The editor of Downcodes learned that autonomous driving company Pony.ai has officially submitted an IPO prospectus to the U.S. Securities and Exchange Commission (SEC) and plans to list on Nasdaq with the stock code "PONY". This IPO has many well-known investment banks including Goldman Sachs, Bank of America Merrill Lynch, Deutsche Bank and Huatai Securities as the lead underwriters, marking a new stage of development for this high-profile autonomous driving company. Since its establishment in 2016, Pony.ai has completed nine rounds of financing, totaling more than US$1 billion, with a valuation of US$8.5 billion. Its leading technology and commercial layout in the field of autonomous driving have attracted market attention.
On October 18, autonomous driving company Pony.ai submitted an initial public offering (IPO) prospectus to the U.S. Securities and Exchange Commission (SEC), planning to list on Nasdaq with the stock code "PONY" .
The lead underwriters of the IPO include Goldman Sachs, Bank of America Merrill Lynch, Deutsche Bank and Huatai Securities. According to public information, Pony.ai obtained overseas issuance and listing registration from the China Securities Regulatory Commission in April this year and plans to issue no more than 98.1495 million ordinary shares.
Pony.ai was founded in 2016 as a company focusing on autonomous driving solutions. It was co-founded by Peng Jun and Lou Tiancheng, both former members of Baidu’s autonomous driving division. It has R&D centers located in Silicon Valley, Beijing, Shanghai and Guangzhou. Since its establishment, Pony.ai has completed nine rounds of financing, totaling more than US$1 billion. The latest round of financing was reached in 2023, with a valuation of US$8.5 billion.
In terms of revenue, Pony.ai’s main revenue comes from autonomous driving services (Robotaxi), autonomous trucks (Robotruck) and technology licensing. The prospectus shows that from 2022 to the first half of 2024, Pony.ai’s cumulative revenue exceeded US$165 million, of which revenue from the Robotaxi business in the first half of 2024 increased by 86% year-on-year. At present, Pony.ai has been put into operation in cities such as Beijing, Shanghai, Guangzhou and Shenzhen, with more than 250 driverless taxis, and has started commercial charging for fully driverless services.
In terms of self-driving trucks, Pony.ai launched “PonyTron”, focusing on the logistics industry. It has now entered the stage of small-scale commercial operation with annual revenue of hundreds of millions of yuan. Pony.ai has also cooperated with Toyota, GAC and many other companies to promote the development of autonomous driving technology.
As the market demand for autonomous driving continues to grow, more and more related companies have accelerated the pace of listing. From the beginning of 2023 to now, many autonomous driving companies have launched the IPO process, and the support of industry policies has also created a good development environment for these companies.
Highlight:
? Pony.ai has submitted an IPO application to the SEC and plans to be listed on Nasdaq with the stock code "PONY".
? Since its establishment in 2016, Pony.ai has completed 9 rounds of financing, with a cumulative financing of more than US$1 billion and a valuation of US$8.5 billion.
? Pony.ai operates more than 250 driverless taxis in major domestic cities, and Robotaxi business revenue will increase by 86% year-on-year in the first half of 2024.
Pony.ai’s IPO is not only an important milestone in the company’s development, but also injects new vitality into the entire autonomous driving industry. In the future, Pony.ai will continue to develop in the field of autonomous driving to bring consumers a safer and more convenient travel experience. Let’s wait and see!