San Francisco-based Uber is seeking to buy more than $10 million of shares in Pony AI’s IPO, the people said, asking not to be identified discussing confidential information. The company may consider using Pony AI technology in a partnership outside of the US, one of the people said.
Deliberations are ongoing and the size of a potential investment hasn’t been finalised, they said. A representative for Uber declined to comment. Pony AI didn’t respond to a request for comment.
Uber has tied up with several other automated driving tech firms recently, including robotaxi operator Waymo and an undisclosed investment in Wayve Technologies Ltd. It also has a robotaxi service agreement in Abu Dhabi with China’s WeRide Inc., which raised funds in an IPO in the US last month.
Pony AI’s IPO was initially expected to be priced on November 21, but that’s been pushed back as the Chinese company addresses regulator questions, the people said. It has also been increased to 20 million American depository shares from 15 million planned previously, potentially raising $260 million, terms of the deal obtained by Bloomberg News show. The price range is $11 to $13 per share.
Founded in 2016, Pony AI develops and operates self-driving fleets in the US and China. Its vehicles include trucks and robotaxis. It has permits to provide fare-charging, fully driverless taxi services in Beijing, Shenzhen and Guangzhou.
Discover the stories of your interest
Beijing Automotive Group Co. and Guangzhou Automobile Group Co. are among other companies that have indicated interest in participating in Pony AI’s IPO.
