Pony AI, a Chinese self-driving car startup aiming to list on the Nasdaq stock exchange, is currently aiming to raise about $260 million, according to a new regulatory filing.
This is an increase from the previous target of approximately $224 million. To achieve this goal, Pony plans to sell up to 20 million American Depositary Shares. This is still lower than the much higher target of $425 million that Pony was aiming for earlier this year before the board approved lowering the minimum valuation from about $8 billion to $4 billion. low.
Pony has struggled in early testing in the U.S., losing its AV testing permit in 2022. Meanwhile, the company has 190 “robot trucks” in Beijing and Guangzhou, as well as 250 robotaxis in Beijing, Guangzhou and Shenzhen. Shanghai.
This has led some, including former Waymo CEO John Krafcik, to question why Pony would pursue an IPO in the United States. There is still demand for Chinese AV companies on US exchanges. But changes in financial targets suggest that Pony hasn't yet worked out the exact answer to that question.