Pony AI, WeRide Tumble in Hong Kong Debut Amid Robotaxi Doubts
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Bonnie Chan (center), CEO of Hong Kong Exchanges and Clearing Ltd., poses with representatives from four companies, including Pony AI and WeRide, after their shares listed on the exchange on Nov. 6, 2025. Photo: Li Zhihua/China News Service/VCG
Shares of Chinese autonomous driving rivals Pony AI Inc. and WeRide Inc. both slumped on their first day of trading in Hong Kong on Thursday, in a weak debut that underscores investor skepticism about the money-losing robotaxi sector.
Pony AI dropped 14.1% from its offer price to HK$119.4 ($15.4), giving it a market capitalization of HK$51 billion. WeRide fell 13.6% to HK$23.4, for a market capitalization of HK$24 billion. The duo's listings followed a steep decline in both companies’ U.S.-listed shares.
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- Pony AI and WeRide shares fell over 13% each on their Hong Kong debut, reflecting investor skepticism about the loss-making robotaxi sector.
- Both firms raised less money than targeted in their IPOs and continue to post mounting losses despite revenue growth and expanding operations.
- Pony AI’s Q2 2025 revenue rose 75.9% to $21.5M with a $53.3M net loss; WeRide’s revenue grew 60.8% to $17.8M with a 406M yuan net loss.
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Who’s Who
- WeRide Inc.
- WeRide Inc. (文远知行) is a Chinese autonomous driving company that saw its shares drop 13.6% to HK$23.4 on its Hong Kong debut. It raised HK$2.3 billion in its IPO, less than expected. The company plans to use the proceeds for R&D and fleet expansion, including developing advanced driver-assistance systems with Bosch. As of October 20, WeRide operated over 1,500 autonomous vehicles.
- Pony AI Inc.
- Pony AI Inc. is a Chinese autonomous driving company whose shares recently slumped 14.1% on its first day of trading in Hong Kong. It aims for mass commercialization of Level 4 autonomous driving technology. Despite a 75.9% revenue growth to $21.5 million in Q2 2025, its net loss widened to $53.3 million. Its robotaxi daily earnings increased, but its autonomous trucking business and revenue per truck decreased.
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What Happened When
- October 2024：
- WeRide listed on the Nasdaq at $15.5 per share.
- November 2024：
- Pony AI went public on the Nasdaq at $13 per share.
- Second quarter of 2025：
- Pony AI’s revenue grew 75.9% year-on-year to $21.5 million; net loss widened by 72.1% to $53.3 million. WeRide’s revenue increased 60.8% to 127 million yuan ($17.8 million); net loss narrowed slightly to 406 million yuan.
- By October 2025：
- Pony AI’s stock dropped to around $16.
- October 2025：
- Pony AI’s stock reached a peak of nearly $25.
- By November 2025：
- WeRide’s stock price fell by over 40% to around $9.
- October 20, 2025：
- WeRide reported a broader fleet of over 1,500 autonomous vehicles.
- October 21, 2025：
- Pony AI robotaxis earned an average of $27.4 per day; commercial truck fleet contracted to 155 vehicles from 183; daily revenue per truck slipped to $358 from $370.
AI generated, for reference only
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