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Investing.com - Goldman Sachs has raised its price target on Pony AI Inc (NASDAQ:PONY) to $27.70 from $24.50 while maintaining a Buy rating. The stock has shown remarkable momentum, gaining over 71% in the past year and 43% year-to-date, according to InvestingPro data.
The firm cited Pony AI’s commencement of road testing for its Gen-7 Robotaxi in multiple Chinese cities including Beijing, Guangzhou, and Shenzhen, along with extended service hours from 15 hours to full 24/7 coverage in certain areas.
Goldman Sachs noted the company has begun commercializing fully-driverless Robotaxi services to the public in Shanghai’s Pudong New area, showing progress in its commercialization efforts.
The investment bank expressed optimism about Pony AI’s growing GMV per Robotaxi and improving unit economics, alongside accelerated fleet expansion in China targeting 1,000 vehicles by the end of 2025.
Goldman Sachs also highlighted Pony AI’s continued global expansion, including Robotaxi deployment on public roads in Qatar and a partnership with ComfortDelGro to grow its business in Singapore.
In other recent news, Pony.ai has made significant strides in the autonomous driving sector. The company has secured a permit to provide fully driverless commercial robotaxi services in Shanghai’s Pudong New Area, making it the only firm with such permits in all four of China’s tier-one cities: Beijing, Shanghai, Guangzhou, and Shenzhen. Additionally, Shanghai granted commercial robotaxi licenses to Pony.ai and seven other firms, allowing them to offer services across 2,700 kilometers of routes.
In financial developments, ARK Invest, led by Cathie Wood, has invested approximately $12.9 million in Pony.ai, marking ARK’s first investment in a Chinese firm focused on Level 4 autonomous driving technology. This investment is part of a broader trend of institutional capital flowing into Pony.ai, with at least 14 major global investors participating in the latest funding round. UBS has initiated coverage on Pony.ai with a Buy rating and a price target of $20, suggesting a 53% upside potential. The investment bank noted Pony.ai’s unique position as the first robotaxi company to launch commercial driverless operations in all major Chinese cities.
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