Pony AI, a Chinese autonomous vehicle startup planning a Nasdaq listing, is seeking to raise around $260 million, according to a recent regulatory filing
This represents an increase from its previous objective of approximately $224 million. Pony intends to dispose of up to 20 million American depository shares in order to achieve its objective.
This is still below the significantly higher objective of $425 million that Pony had set earlier this year. Prior to the board’s approval of a decrease in its minimum valuation from approximately $8 billion to $4 billion, Pony’s valuation was approximately $8 billion.
Early testing in the United States has been a challenge for Pony, as evidenced by its loss of the permit to test autonomous vehicles in 2022. In the interim, it operates a fleet of 190 “robotrucks” in Beijing and Guangzhou, as well as 250 robotaxis in Beijing, Guangzhou, Shenzhen, and Shanghai.
This has prompted some, such as former Waymo CEO John Krafcik, to query Pony’s motivations for pursuing a U.S. IPO. There is still demand for Chinese AV companies on US exchanges. However, the fluctuating financial objective implies that Pony is still in the process of formulating an exact response to that inquiry.
