Last night, Pony.ai, one of China’s most prominent names in autonomous driving and robotaxi rides, filed an IPO prospectus with the US Securities and Exchange Commission (SEC). If approved, the robotaxi company intends to trade on the Nasdaq.
Pony.ai Inc. is a technology company founded in 2016 specializing in fully autonomous mobility. Its robotaxi development has risen to prominence with support from partnerships with global OEMs like Toyota, GAC Group, and NIO Capital.
One year ago, Pony.ai announced it had garnered a $100 million investment from the NEOM Investment Fund (NIF) as part of a new joint venture to bring robotaxi rides to Saudi Arabia.
In its native China, Pony.ai became the first to commercialize autonomous taxi services in local cities like Beijing and Guangzhou. It was also one of the first companies licensed to operate in other tier-1 cities like Shanghai and Shenzhen. It has since expanded to US cities like Tucson, Arizona.
With global operations expanding on new continents, Pony.ai has decided to go public on the US stock market and has officially filed for an IPO.
Pony.ai files for US IPO after recording huge revenues
Pony.ai submitted Form F-1 registration statement for an IPO to the SEC on October 17, 2024, which entails the sale of Class A ordinary shares on the US stock market. Per the document, Pony.ai is looking to launch the IPO “as soon as practicable after the effective date of this registration statement.”
If and when the IPO is approved, Pony.ai intends to trade on the Nasdaq under the ticker symbol “PONY.” However, the size of the company’s initial Class A shares offering remains unknown. Bank of America, Deutsche Bank, Goldman Sachs, Huatai Securities, Merrill Lynch, and Tiger Brokers are the underwriters of Pony.ai’s US IPO.
Per Reuters, Pony.ai recently revealed that its revenue nearly doubled to $24.7 million in the first half of 2024. However, net losses attributable to the company were still $51.3 million in H1 2024 but were down from $69.4 million during the same period last year.
It will be interesting to see what Pony.ai is valued at when it launches its US IPO. The robotaxi specialist was valued at $8.5 billion in 2022, but that was before it secured that additional $100 million from NEOM mentioned above.
Pony.ai could become the first publicly traded autonomy specialist deploying robotaxi operations globally if its IPO is approved.
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In the Electrek Podcast, we discuss the most popular news in the world of sustainable transport and energy. In this week’s episode, we discuss our GMC Sierra EV Denali first drive, Hyundai Ioniq 9 unveiling, Jaguar’s rebranding, and more.
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It’s official: Chrysler will finally launch an electric Pacifica minivan. The company is developing clever storage ideas that could make it even more functional than Volkswagen’s recently introduced ID.Buzz. But you’ll have to wait a little longer to get your hands on one.
Chrysler confirms plans to launch an electric Pacifica
Chrysler has yet to release its first fully electric vehicle. Although the nearly 100-year-old automaker has teased several EV concepts, we have yet to see one come to fruition. That will change soon.
Earlier this year, the company revealed its Halcyon Concept, a futuristic sports car-like EV drastically different from Chrysler vehicles currently on the road. The model builds on previous concepts, like the Airflow crossover introduced in 2022.
Chrysler’s CEO, Christine Feuell, said the Halycon would be brought to life with advanced new tech from parent company Stellantis, sleek new styling, and a software-defined connected cockpit.
The radical design will be used in future Chrysler vehicles, including the electric Pacifica. At the LA Auto Show this week, Feuell confirmed to GreenCarReports that the Pacifica is due for an overhaul in 2026. The refresh will lay the groundwork for the first electric Pacifica, which is expected to launch the following year.
Chrysler’s CEO hinted the upcoming Pacifica EV could challenge Volkswagen’s ID.Buzz, the first electric minivan to arrive in the US.
While you’ll need to remove the seats for that open-air space in the ID.Buzz, Chrysler is working on more functional solutions. According to Feuell, the company is developing a system like its patented Stow ‘N Go Seating to open up space in the rear.
Although nothing is set in stone, one option is adjustable front seats, enabling the second row to be stored underneath.
Electrek’s Take
As Chrysler’s only production model in 2024, it only makes sense to launch an electric Pacifica. The Pacifica hybrid was the fourth best-selling plug-in hybrid in the US in Q3. It also accounted for 14% (3,009) of the 21,504 Pacifica models sold last quarter.
Meanwhile, the company is quickly losing market share in the US. Pacifica sales crashed 44% in Q3 and are down 18% through September.
Several new larger electric SUVs, like the Kia EV9, are already hitting the market, and more are on the way, including the recently unveiled Hyundai IONIQ 9. With the electric Pacifica not due out until 2027 (at the earliest), Chrysler will likely continue losing ground as new, more advanced competitors roll out.
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Tesla has converted an entire Shell gas station into a Supercharger station for electric vehicles in Spain, and it looks fantastic.
One of the favorite arguments of electric vehicle naysayers is that there are not as many charging stations as gas stations – making EVs less convenient.
The argument is flawed since most EVs are charged overnight when parked, and they can be charged literally anywhere there’s an electric outlet, which is not the case with gas-powered vehicles.
Most of the time, charging electric vehicles is more convenient than refueling a gas-powered car, and that’s going to become more widespread as time goes on because there are more charging stations being deployed, and many gas stations are going away.
In some cases, EV charging stations are directly replacing some.
Today, we get to see a beautiful example in Cordoba, Spain, where Tesla took over a Shell gas station and converted it into (hat tip to Aland≡Bru on X):
While it is not completed, it’s particularly interesting to see that Tesla has kept a similar design to the classic gas station setup.
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