Top DC prosecutor, who promoted false 2020 voter fraud claims, forms 'election accountability' unit
Trump is using the Alien Enemies Act to deport immigrants – but the 18th-century law has been invoked only during times of war
Texas midwife accused by state's attorney general of providing illegal abortions
Gabbard says Trump and Putin are 'very good friends' focused on strengthening ties
Pope registers new slight improvements in pneumonia fight as Vatican gives details on hospital photo
Shohei Ohtani merchandise is prompting long lines -- even in the rain -- in Tokyo
US House committee seeks record on Chinese telecom hacking
Alphabet back in deal to buy cybersecurity startup Wiz for $30 billion, WSJ reports
US releases $57 million in financing to help reopen Michigan reactor
Coco Gauff heads home to the Miami Open after her 21st birthday and a bit of a rough patch
Some of the WNBA's rising stars have shined during Unrivaled's inaugural season
(Reuters) -China-based autonomous driving firm Pony AI, backed by automaker Toyota, filed for an initial public offering in the U.S. on Thursday, in another sign of growing investor interest in new listings and easing regulatory pressures.
Activity in the IPO market has picked up pace in recent weeks, buoyed by the U.S. Federal Reserve kicking off its highly anticipated policy-easing cycle and benchmark indexes trading near record high levels.
Pony AI, in which Japan's Toyota owns a 13.4% stake, revealed that its revenue nearly doubled to $24.7 million in the first half of 2024. Net loss attributable to the company was $51.3 million in the same period, compared with $69.4 million last year.
The company said it operates a fleet of over 250 robotaxis, which have accumulated over 33.5 million kilometers of autonomous driving mileage, including over 3.9 million kilometers of driver-less mileage.
The company was valued at $8.5 billion when it raised funds in 2022. It also secured $100 million from Saudi Arabia's NEOM last year.
Even so, analysts and industry experts note that establishing robotaxis may still take years, primarily due to the challenges of ensuring safety and reliability. They cite accidents and the technology's struggles to respond to situations such as inclement weather, complex intersections and unpredictable pedestrian behavior.
The number of Chinese companies that pursued stock market flotations in the U.S. dropped in the past few years after Beijing clamped down on offshore capital-raising in 2021.
EV maker Zeekr's debut in May was the first big listing by a Chinese company in the U.S. since then. Earlier this month, courier delivery firm BingEx also listed on the Nasdaq.
Pony AI has applied to list on the Nasdaq stock exchange under the ticker symbol "PONY." The company did not reveal the size of its offering.
Goldman Sachs, BofA Securities, Deutsche Bank, Huatai Securities and Tiger Brokers are the underwriters of the offering.
(Reporting by Manya Saini and Niket Nishant in Bengaluru; Editing by Shilpi Majumdar and Alan Barona)
