Riding the IPO Wave: Toyota-Backed Chinese Robotaxi Firm Pony AI Files for US Listing Amid Booming Revenue Growth

Pony AI, a Chinese autonomous taxi company in which Toyota holds a 13.4% share, has submitted paperwork for a US IPO. The firm announced that its revenue surged, nearly doubling to $24.7 million in the first six months of 2024.

Pony AI, an autonomous driving company based in China and supported by Toyota, submitted an application for an initial public offering (IPO) in the US this past Thursday. This move is indicative of the increasing attraction of investors to IPOs and the reduction in regulatory constraints.

The Initial Public Offering (IPO) market has gained momentum recently, driven by the initiation of the much-awaited policy relaxation period by the US Federal Reserve and index benchmarks trading close to all-time high values.

Pony AI, a company in which Toyota of Japan holds a 13.4% share, announced that its earnings almost doubled to $24.7 million in the first six months of 2024. The firm's net loss for the same timeframe was $51.3 million, a decrease from the $69.4 million loss recorded the previous year.

The firm announced that it manages more than 250 autonomous taxis, which collectively have logged over 33.5 million kilometers of self-driving distance. This includes over 3.9 million kilometers driven without a human driver.

In 2022, the firm's valuation reached US$8.5 billion following a fundraising round. Additionally, it obtained a US$100 million investment from Saudi Arabia's NEOM the previous year.