Core Viewpoint - Pony.ai-W (02026) has entered a new phase of strategic cooperation with BAIC New Energy, focusing on the commercialization and global expansion of L4-level Robotaxi technology [1] Group 1: Strategic Cooperation - Pony.ai and BAIC New Energy have officially announced a comprehensive deepening of their strategic cooperation, marking the beginning of Cooperation 2.0 [1] - The partnership aims to expand the breadth and depth of collaboration based on the successful experience of L4-level Robotaxi mass production and operation [1] Group 2: Product Development - The collaboration will transition from a "single model" approach to a "full spectrum" strategy, leveraging the mass production experience of the Arcfox Alpha T5 Robotaxi [1] - The goal is to develop a richer product matrix of Robotaxi vehicles, focusing on L4-level autonomous driving models [1] Group 3: Market Expansion - The partnership will extend the validated product experiences and technical solutions to the passenger vehicle market, targeting high-end intelligent driving models [1] - The integration of strategic resources is emphasized to enhance the overall effectiveness of the collaboration [1]

Core Viewpoint - Pony.ai-W (02026) has seen a nearly 3% increase in stock price, currently trading at 128.1 HKD, with a transaction volume of 16.4085 million HKD. The company has announced a comprehensive strategic cooperation with BAIC New Energy, marking the beginning of Cooperation 2.0 phase, focusing on the mass production and commercialization of L4 level Robotaxi [1] Group 1: Strategic Cooperation - Pony.ai and BAIC New Energy have officially reached a "five-in-one" strategic cooperation agreement, expanding the breadth and depth of their collaboration [1] - The partnership aims to leverage successful experiences in L4 level Robotaxi mass production and operations to enhance the commercialization and globalization of autonomous driving [1] Group 2: Product Development - The collaboration will transition from a "single model" to a "full spectrum" approach in product co-creation, utilizing the mass production experience of the Arcfox Alpha T5 Robotaxi [1] - The companies plan to develop L4 level autonomous driving vehicles, creating a richer product matrix for Robotaxi [1] - Verified product experiences and technical solutions will be extended to high-end intelligent driving models in the passenger car market, adhering to "pre-installation mass production" standards [1]

Core Viewpoint - Pony.ai-W (02026) has entered a comprehensive strategic cooperation with BAIC New Energy, marking the beginning of Cooperation 2.0, focusing on the mass production and commercialization of L4-level Robotaxi [1] Group 1: Strategic Cooperation - The partnership aims to expand the breadth and depth of collaboration based on successful experiences in L4-level Robotaxi mass production and operation [1] - The cooperation will extend the validated successful model in the L4-level Robotaxi field to multiple dimensions including products, technology, and market [1] Group 2: Product Development - The collaboration will transition from a "single model" to a "full spectrum" in product co-creation, leveraging the mass production experience of the Arcfox Alpha T5 Robotaxi [1] - The goal is to develop L4-level autonomous driving vehicles and create a richer product matrix for Robotaxi [1] - The partnership will standardize the validated product experiences and technical solutions to be "pre-installed and mass-producible," extending to high-end intelligent driving models in the passenger car market [1]

