Self-driving technology company Pony.ai, backed by Toyota, is considering going public in the US to fund its goal of commercialising driverless ride-hailing services, its chief executive told Reuters.
The start-up, active in the US and China, plans to install its technology in hundreds of vehicles next year, rising to tens of thousands in 2024-2025, he said.
Self-driving start-ups such as Alphabet's Waymo and General Motors’ Cruise have been racing to raise capital as the industry prepares to scale up operations.
Still, beyond the time taken to address technological challenges and the massive cost of producing self-driving cars, the industry still has to persuade global regulators and the public as to the safety of full automation.
"For autonomous driving, it is a big opportunity. But at the same time, it is a long-term, big opportunity," James Peng told Reuters.
"So, it requires a long lead way for spending. That means all the autonomous driving companies need to raise enough funding to support their operations," he said.
The comments come as Pony.ai on Friday said it had appointed Lawrence Steyn, vice chairman of investment banking at JP Morgan Chase, as chief financial officer to help "accelerate its commercial growth and global deployment".
"We are still debating and considering," said Mr Peng, when asked about the timetablefor a public share sale.
"It is just a different way of raising funds."
Pony.ai, founded by former Google and Baidu engineers Mr Peng and Lou Tiancheng in 2016, has so far raised more than $1 billion, including $462 million from Toyota, valuing the start-up at $5.3bn as of late last year.
Earlier this month, it said it had begun driverless testing on public roads in California's Fremont and Milpitas before the planned launch of a robotaxi service next year.
It has also been testing driverless vehicles in Guangzhou, China.
The company has operated robotaxi services with safety drivers behind the wheel in some parts of China, as well as in Irvine, California. That has yielded diverse data which it could use to train its driver system and tap a talent pool in both countries, Mr Peng said.
He said the next big challenge is to reduce manufacturing costs for driverless vehicles while expanding into more cities and regions and ensuring safety in different environments.
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Company%20profile
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Read more about the coronavirus
Benefits of first-time home buyers' scheme
- Priority access to new homes from participating developers
- Discounts on sales price of off-plan units
- Flexible payment plans from developers
- Mortgages with better interest rates, faster approval times and reduced fees
- DLD registration fee can be paid through banks or credit cards at zero interest rates
From Zero
Artist: Linkin Park
Label: Warner Records
Number of tracks: 11
Rating: 4/5
RESULTS
Main card
Bantamweight 56.4kg: Mehdi Eljamari (MAR) beat Abrorbek Madiminbekov (UZB), Split points decision
Super heavyweight 94 kg: Adnan Mohammad (IRN) beat Mohammed Ajaraam (MAR), Split points decision
Lightweight 60kg: Zakaria Eljamari (UAE) beat Faridoon Alik Zai (AFG), RSC round 3
Light heavyweight 81.4kg: Taha Marrouni (MAR) beat Mahmood Amin (EGY), Unanimous points decision
Light welterweight 64.5kg: Siyovush Gulmamadov (TJK) beat Nouredine Samir (UAE), Unanimous points decision
Light heavyweight 81.4kg: Ilyass Habibali (UAE) beat Haroun Baka (ALG), KO second round
The specs
- Engine: 3.9-litre twin-turbo V8
- Power: 640hp
- Torque: 760nm
- On sale: 2026
- Price: Not announced yet
GAC GS8 Specs
Engine: 2.0-litre 4cyl turbo
Power: 248hp at 5,200rpm
Torque: 400Nm at 1,750-4,000rpm
Transmission: 8-speed auto
Fuel consumption: 9.1L/100km
On sale: Now
Price: From Dh149,900
New schools in Dubai
Gothia Cup 2025
4,872 matches
1,942 teams
116 pitches
76 nations
26 UAE teams
15 Lebanese teams
2 Kuwaiti teams
Labour dispute
The insured employee may still file an ILOE claim even if a labour dispute is ongoing post termination, but the insurer may suspend or reject payment, until the courts resolve the dispute, especially if the reason for termination is contested. The outcome of the labour court proceedings can directly affect eligibility.
- Abdullah Ishnaneh, Partner, BSA Law
UAE currency: the story behind the money in your pockets
more from Janine di Giovanni
Poacher
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Match info
Athletic Bilbao 0
Real Madrid 1 (Ramos 73' pen)
Results
6.30pm: Dubai Millennium Stakes Group Three US$200,000 (Turf) 2,000m; Winner: Ghaiyyath, William Buick (jockey), Charlie Appleby (trainer).
7.05pm: Handicap $135,000 (T) 1,600m; Winner: Cliffs Of Capri, Tadhg O’Shea, Jamie Osborne.
7.40pm: UAE Oaks Group Three $250,000 (Dirt) 1,900m; Winner: Down On Da Bayou, Mickael Barzalona, Salem bin Ghadayer.
8.15pm: Zabeel Mile Group Two $250,000 (T) 1,600m; Winner: Zakouski, James Doyle, Charlie Appleby.
8.50pm: Meydan Sprint Group Two $250,000 (T) 1,000m; Winner: Waady, Jim Crowley, Doug Watson.
What's in the deal?
Agreement aims to boost trade by £25.5bn a year in the long run, compared with a total of £42.6bn in 2024
India will slash levies on medical devices, machinery, cosmetics, soft drinks and lamb.
India will also cut automotive tariffs to 10% under a quota from over 100% currently.
Indian employees in the UK will receive three years exemption from social security payments
India expects 99% of exports to benefit from zero duty, raising opportunities for textiles, marine products, footwear and jewellery
The Bio
Favourite vegetable: “I really like the taste of the beetroot, the potatoes and the eggplant we are producing.”
Holiday destination: “I like Paris very much, it’s a city very close to my heart.”
Book: “Das Kapital, by Karl Marx. I am not a communist, but there are a lot of lessons for the capitalist system, if you let it get out of control, and humanity.”
Musician: “I like very much Fairuz, the Lebanese singer, and the other is Umm Kulthum. Fairuz is for listening to in the morning, Umm Kulthum for the night.”
