Chinese self-driving startup Pony.ai debuts on Nasdaq

Chinese self-driving startup Pony.ai makes its debut on Nasdaq. (Photo provided to chinadaily.com.cn)

Chinese self-driving startup Pony.ai made its debut on Nasdaq on Wednesday evening, with the pricing of its initial public offering of 20 million American depository shares at $13 each, marking a significant milestone in the company's journey toward the large-scale commercialization of autonomous driving vehicles.

The move is also the largest IPO in autonomous driving sector on the US stock market this year.

Highlighting that Pony.ai reached this pivotal moment in its commercialization journey, Peng Jun, co-founder and CEO of the company, said they look forward to delivering safer, more efficient, and accessible mobility solutions for society.

He added that the debut on Nasdaq marks the beginning of a transformative chapter for Pony.ai, and the dawn of a new era for autonomous mobility.

Pony.ai is accelerating steps to bolster the mass production and deployment of its Level 4 autonomous driving vehicles. Level 4 autonomy means vehicles can drive themselves in most conditions without a human backup driver.

Founded in 2016, the company now operates a fleet of more than 250 robotaxis as well as over 190 autonomous trucks across the nation, and has launched the commercial operation for robotaxi services in Beijing, and Guangdong province's Guangzhou and Shenzhen. It has accumulated nearly 40 million kilometers of autonomous driving test mileage.

It is also among the first batch of companies to obtain licenses to operate fully driverless vehicles in certain designated areas of the first-tier cities in China.