Pony AI Shares Are Trading Higher Tuesday: What's Going On?
Pony AI Inc. shares rose 11.02% to $21.85 after reports that Uber Technologies plans to invest $100 million in its Hong Kong listing. Pony AI aims to raise up to $972 million to enhance its Level 4 autonomous driving technology and achieve profitability by 2028 or 2029. Uber is also interested in WeRide Inc.'s Hong Kong listing, having previously invested in both companies during their U.S. listings.
Pony AI Inc. (NASDAQ:PONY) shares are trading higher Tuesday after Bloomberg reported that Uber Technologies Inc (NYSE:UBER) plans to invest in the company’s Hong Kong listing.
- PONY is charging ahead with explosive momentum. Get the details here.
What To Know: Uber is planning to invest about $100 million in Pony AI's share sale, according to a Bloomberg report, citing people familiar with the matter.
The report indicates that Pony AI, which went public in the U.S. last year, is looking to raise as much as $972 million in its Hong Kong listing, with an option to increase the size of the deal.
Uber is also reportedly interested in the Hong Kong listing of WeRide Inc. (NASDAQ:WRD), another Chinese robotaxi firm, though no investment amount was disclosed. Uber invested in both Pony AI and WeRide when the companies listed in the U.S.
Pony AI reportedly plans to use proceeds from the Hong Kong listing to scale commercialization of its Level 4 autonomous driving technology for robotaxi and robotruck services, as well as for continued research and development. The Guangzhou-based company aims to turn profitable by 2028 or 2029.
PONY Price Action: At the time of writing, Pony AI shares are trading 11.02% higher at $21.85, according to data from Benzinga Pro.
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