Pony AI Stock Soars Premarket On New Partnership With Uber: But Retail’s Unconvinced
Synopsis
Under the terms of the partnership, Pony AI’s robotaxis will be deployed on the Uber platform, starting with a market in the Middle East later this year.
Shares of Pony AI (PONY) soared 11% in premarket trading on Tuesday after it entered a partnership with ride-hailing firm Uber Technologies, Inc. (UBER).
As part of the partnership, Pony AI’s robotaxis will be deployed on the Uber platform, starting with a market in the Middle East later this year.
During the initial pilot phase, the vehicles will not operate wholly autonomously but will have a safety operator onboard. However, this will later progress to fully autonomous operations.
Uber said deployments will be scaled to additional international markets in the future.
The company explained that when a rider requests a qualifying ride on the Uber app, they may be given the option to fulfill their trip by a Pony.ai autonomous vehicle.
Uber CEO Dara Khosrowshahi said that Uber is “uniquely positioned” to help accelerate the commercialization of autonomous driving technology as its services span mobility, delivery, and freight.
Meanwhile, Pony AI CEO James Peng said partnering with Uber accelerates its shared mission to make autonomous mobility a real, everyday experience for more consumers worldwide.
Last month, Pony AI unveiled its seventh-generation autonomous driving system at the Shanghai International Automobile Industry Exhibition. The system aims to facilitate the mass production of robotaxis on a more scalable and cost-effective basis.
The company unveiled three seventh-generation robotaxi models developed through its partnerships with Toyota, BAIC, and GAC at the event and aims to commence mass production of robotaxis in mid-2025.
On Stocktwits, retail sentiment around Pony.ai fell from ‘bullish’ to ‘neutral’ territory over the past 24 hours while message volume fell from ‘high’ to ‘normal’ levels.
PONY stock is down by 36% this year and 19% over the past 12 months.
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