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Uber said in talks to invest in US IPO of China’s Pony AI

by Yurie Miyazawa
in Leadership
Uber said in talks to invest in US IPO of China’s Pony AI
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UBER Technologies plans to invest in Pony AI’s US initial public offering (IPO), which is expected to be priced next week after being upsized by the autonomous driving firm, sources familiar with the matter said.

San Francisco-based Uber is seeking to buy more than US$10 million of shares in Pony AI’s IPO, the sources said, asking not to be identified discussing confidential information. The company may consider using Pony AI technology in a partnership outside of the US, one of the sources said.

Uber also invested in last month’s US IPO of China’s WeRide, sources with knowledge of the matter said. It has a robotaxi service agreement in Abu Dhabi with the developer of autonomous driving technology.

Deliberations are ongoing and the size of a potential investment in Pony AI has not been finalised, they said. Representatives for Uber and WeRide declined to comment. Pony AI did not respond to a request for comment.

Uber has tied up with several other automated driving tech firms recently, including robotaxi operator Waymo and an undisclosed investment in Wayve Technologies.

Pony AI’s IPO was initially expected to be priced on Nov 21, but that’s been pushed back as the Chinese company addresses regulator questions, the sources said. It has also been increased to 20 million American depository shares from 15 million planned previously, potentially raising US$260 million, terms of the deal obtained by Bloomberg News show. The price range is US$11 to US$13 per share.

Founded in 2016, Pony AI develops and operates self-driving fleets in the US and China. Its vehicles include trucks and robotaxis. It has permits to provide fare-charging, fully driverless taxi services in Beijing, Shenzhen and Guangzhou.

Beijing Automotive Group and Guangzhou Automobile Group are among other companies that have indicated interest in participating in Pony AI’s IPO. BLOOMBERG

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Tags: ChinasInvestIPOPonyTalksUber
Yurie Miyazawa

Yurie Miyazawa

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