Eastern US time, November 14 news, china's self-driving car company $Pony AI (PONY.US)$ Submit the red herring prospectus to the Securities and Exchange Commission in the USA, and officially start the IPO, planning to list on Nasdaq with the stock code "PONY".

Pony.ai plans to issue 15 million ADS (American Depository Shares), with each ADS priced between $11 and $13, representing one share of common stock. If the underwriters fully exercise their over-allotment option, Pony.ai will issue up to 17.25 million ADS. Beijing Automotive Group and Singapore transportation operator ComfortDelGro have expressed their intention to subscribe to the ADS issued in this IPO, with Beijing Automotive Group pledging a maximum of $70.35 million and ComfortDelGro a maximum of $4.5 million.

Additionally, multiple investors, including Guangzhou Automobile Group's wholly-owned subsidiary GAC Capital, will subscribe to approximately $0.1534 billion of Class A common stock through a strategic private placement. According to this issuance plan, Pony.ai's IPO could raise a maximum amount of about $0.378 billion (approximately 2.747 billion RMB).

Regarding the use of funds raised in this IPO, Pony.ai stated in the prospectus that approximately 40% of the IPO proceeds will be used for the large-scale commercialization and market expansion of self-driving mobility and freight services, including production, sales, marketing, customer service, and industry collaboration; about 40% will be used for the continued research and development and investment in self-driving technology; and about 20% will be allocated for potential strategic investments and acquisitions to enhance the company's technical capabilities and build the industry chain ecosystem.

The prospectus also updated Pony.ai's financial data for the first three quarters of 2024. Overall revenue for the first three quarters increased by 85.5% year-on-year, with all business revenues showing an upward trend. In the first three quarters of 2024, Pony.ai's self-driving mobility service revenue was $4.7 million, a year-on-year increase of 422.2%; self-driving freight service revenue was $27.4 million, a year-on-year increase of 56.5%; and technology licensing and application service revenue was $7.4 million, a year-on-year increase of 155.2%.

With Beijing Automotive and Guangzhou Automobile participating in this IPO subscription, Toyota, Beijing Automotive, Guangzhou Automobile, and FAW have not only established strategic cooperation with Pony.ai but have also provided substantial financial support. Toyota and FAW previously participated in Pony.ai's Series C financing, with Toyota becoming the largest strategic investor in Pony.ai, making Pony.ai Toyota's only L4 self-driving partner in china.

By collaborating with several top automotive companies, Pony.ai is accelerating the production and deployment of Robotaxi vehicles. It recently announced a technical cooperation with Beijing Automotive New Energy for the development of L4 self-driving vehicle models, jointly developing a fully autonomous Robotaxi model based on the Arcfox Alpha T5, with plans to deploy at least a thousand units of the Beijing Automotive New Energy Robotaxi in the domestic market. In April this year, GAC Toyota, Toyota China, and Pony.ai established a joint venture named Zhuifeng Intelligent Technology (Guangzhou) Co., Ltd., investing over 1 billion yuan, aiming to launch a thousand units of the Platinum Smart 4X Robotaxi in major domestic cities between 2025 and 2026, with production preparations already underway.

In terms of globalization, Pony.ai is promoting the export of autonomous driving technology solutions and products in regions such as europe, the middle east, and asia. Reports indicate that ComfortDelGro, participating in the IPO subscription, is an important partner in Pony.ai's Robotaxi globalization strategy, with operations covering 12 countries and over 29,000 taxi operating networks worldwide. In July this year, the two parties signed a memorandum of cooperation to jointly promote the commercialization of self-driving taxis in china and other countries and regions.

As one of the earliest pioneers of Robotaxi in china, Pony.ai has achieved nine "firsts" in the Robotaxi industry, including being the "first company in china to establish a normalized autonomous driving testing fleet," the "first company in china to launch automated driving travel services Robotaxi," and the "first company to obtain Robotaxi service permits in Beijing, Shanghai, Guangzhou, and Shenzhen." Public information shows that Pony.ai operates a fleet of over 250 self-driving taxis in the four major first-tier cities in china, where fully autonomous driving service commercialization has already started in Beijing, Guangzhou, and Shenzhen. In addition to its own ride-hailing platform, Pony.ai has also integrated with third-party platforms such as Amap, Alipay, and Ruqi Mobility, continuously expanding the user base for Robotaxi. Pony.ai expects that by 2025, the gross profit per vehicle in the Robotaxi business will shift from negative to positive.