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On 13 March 2025, the Wall Street Journal published an article on Pony.ai, the autonomous driving company. Pony.ai aims to have “more than 10,000 robotaxies on the road within the next three years”.

Pony.ai went IPO in November 2024 at $13 per share. Share price has been volatile since then, is back to around $13.

As at 31 December 2024, Pony.ai accounts for 3.4% of the total assets of China Merchants China Direct Investments (CMCDI, 133 HK).

We urge CMCDI to sell its Pony.ai shares upon the expiry of lockup period, and use the proceeds to buy back CMCDI’s own shares.

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2025年3月13日，《华尔街日报》发表了一篇关于自动驾驶公司小马智行(Pony.ai)的文章。该公司计划”在未来三年内在道路上投放超过10,000辆机器人出租车”。

小马智行于2024年11月以每股13美元的价格进行首次公开募股(IPO)。自IPO以来，股价非常波动，目前是13美元左右。

截至2024年12月31日，小马智行占招商局中国基金(133 HK)总资产的3.4%。

我们敦促招商局中国基金在禁售期结束后出售其持有的小马智行股份，并用所得款项回购股份。

💬 WeChat ID: ASM_Argyle

💬 WhatsApp ID: +852 6317 6371

🖥️ UnlockValueChinaMerchants.com

📧 ChinaMerchants@asmhk.com

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Published on 13 March 2025 by the Wall Street Journal

Pony AI Is Scaling Up Its Robotaxi Fleet, Plans to Turn Profitable by 2029

Chinese self-driving company Pony AI plans to scale up the size of its robotaxi fleet this year, with the goal of turning profitable by 2029.

The company’s chief executive, James Peng, said in an interview that Pony AI hopes to launch more than 1,000 robotaxis this year and aims to have more than 10,000 on the road within the next three years. It currently has more than 300 robotaxis in Beijing, Shanghai, Shenzhen and Guangzhou, Peng added.

Pony AI rolled out fully driverless robotaxis in several Chinese cities last year, and a focus for the company now is achieving profitability. “The key question today would be how to scale up fast,” he said.

The Guangzhou-based company is partnering with automakers to ramp up robotaxi production and expand its fleet. “We started our partnership with Beijing Automotive Group, Guangzhou Automobile Group and Toyota Motor last year, and will have three models to be launched for the mass market this year,” the Stanford-educated CEO said.

These collaborations will reduce costs. “Including the sensors, batteries and other auto parts, the cost of these robotaxis will be just around 270,000 yuan,” equivalent to some $40,000, Peng said.

The three models will be launched in the middle of this year, Peng said, and the scale of production and low costs will help support margins for the robotaxis business.

Pony AI expects that the robotaxis will break even on a per-unit basis sometime between 2025 and 2026.

Some Chinese robotaxi companies have been pushing to expand overseas, but Peng considers most international markets as relatively small and noted they could present greater regulatory hurdles.

Pony AI was listed on the Nasdaq in November 2024 and raised about $452 million through the initial public offering and a private placement. Although the company is still losing money, Peng said its cash flow was “pretty healthy.”