Pony.ai, the Chinese autonomous vehicle technology firm, has announced ambitious plans to more than triple its global robotaxi fleet to over 3,000 vehicles by the end of 2026. This significant expansion, revealed during the company's third-quarter earnings report, underscores Pony.ai's accelerating growth and aspirations in the self-driving sector.
Currently operating approximately 961 robotaxis, Pony.ai aims to reach a fleet size of 1,000 by the close of this year. The ultimate goal is to surpass 3,000 vehicles within the next three years, marking a substantial ramp-up in its autonomous driving services.
The Nasdaq and Hong Kong Stock Exchange-listed company has been actively scaling its commercial operations throughout the year. Pony.ai currently offers paid robotaxi services in major Chinese cities including Beijing, Shanghai, Guangzhou, and Shenzhen. Beyond its domestic market, the company is also pursuing international expansion, forging partnerships with local entities and ride-hailing giants like Bolt and Uber to enter eight new countries, such as Qatar and Singapore.
This expansion in robotaxi services has positively impacted Pony.ai's financial performance. The company reported a third-quarter revenue of $25.4 million, a robust 72% increase from the $14.8 million generated in the same period last year. This revenue surge was primarily driven by its robotaxi services and the licensing of its advanced autonomous driving technology to other companies. Specifically, robotaxi services contributed $6.7 million, self-driving trucks (robotrucks) brought in $10.2 million, and licensing and application fees accounted for $8.6 million. Following the earnings report, Pony.ai's shares on the Nasdaq saw a more than 6% jump.
Despite the strong revenue growth, Pony.ai's expenses continue to outpace its income. The company recorded a net loss of $61.6 million in the third quarter, an increase of 46% compared to the same period in the previous year. As of September 30, Pony.ai held $587.7 million in cash, cash equivalents, and short-term investments. This figure represents a decrease from $747.7 million reported in the second quarter, with half of this reduction attributed to a one-off cash outflow. This outflow included a significant investment into its joint venture with Toyota, aimed at supporting the production and deployment of its Gen-7 autonomous vehicle.
