Markets Neom-backed robotaxi operator Pony Ai files for US IPO By Neil Halligan October 18, 2024, 4:02 PM Oriental Image via Reuters Connect Pony AI says its autonomous vehicles have clocked up more than 33 million km Size of Pony AI IPO unknown Neom invested $100m Saudi target of 15% autonomous vehicles Pony AI, a Chinese autonomous driving company backed by an investment arm of Saudi giga-project Neom, has filed for an initial public offering in the US. The Guangzhou-based company applied to be listed on the Nasdaq stock exchange but did not reveal the size of the offering. Pony AI operates a fleet of more than 250 robotaxis. It says these have accumulated more than 33.5 million km of autonomous driving mileage, which includes nearly 4 million km of fully driverless mileage. They are licensed to operate in Beijing, Shanghai, Guangzhou, and Shenzhen. Pony AI also has a fleet of 190 robotrucks. The company aims to mass-produce autonomous driving technology used in robotaxis, robotrucks and other applications. In October last year, the Neom Investment Fund invested $100 million in Pony AI. The deal includes establishing a joint venture to develop, manufacture and deliver autonomous driving services, advanced vehicles and smart vehicle infrastructure in Neom and across the Middle East and North Africa region. It also included a local autonomous vehicle manufacturing and research and development facility to develop Pony AI’s technology in the region. Pony AI, has received funding of more than $1.3 billion and when it raised funds in 2022, it was valued at $8.5 billion. Japanese carmaker Toyota owns a 13.4 percent stake. While Dubai has emerged as the top Gulf contender for driverless car technology, Saudi Arabia has said it wants 15 percent of the country’s public transport vehicles to be autonomous by 2030. To accelerate achieving this goal, the transport ministry launched a trial driverless minibus last year called the Dhahaina. In August, it launched a project for driverless cars, which could result in government agencies using them as early as next year. PIF-backed Lucid shares tumble on anticipated Q3 losses What the rise of robotaxi means for your car insurance Plans agreed for Dubai’s skyborne transport system Under the Saudi Road Code, smart communication devices will be installed along roadways that interact with autonomous vehicles. “These devices provide real-time road condition data, enabling safe driving decisions and improved traffic flow,” the official Saudi Press Agency said, adding that the code will come into effect in early 2025. The Public Investment Fund launched the National Automotive and Mobility Investment Company last year to build local manufacturing and supply chain capabilities for the automotive and mobility industry in Saudi Arabia. The new company will be responsible for strategic investments and partnerships with both local and global private sector companies.
