Chinese self-driving car technology company Pony.ai said on Tuesday it plans to triple the size of its robotaxi fleet by the end of next year, as its growth pace and aspirations accelerate.
The company, which currently has about 961 robotaxis, announced this goal during its third quarter results. Pony.ai aims to have a fleet of 1,000 robotaxi vehicles by the end of this year. The company said in its third-quarter earnings report that its goal is to “exceed” 3,000 units by the end of 2026.
Pony.ai is listed on the Nasdaq Exchange and the Hong Kong Stock Exchange and has spent the past year strengthening its commercial operations. Currently, the company provides commercial robotaxis services in Beijing, Shanghai, Guangzhou, and Shenzhen. This means you will have to pay for these rides.
The company also has aspirations to expand beyond China’s borders. Pony.ai has a presence in eight countries, including Qatar and Singapore, through partnerships with local companies and ride-hailing companies Bolt and Uber.
The increase in robotaxi services has had a dual effect, increasing revenues as well as costs. The company reported revenue of $25.4 million in the third quarter, up 72% from $14.8 million in the year-ago period.
Following the earnings report, Pony.ai’s stock price soared more than 6% on the Nasdaq market.
Pony.ai said the revenue increase was driven by its robotaxi service and technology licensing to other companies. The Guangzhou, China-based company generated $6.7 million in revenue from its robo-taxi service, $10.2 million from self-driving trucks called Robot Trucks, and $8.6 million from licensing and application fees.
The company’s expenses continue to exceed revenue. Pony.ai reported a net loss of $61.6 million in the third quarter, an increase of 46% compared to the same period in 2024.
Pony.ai had $587.7 million in cash and cash equivalents and short-term investments as of Sept. 30, down from $747.7 million in the second quarter of this year. Pony.ai said half of the decline was due to one-time cash outflows, including an investment in a joint venture with Toyota to support production and deployment of seventh-generation vehicles.
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