BUSINESS

Chart of the Day: Pony AI, WeRide Remain in the Red Despite Surging Revenue

Published: Dec. 2, 2025 7:10 p.m. GMT+8

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Two of China’s leading autonomous driving firms reported a jump in third-quarter revenue, fueled by rapid growth in their robotaxi businesses. But profitability remains out of reach as they plow funds into expansion.

Pony AI Inc. posted revenue of $25.4 million, up 72% year-on-year, its third consecutive quarter of growth, according to its latest earnings report. The company’s robotaxi division stood out, with revenue surging 89.5% to $6.7 million, driven by a more than 200% jump in fare-based income.

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Pony AI and WeRide saw Q3 revenues jump to $25.4M (up 72%) and $24M (up 144.3%) respectively, driven by robotaxi growth, but both remain unprofitable.
Pony AI's net loss widened to $61.6M, while WeRide reduced its net loss to $43.2M by cutting costs and focusing on international expansion.
IPO fundraising fell short for both firms, but Q3 earnings boosted their share prices before dropping below IPO levels.

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Who’s Who

Pony AI Inc.: Pony AI Inc. reported a 72% year-on-year revenue increase to $25.4 million in Q3, driven by an 89.5% surge in its robotaxi division. Despite a nearly 10-point rise in gross margin due to higher-margin robotaxi services, the company's net loss widened to $61.6 million owing to significant R&D investments. Pony AI aims to expand its robotaxi fleet beyond 3,000 by 2026, holding commercial permits in major Chinese cities.

WeRide Inc.: In the third quarter, WeRide Inc. saw its revenue jump by 144.3% to $24 million, with robotaxi income surging 761% to $5 million. The company narrowed its net loss to $43.2 million. WeRide has a fleet of 1,600 autonomous vehicles and is focused on international expansion, holding licenses in seven countries outside China.

Baidu Inc.: Baidu Inc. operates Apollo Go, a robotaxi arm that, as of August, had a fleet exceeding 2,000 vehicles. Its fleet size surpassed those of competitors like Pony AI and WeRide. Apollo Go leads in city coverage, with Pony AI being second in terms of commercial permits in China's top-tier cities.

Uber Technologies Inc.: Uber Technologies Inc. and WeRide Inc. have partnered to launch the Middle East's first fully driverless commercial robotaxi service in Abu Dhabi. This initiative is part of a larger strategy to expand operations in the region, with plans to scale the fleet to thousands of robotaxis in the coming years. Higher per-trip fares in the Middle East are expected to contribute to WeRide's path to profitability.

Everbright Securities Co. Ltd.: According to a report by Everbright Securities Co. Ltd., higher per-trip fares in the Middle East are anticipated to hasten WeRide's journey to profitability. This information suggests that Everbright Securities Co. Ltd. functions as a financial institution, providing analysis and reports on market trends and company performance, specifically within the autonomous driving sector.

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