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GUANGZHOU - Pony.ai Europe, the European arm of the global autonomous driving company Pony.ai (NASDAQ: PONY), has been granted a permit for Level 4 autonomous vehicle testing in Luxembourg, adding to its existing permissions in China, the United States, and South Korea. The $2.64 billion market cap company, which has seen its stock decline by 47% year-to-date, continues to expand its global footprint. This development is part of the company’s strategy to establish Luxembourg as a central hub for its European research, development, and deployment efforts in the field of self-driving technology. InvestingPro analysis suggests the company maintains strong liquidity, with a current ratio of 11.77, indicating robust short-term financial stability.
The permit, issued by Luxembourg’s Ministry of Mobility and Public Works, allows Pony.ai to begin on-road testing in collaboration with local mobility solutions provider Emile Weber. This partnership aims to enhance mobility services across public transit, private transportation, and tourism sectors within the region.
Luxembourg’s Minister for Mobility and Public Works, Yuriko Backes, emphasized the significance of this step for the advancement of mobility, highlighting the government’s support for companies like Pony.ai in their pursuit of innovative transportation technologies.
Dr. James Peng, Co-founder and CEO of Pony.ai, expressed gratitude for being among the first to receive such a permit in Luxembourg. He reiterated the company’s commitment to making Luxembourg the leading destination for autonomous mobility in Europe and to fostering a strong partnership with Emile Weber.
Pony.ai, headquartered in Luxembourg for its European operations, is positioned to expand its autonomous mobility solutions throughout Europe. The company’s global presence includes operations across China, Europe, East Asia, and the Middle East, with a fleet of over 250 robotaxis. Pony.ai has also begun offering public robotaxi services without safety drivers in key Chinese cities.
The company’s Virtual Driver technology, a comprehensive autonomous driving solution integrating proprietary software, hardware, and services, supports Pony.ai’s business model aimed at the mass production and deployment of autonomous vehicles for various transportation applications.
This news is based on a press release statement from Pony.ai.
In other recent news, Pony AI Inc. reported a 30% year-over-year decline in fourth-quarter revenue for 2024, totaling $35.5 million, primarily due to the timing of project-based revenue recognition. Despite this, the company saw a total revenue increase for the full year, reaching $75.0 million, marking a 4.3% growth from the previous year. The company’s robotaxi service revenue reached $7.3 million, with plans to deploy its Generation 7 robotaxi models to drive future growth. BofA Securities reduced its price target for Pony AI to $17.70 from $18.00 but maintained a Buy rating, reflecting continued confidence in the company’s potential.
Pony AI has also expanded its driverless taxi services in Shenzhen, China, now operating in both the Nansha and Nanshan Districts. The company has been granted a permit to conduct Level 4 Robotaxi testing in Luxembourg, marking its first dedicated research and testing hub in Europe. This expansion is part of a collaboration with Emile Weber, a leading mobility solutions provider in Luxembourg. Furthermore, Pony AI’s strategic partnerships with companies like GAC Aion, BAIC BJEV, and Toyota are expected to support the development and mass production of new robotaxi models by 2025.
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