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It’s time for an additional robotaxi firm to get loads extra consideration within the US — Pony AI.
Waymo is now offering 100,000 buyer rides every week in its robotaxis. Tesla is attempting to get robotaxis operational. Cruise is in an prolonged rehabilitation program. Zoox is … someplace doing one thing. That’s principally what we see right here within the US concerning robotaxis. Nonetheless, over in China, there are a couple of corporations actually shifting ahead with the robotaxi dream in their very own methods. For instance, a couple of months in the past, I reported that Baidu Apollo aims to be the first profitable robotaxi company in the world next year. Since then, nicely, we haven’t reported on the corporate. Now, there’s one other Chinese language robotaxi firm to cowl, and I assure you we’ll be seeing much more headlines about it.
The corporate, as already famous, is Pony AI. Earlier right now, it filed for an IPO (preliminary public providing) within the USA, on the Nasdaq inventory alternate. Earlier than we get into extra vital issues, although, I simply have to notice that I’m shocked its most well-liked inventory image hasn’t already been taken. The inventory image is “PONY.” Nobody else has snatched that up?!
Anyway. Pony AI already has a fleet of greater than 250 robotaxis in operation. The corporate says that these robotaxis have pushed greater than 33.5 million kilometers (20.8 million miles), with 3.9 million of them (2.4 million miles) with no human within the automobile supervising the driving.
Pony AI isn’t worthwhile but, but it surely’s headed in the proper course at the least. Within the first half of 2024, its income was $24.7 million, nearly double what it was within the first half of 2023. The corporate’s web loss for that point interval modified from $69.4 within the first half of 2023 to $51.3 million. See — progress. Maybe it might try for profitability by the tip of subsequent yr as nicely. We’ll see. For now, it appears it wants extra money, which it goals to gather by way of an IPO.
Toyota has 13.4% stake in Pony.AI. Nonetheless, with an IPO, the startup may increase much more. Saudi Arabia’s NEOM has additionally invested in Pony.AI — placing $100 million into the corporate final yr.
I assume Pony.AI can lean on Toyota and NEOM for extra money sooner or later, but it surely’s now time to carry out for the general public. Eventually, the robotaxi agency has to point out that it might earn a living with its robotaxis — make income. Within the meantime, the extra threat averse could wish to steer clear.
As soon as the corporate is on the inventory market, although, I assume we’ll see much more headlines about it, as inventory traders and merchants will wish to know what’s up with the robotaxi fleet — even when nothing a lot is occurring. We’ll see if Pony.AI additionally finds a solution to deliver its autonomous automobiles to US shores for robotaxi operations. Getting onto the US inventory market, one would assume that’s of their plans.
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