Companies in the GBA | From $200M Losses to Robotaxi IPO Pioneer: The Pony.ai Story

As 2025 begins, the global autonomous driving industry is undergoing seismic shifts.BYD’s announcement of a “new era of intelligent driving for all,”Followed by WeRide’s Wall Street sensation,signals this year as a tipping point for self-driving technology.Yet, examining this automotive transformation closely,Guangdong province stands firmly at the center of the table,With its dominance in the robotaxi sector being increasingly apparent.

The battle for the billion-worth autonomous vehicle race has long been simmering.Particularly in the past year,robotaxi development has surged:Over 400 Apollo Go taxis deployed nationwide,Tesla launched its Cybercab,And rivals like OnTime and Didi Chuxing successfully went public.Adding to the momentum, the Guangzhou-based Pony.ai,rang the NASDAQ bell last October.This milestone as the first globally listed robotaxi company,also marked a 36 billion yuan market cap.

Being a "darling of investors,"Pony.ai has raised over USD1 billion since 2017,Backed by HongShan Capital,who led investor in four consecutive rounds,followed by FAW Group, Toyota,And other investment institutions.

Moreover, as a "star enterprise" in Nansha, Guangzhou,Pony.ai secured support from the hub's autonomous testing policies and local state capital.It also accelerated its IPO journey and commercialization process.

Pony.ai's IPO prospectus data reveals why investors have shown such strong interest:From 2022 through Q3 2024,Pony.ai has achieved revenues exceeding USD180 million,The highest among L4 autonomous driving companies with public financials.

For a tech firm,core technology is the divide between market survival and death.From 2022 to H1 2024,Pony.ai invested USD367 million in R&D.R&D personnel takes up 44 percent in Pony.ai's workforce.

Technical expertise is just the beginning;The next challenge lies in commercialization.As Pony.ai's founder stated,"The technical hurdles are largely cleared;Technology development is halfway completed,Commercialization is now the make-or-break phase."Yet the robotaxi sector remains far from profitable.Over the past two and a half years, Pony.ai has accumulated USD324 million in losses.Although it has halted its pattern of annual nine-figure losses,Its gross margins now face a sharp downward trajectory.

Can "Pony" cross this river relies on whether it could eventally forge its own commercial path.The company outlined its robotaxi ambitions.In its IPO prospectus:Rather than merely building a fleet,It aims to embed itself across the entire value chain, from passenger interfaces to platform operations,To create value at every stage.

With global competitors like Tesla and domestic rivals like WeRide quickly advancing,How far can Pony.ai progress?Who will first achieve the robotaxi vision?In this hyper competitive arena, answers may soon emerge.

出品：南财国际传播中心 21新媒体中心 创意互动中心

策划统筹：于晓娜 丁青云

内容统筹：谭婷 陈思颖

责任编辑：李香香

执行统筹：黄欣然 

设计统筹：林军明

视频统筹：白宇航

监制：施诗

英文翻译&配音：李莹亮

海外运营监制: 黄燕淑

海外运营内容统筹: 黄子豪

运营支持：曾静娇

审校：陈晶晶 黄志明