Pony AI, WeRide Seek to Raise Combined $1.3 Billion in Hong Kong
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Rival Chinese autonomous driving firms Pony AI Inc. and WeRide Inc. filed on the same day for Hong Kong initial public offerings, seeking to raise a combined total of over HK$10 billion ($1.3 billion) to fuel their costly race for commercialization and global expansion.
The dual filings on Tuesday underscore the intense competition and capital burn in the autonomous vehicle sector. Pony AI is aiming to raise a net HK$7.19 billion, while WeRide is targeting HK$2.93 billion, according to their respective prospectuses. Both companies plan to use the proceeds to scale up their robotaxi fleets, advance their technology, and expand overseas, particularly in the Middle East, even as they continue to post significant losses.
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- Pony AI and WeRide filed for Hong Kong IPOs aiming to raise over HK$10 billion ($1.3 billion) combined, with Pony AI seeking HK$7.19 billion and WeRide HK$2.93 billion.
- Both firms are investing mainly in robotaxi fleet expansion, R&D for L4 technology, and international growth, especially in the Middle East.
- In Q2 2025, Pony AI's revenue was $21.5 million (loss $53.3M); WeRide's revenue was $17.9 million (loss 406 million yuan).
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Who’s Who
- Pony AI Inc.
- Pony AI Inc., a Chinese autonomous driving firm, filed for a Hong Kong IPO to raise HK$7.19 billion. The company plans to offer 41.95 million new shares at a maximum price of HK$180 each. Pony AI aims to use the proceeds for market expansion, L4 autonomous driving technology commercialization, and R&D. The company operates a fleet of 726 robotaxis, with 202 in commercial operation, and is expanding into Luxembourg, South Korea, and Dubai.
- WeRide Inc.
- WeRide Inc. is a Chinese autonomous driving firm that filed for a Hong Kong IPO, aiming to raise HK$2.93 billion. The company intends to use the funds to scale its robotaxi fleets, advance technology, and expand internationally, especially in the Middle East. WeRide has a diverse fleet of over 1,500 autonomous vehicles and has partnered with Uber in Abu Dhabi and plans trials in Dubai and Riyadh.
- Goldman Sachs
- Goldman Sachs is sponsoring Pony AI's initial public offering in Hong Kong. Pony AI aims to raise HK$7.19 billion alongside WeRide to fund their costly race for commercialization and global expansion in the autonomous vehicle sector.
- Bank of America
- Bank of America is listed as one of the sponsors for Pony AI's initial public offering (IPO). Pony AI aims to raise HK$7.19 billion, and the IPO is scheduled to start on October 28, with pricing on November 4, and trading beginning on November 6.
- Deutsche Bank
- Deutsche Bank is one of the sponsors for Pony AI's initial public offering in Hong Kong. Pony AI, a Chinese autonomous driving firm, aims to raise HK$7.19 billion through this IPO. The company plans to use the proceeds for market expansion, commercialization of its L4 autonomous driving technology, and research and development.
- Huatai International
- Huatai International is one of the financial institutions sponsoring Pony AI's initial public offering (IPO) in Hong Kong. They are listed alongside Goldman Sachs, Bank of America, and Deutsche Bank as backers for Pony AI's attempt to raise over HK$7 billion.
- China International Capital Corp.
- China International Capital Corp. (CICC) is one of the sponsors for WeRide Inc.'s initial public offering in Hong Kong. WeRide, a Chinese autonomous driving firm, aims to raise HK$2.93 billion with CICC's support, along with Morgan Stanley.
- Morgan Stanley
- Morgan Stanley is one of the sponsors for WeRide Inc.'s initial public offering in Hong Kong. WeRide is seeking to raise HK$2.93 billion (approximately $375 million) from its IPO. The company plans to use the proceeds to scale up its robotaxi fleets, advance its technology, and expand overseas, particularly in the Middle East.
- Bosch
- WeRide, one of the Chinese autonomous driving firms filing for a Hong Kong IPO, plans to invest in its L2 advanced driver-assistance systems (ADAS) in partnership with Bosch. This collaboration is part of WeRide's strategy to scale up its production and operation of L4 vehicle fleets, utilizing a portion of the HK$1.17 billion allocated from its IPO proceeds.
- Uber Technologies Inc.
- Uber Technologies Inc. has partnered with WeRide Inc. to launch robotaxi services in Abu Dhabi and plans to start trial operations in Dubai in 2025, with commercial services by 2026. They will also conduct pilot operations in Riyadh.
- AiDriver
- AiDriver is a local firm in Saudi Arabia that will collaborate with WeRide and Uber to conduct pilot autonomous driving operations in Riyadh. This initiative follows WeRide securing Saudi Arabia’s first autonomous driving license.
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What Happened When
- 2023-12-31：
- By the end of 2023, Pony AI had 183 autonomous trucks in its commercial fleet.
- 2024-12-31：
- By the end of last year, Pony AI recorded a daily revenue of $13.8 per commercial vehicle.
- 2025：
- WeRide and Uber plan to start trial robotaxi operations in Dubai.
- 2025：
- WeRide will conduct pilot autonomous vehicle operations in Riyadh with Uber and AiDriver, after securing Saudi Arabia’s first autonomous driving license.
- 2025-08：
- During an August 2025 earnings call, Pony AI CFO Wang Haojun discussed the pace of fully driverless robotaxi expansion.
- 2025-Q2：
- In the second quarter of 2025, Pony AI’s revenue grew 75.9% year-on-year to $21.5 million; its net loss increased to $53.3 million. WeRide’s revenue rose 60.8% to 127 million yuan, with a net loss of 406 million yuan.
- 2025-10-20：
- As of this date, WeRide reported a fleet of over 1,500 autonomous vehicles.
- 2025-10-21：
- As of this date, Pony AI had a fleet of 726 robotaxis, with 202 in commercial operation.
- 2025-10-28：
- Pony AI and WeRide filed for Hong Kong IPOs, and both companies are scheduled to start their public offerings.
AI generated, for reference only
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