Pony.ai to Triple Robotaxi Fleet by 2026
▼ Summary
– Pony.ai plans to triple its robotaxi fleet from about 961 vehicles to surpass 3,000 by the end of 2026.
– The company currently operates commercial robotaxi services in Beijing, Shanghai, Guangzhou, and Shenzhen and is expanding to eight countries including Qatar and Singapore.
– Third-quarter revenue grew 72% year-over-year to $25.4 million, driven by robotaxi services, robotrucks, and technology licensing.
– Despite revenue growth, the company reported a net loss of $61.6 million in the third quarter, a 46% increase from the same period in 2024.
– Pony.ai’s cash and investments decreased to $587.7 million, partly due to a joint venture investment with Toyota for vehicle production and deployment.
The autonomous driving technology firm Pony.ai has announced plans to dramatically expand its robotaxi operations, aiming to triple its fleet size by the end of 2026. This ambitious growth strategy was detailed during the company’s third-quarter earnings report, signaling a rapid acceleration in both its commercial footprint and long-term objectives. Currently operating roughly 961 autonomous vehicles, the company expects to reach a fleet of 1,000 by the close of this year before pushing beyond 3,000 units within the next two years.
Publicly listed on both the Nasdaq and the Hong Kong Stock Exchange, Pony.ai has been aggressively scaling its commercial services throughout 2024. It currently runs revenue-generating robotaxi services in several major Chinese cities, including Beijing, Shanghai, Guangzhou, and Shenzhen. Beyond domestic expansion, the company is also forging ahead with international growth. Through collaborations with local firms and global ride-hailing platforms like Bolt and Uber, Pony.ai is extending its reach into eight additional countries, among them Qatar and Singapore.
This expansion in robotaxi operations has delivered a dual impact, driving revenue upward while also increasing operational expenditures. Third-quarter revenue reached $25.4 million, marking a substantial 72% increase compared to the $14.8 million reported during the same period last year. Following the earnings release, Pony.ai’s stock on the Nasdaq climbed more than 6%.
The company attributed its revenue growth to two primary sources: its commercial robotaxi services and the licensing of its autonomous driving technology to other businesses. A detailed breakdown shows that robotaxi services contributed $6.7 million, while the robotruck division, focused on self-driving trucks, brought in $10.2 million. An additional $8.6 million came from licensing fees and other technology applications.
Despite the strong revenue performance, Pony.ai continues to operate at a loss. The firm reported a net loss of $61.6 million for the third quarter, which represents a 46% increase year-over-year. At the same time, the company’s cash reserves have seen a decline. As of September 30, cash, cash equivalents, and short-term investments totaled $587.7 million, down from $747.7 million in the prior quarter. Pony.ai clarified that roughly half of this reduction resulted from a one-time cash outflow, including a strategic investment in its joint venture with Toyota. This partnership is focused on supporting production and deployment of the next-generation Gen-7 autonomous vehicle.
(Source: TechCrunch)
