughly $300 million from the offering.
Bloomberg reports, citing anonymous sources, that Guangzhou Automobile Group (GAG) is contemplating an investment in the startup's shares.
GAG, a large state-owned Chinese automaker, has already backed WeRide Inc., another autonomous driving company that competes with Pony.ai.
Pony.ai had initially intended to hold its U.S. IPO three years ago but postponed those plans.
Founded in Silicon Valley in 2016, the company has experienced challenges breaking into the U.S. market. Its pilot project of 10 Pony.ai robotaxis in California did not pass the required public road tests.
The future of autonomous mobility Source: pony.ai
Despite setbacks in the U.S., Pony.ai successfully deployed robotaxi pilots in Beijing, Shanghai, Shenzhen, and Guangzhou.
In August 2023, Pony.ai, in collaboration with Toyota, started mass-producing driverless taxis in China. The project was part of a joint venture with Guangzhou Automobile Group.
According to reports, GAG has invested upwards of $160 million into various Pony.ai divisions over the past year.
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The regulator gave the nod to Pony.ai's IPO in New York in April 2024. Analysts have highlighted that this approval came during a general softening of restrictions for Chinese tech companies looking to go public abroad.
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