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Pony AI Delivers First-Ever Profitable Quarter
Company Aims to Launch Robotaxis in 20 Cities
Pony AI Inc. delivered its first profitable quarter ever, bolstered by a windfall from an early investment, rather than its main robotaxi business.
Net income reached $75.5 million in the three months ended December, helping the full-year loss narrow by 72% to $76.8 million, according to a company statement on March 26. Revenue climbed 20% for the year to $90 million.听
鈥淲e are making front-loaded investment to drive our commercialization at a quicker pace,鈥 said Chief Financial Officer Leo Wang, according to the statement.听
Though the investment gain wasn鈥檛 specified, a Pony AI unit is an early investor in Chinese chip designer Moore Threads, whose shares surged as much as 425% when it went public in December.
The global robotaxi race is heating up, with players in China and the U.S. leading deployment. Alphabet Inc.鈥檚 Waymo has expanded to 10 cities in America, while Chinese companies such as Pony AI, Weride Inc. and Baidu Inc.鈥檚 Apollo Go are working with partners such as Uber Technologies Co. and Lyft Inc. in markets such as the Middle East and the U.K. 听听
Pony AI has set a goal of deploying robotaxis with partners in more than 20 cities worldwide this year. The company said late last year it听plans听to grow its global fleet to 3,000 in the same time.听
馃殫, Verne and partner to launch Europe鈥檚 first commercial service.
The partnership will soon begin in Zagreb, before expanding to additional cities in Europe and beyond. Initial deployment work already underway, including public-road鈥 鈥 Pony.ai (@PonyAI_tech)
Uber and Pony AI, as well as local startup Verne, are planning to launch robotaxis soon in the Croatian capital of Zagreb, making it likely to be the first European city to have a fare-charging self-driving cab service. Pony AI is also conducting trials in Luxembourg, while Uber and Baidu are testing in London.听
After achieving break even on a per-vehicle basis in Guangzhou and Shenzhen after the launch of its seventh-generation robotaxi model, the technology firm plans to replicate the business model globally and to more cities in China.
鈥淭he foundation we have established in China will enable us to replicate this model in overseas market and build dual growth engines to support our next phase of accelerated growth,鈥 said CEO James Peng.
