Pony.ai (PONY.US) generated a revenue of 548 million yuan in 2024, maintaining its lead in the L4 level of autonomous driving race.

On March 25th, Beijing time, Pony.ai (PONY.US) disclosed its financial report for the fourth quarter and full year of 2024. The company's revenue in 2024 reached a new high of 548 million yuan (75.03 million USD), a year-on-year increase of 4.3%, with fourth quarter revenue reaching 259 million yuan (35.50 million USD). Pony.ai's revenue in 2022 and 2023 were 472 million yuan and 510 million yuan respectively, showing continuous growth for three consecutive years, making it the largest L4 autonomous driving company in China in terms of revenue. As the "world's first Robotaxi stock", Pony.ai is expanding its core business of autonomous driving ride-hailing services (Robotaxi), with revenue from this service reaching 53.28 million yuan (7.30 million USD) in 2024. Due to the expansion of paid Robotaxi services in first-tier cities in China, passenger fees have increased significantly. With the deployment of the seventh generation of Robotaxi vehicles this year, the company expects this growth trend to continue and even accelerate. Pony.ai co-founder and CEO, James Peng, stated that driven by mature technology and sufficient funding, the company is accelerating the commercialization of autonomous driving. He emphasized that Pony.ai adheres to the business strategy of "prioritizing Robotaxi business, Chinese market, and first-tier cities". In 2024, the company will continue to expand its deployment of autonomous driving services in first-tier cities in China such as Beijing, Shanghai, Guangzhou, and Shenzhen to establish a strong operational capability and seek more market opportunities globally. In 2024, Pony.ai accelerated the research and development of the seventh generation Robotaxi solution and vehicle models, with adjusted annual R&D expenses totaling 1.006 billion yuan (137.8 million USD), a 14% increase year-on-year. The cost of the seventh generation vehicle-grade autonomous driving system solution has significantly decreased compared to the previous generation, with a 70% reduction. Through collaboration with Toyota Motor Corp. Sponsored ADR, BAIC New Energy, and GAC Aian, three seventh-generation Robotaxi cooperation models will be launched this year. Pony.ai co-founder and CTO, Tiancheng Lou, stated that their self-developed "PonyWorld + Virtual Driver" is a key technology for the large-scale deployment of fully autonomous driving. "PonyWorld" constructs a highly realistic training environment and behavior assessment system, generating over 10 billion miles of autonomous driving data weekly. The "Virtual Driver" system continuously self-evolves within the world model, surpassing human-level driving performance under lower computational power and mass-produced hardware, especially making breakthrough progress in coping with extremely low probability scenarios. Data shows that the safety index of the "Virtual Driver" has increased by 16 times, with corresponding improvements in comfort and traffic efficiency. By the end of 2024, Pony.ai held a total of 6.023 billion yuan (825 million USD) in cash and cash equivalents and long-short-term financial investments, a year-on-year growth of 39.4%, providing strong financial support for the development of autonomous driving at scale. In addition to increasing R&D investment, one-time equity incentive expenses for employees were included in the operating expenses in the fourth quarter according to accounting standards, leading to an adjusted annual operating expense of 1.24 billion yuan (169.9 million USD) and an adjusted net loss of 1.121 billion yuan (153.6 million USD). Since its listing in the fourth quarter, Pony.ai has continued to advance its operations in China. In key cities such as Beijing, Guangzhou, and Shenzhen, its Robotaxi charging services have expanded to cover urban areas and key airports and train stations, becoming the first company to obtain full regulatory approval for autonomous Robotaxi operation in all categories in four first-tier cities. In the Robotruck sector, Pony.ai initiated the country's first unmanned truck caravan and freight service trial on the Jingjin-Tang expressway in January this year. On the other hand, Pony.ai deepened cooperation along the industrial value chain and formed a joint force with upstream and downstream partners to promote the large-scale application of autonomous driving. In November and December of 2024, Pony.ai collaborated with BAIC New Energy and GAC Aian to develop L4 Robotaxi models. In August and October of 2024, Pony.ai's Robotaxi connected with Alipay, Amap app, and mini-programs through cooperation to offer users more choices for tech-savvy travel. In March 2025, Pony.ai announced a joint operation of autonomous driving travel with ComfortDelGro, which boasts a network of over 29,000 taxis globally, in Guangzhou. Pony.ai's CFO, Haojun Wang, highlighted that the company will focus on efficient investment and optimized output, ensuring alignment of resources to accelerate the company's business deployment strategy.