Self-driving startup Pony.ai plans to publicly file for US IPO: sources

It develops and operates self-driving fleets in the US and China, and manages vehicles which include trucks and robotaxis

AUTONOMOUS driving startup Pony.ai plans to file publicly for an initial public offering (IPO) in the US as soon as this week, sources said.

The company is looking to raise as much as US$300 million from the listing, they added, asking not to be identified discussing a private matter.

Chinese carmaker Guangzhou Automobile Group (GAC), as well as the backer of another self-driving car company, WeRide, is considering investing in the listing, the sources said.

They added that the timeline and size of the IPO could still change.

Pony.ai had considered selling shares in the US in 2021, but put that plan on hold. Representatives from Pony.ai and GAC declined to comment.

Founded in Silicon Valley in 2016, Pony.ai develops and operates self-driving fleets in the US and China. Its vehicles include trucks and robotaxis. In December, it received a permit to provide fare-charging, fully driverless taxi services in Guangzhou.

GAC last week approved a US$27 million investment by one of its units in Pony.ai, saying it would boost joint efforts with the company and promote its development of autonomous driving.

Pony.ai’s backers include Toyota Motor and Saudi Arabia’s Neom. China’s securities regulator approved the New York IPO in April, as Beijing loosened its clampdown on domestic tech companies trying to list overseas. BLOOMBERG