Pony.ai, a Chinese autonomous vehicle development company, has entered the NASDAQ stock market through an IPO, using the ticker symbol PONY. The IPO involved issuing 20 million ADS shares priced at $13.00 per share, raising $260 million in capital and valuing the company at approximately $5.25 billion. The stock price opened at around $15 before closing at $12.
For the first 9 months of operation, Pony.ai reported a total revenue of $39.5 million but incurred a net loss of $93.9 million. The main revenue source for Pony.ai is from providing driverless freight transportation services, with taxi services for regular customers contributing a smaller portion.
Pony.ai’s business model resembles that of Waymo, a subsidiary of Alphabet – Google’s parent company – focusing on developing technology while partnering with other manufacturers for vehicle production. Notably, Toyota is a significant shareholder in Pony.ai.
TLDR: Chinese autonomous vehicle company Pony.ai goes public on NASDAQ with the ticker symbol PONY, raising $260 million and valuing the company at $5.25 billion. Operating similarly to Alphabet’s Waymo, Pony.ai focuses on technology development and partners with manufacturers like Toyota.
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