Pony.ai to Triple Robotaxi Fleet by 2026

Pony.ai Plans Significant Robotaxi Fleet Expansion

Pony.ai, a leading Chinese developer of autonomous vehicle technology, announced on Tuesday its intention to triple the size of its robotaxi fleet before the close of the following year. This ambitious plan reflects the company’s accelerating growth and expanding objectives.

Current Fleet and Future Goals

Currently operating a fleet of approximately 961 robotaxis, Pony.ai has set a target of reaching 1,000 vehicles by the end of this year. The company aims to exceed 3,000 robotaxis in its fleet by the end of 2026, as detailed in its third-quarter earnings report.

Commercial Operations and Geographic Expansion

Pony.ai, publicly listed on both the Nasdaq Exchange and the Stock Exchange of Hong Kong, has been actively expanding its commercial operations throughout the year. The company presently provides fee-based commercial robotaxi services in major Chinese cities including Beijing, Shanghai, Guangzhou, and Shenzhen.

Beyond China, Pony.ai is strategically extending its reach into eight international markets. This expansion is being facilitated through partnerships with local entities and established ride-hailing services like Bolt and Uber, with Qatar and Singapore among the target countries.

Financial Performance: Revenue Growth and Expenses

The increased deployment of robotaxi services has resulted in a simultaneous rise in both revenue and operational costs. Pony.ai reported third-quarter revenue of $25.4 million, representing a substantial 72% increase compared to the $14.8 million generated during the same period last year.

Following the release of its earnings report, Pony.ai’s stock experienced a surge of over 6% on the Nasdaq.

Revenue Breakdown

The company attributes its revenue growth to its robotaxi services and the licensing of its autonomous driving technology. Specifically, revenue streams include:

$6.7 million from robotaxi services
$10.2 million from its robotrucks (self-driving trucks)
$8.6 million from licensing and application fees

Financial Outlook and Investment

Despite revenue gains, Pony.ai’s expenses continue to exceed its income. A net loss of $61.6 million was reported for the third quarter, marking a 46% increase year-over-year.

As of September 30, the company held $587.7 million in cash, cash equivalents, and short-term investments. This figure represents a decrease from the $747.7 million reported in the second quarter.

Pony.ai clarified that a significant portion of this decrease was due to a one-time cash outflow related to investment in its joint venture with Toyota. This investment is intended to support the production and deployment of the Gen-7 vehicle.