MW Uber may use tech from Chinese autonomous-driving company PonyAI in the U.S.: report
By Steve Gelsi
PonyAI ups the size of IPO ahead of its U.S. stock-market debut with Uber as a potential investor
Pony AI, a Chinese maker of sensors and software for self-driving taxis and trucks, may receive an investment from Uber Technologies Inc., according to a report.
Uber Technologies $(UBER)$ is planning to put money into the technology company as Pony AI prepares to debut its initial public offering, sources familiar with the deal told Bloomberg.
Uber may also get access to Pony AI's technology for use in the U.S., the report said. Currently, Pony AI's technology has only been used in China, where it has outfitted vehicles manufactured by Toyota Motor Corp. $(TM)$ to be self-driving taxis.
MarketWatch has reached out for comment.
Pony AI's IPO is expected to debut as early as next week.
In a sign of interest in the IPO, Pony AI earlier this week increased the size of the offering by 5 million shares, to 20 million shares.
At the midpoint of the price range of $11 to $13 a share, Pony AI will raise $240 million with underwriters Goldman Sachs (Asia) L.L.C., BofA Securities, Deutsche Bank, Huatai Securities and Tiger Brokers
Pony AI plans to trade on the Nasdaq under the ticker "PONY."
Pony AI reported a loss of $93.9 million and revenue of $39.5 million for the nine months ending Sept. 30, compared to a loss of $104.6 million and revenue of $21.3 million in the year-ago period.
At last check, Pony AI software and sensors were used on a fleet of more than 250 robotaxis and 190 robotrucks in China.
Also read: Chinese autonomous-driving company Pony AI steers toward U.S. initial public offering
-Steve Gelsi
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November 22, 2024 09:53 ET (14:53 GMT)
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