Summary of Pony AI (PONY.O/2026.HK) Conference Call Company Overview - **Company Name**: Pony AI Inc. - **Founded**: 2016 - **Industry**: Autonomous Mobility - **Key Operations**: Operates robotaxi services in four tier-1 cities in China (Beijing, Shanghai, Guangzhou, Shenzhen) leveraging vehicle-agnostic Virtual Driver technology and full-stack autonomous driving technology [13][18] Key Events and Catalysts 1. **4Q25 Results**: Expected to be decent with a one-off gain from Moore Threads investment, estimated at a ~100x return, which will be reflected in the 4Q25 P&L [2][11] 2. **Waymo Financing Round**: Waymo is reportedly valued at 280x 2025 P/S, which may lead to a re-rating of Pony AI's valuation currently at 87x 2025 P/S. This financing round could occur in 1Q26 [3][11] 3. **Southbound Stock Connect Entry**: Anticipated entry into Southbound stock connect around June 5, 2026, which may improve investor sentiment. Feedback indicates a potential shift in fund flow towards undervalued tech-AI names [4][11] 4. **US-China Competition**: Increased competition may prompt China to adopt a more aggressive policy on ADAS/Robotaxi, potentially increasing domestic development spending [7][8][11] 5. **New Generation Robotaxi**: Expected to reduce Autonomous Driving Kit (ADK) costs by 20% starting April 2026, with current BOM costs estimated at Rmb130k [9][11] 6. **Asset-Light Business Model**: Development is progressing well, with a target to exceed 3,000 Robotaxi units by the end of 2026, up from 1,159 units at the end of 2025 [10][11] Financial Metrics - **Current Price**: US$16.09 (Market Cap: US$5.636 billion) [11] - **Target Price**: US$24.50 (derived from DCF with a 17.1% WACC) [15][20] - **Valuation Multiples**: Target price translates to 2030E P/S and P/E multiples of 2.9x and 28.0x [15][20] Investment Strategy - **Rating**: Buy/High Risk - **Advantages**: - Regulatory advantages as an early mover in the domestic market - Focus on L4 advanced autonomous driving technology - Cost advantages with a vehicle cost of US$38k, significantly lower than competitors [14][19] Risks - **High Risk Rating**: Due to loss-making status and uncertainties in robotaxi development - **Key Risks**: - Technological and commercialization challenges - Business model uncertainties - Safety and reliability concerns - Intense competition and regulatory risks [16][21] Additional Insights - **Investor Sentiment**: Positive sentiment is building around Pony AI's potential market entry and upcoming financial results, which could drive stock performance in the near term [4][11] - **Market Dynamics**: The evolving landscape of US-China tech competition may create opportunities for accelerated growth in the autonomous vehicle sector [7][8][11]

Group 1 - The majority of popular Chinese concept stocks experienced declines on January 13, with Xiaoma Zhixing falling over 6% [1] - Pinduoduo saw a drop of more than 5% [1] - Kingsoft Cloud and Baidu both decreased by 4% [1] - NIO and Li Auto each fell by over 2% [1]

Core Viewpoint - The strategic partnership between Pony.ai and BAIC New Energy has evolved into a comprehensive collaboration, marking a transition from a single project phase to a full-system synergy phase, focusing on product co-creation, market expansion, industry chain integration, ecosystem development, and capital collaboration [2][4]. Group 1: Partnership Development - The collaboration is based on previous successful outcomes, including a technical cooperation agreement signed in November 2024, which integrates Pony.ai's seventh-generation autonomous driving system with BAIC's redundant chassis architecture to develop the L4-level Arcfox Alpha T5 Robotaxi [2][4]. - The first mass-produced vehicle is set to roll off the production line in July 2025, with rapid progress in delivery, achieving 100 units in one month and 300 units in three months, totaling over 600 units produced to date [2][5]. Group 2: Commercial Operations - Starting from November 2025, the Arcfox Alpha T5 Robotaxi will be fully operational in key areas of Beijing, Shenzhen, and other regions, effectively creating a closed-loop system for production, testing, and operation, allowing users to experience fully autonomous travel services [2][4]. Group 3: Future Plans and Goals - The partnership aims to expand from a single model to a comprehensive L4 Robotaxi product matrix, leveraging the successful mass production experience of the Arcfox Alpha T5 [4]. - The companies plan to promote the "Chinese solution" internationally, focusing on markets in the Middle East and Europe, utilizing Pony.ai's localized experience in eight countries to support this expansion [4]. - The collaboration is expected to enhance the entire value chain from research and development to operation and maintenance, accelerating commercialization and profitability [4][5]. - The partnership's investment is projected to stimulate the development of a trillion-dollar intelligent driving industry, with a goal of achieving a scale of 3,000 units by the end of 2026 [5].

Core Viewpoint - The strategic partnership between autonomous driving company Pony.ai and BAIC New Energy has evolved into a comprehensive "five-in-one" collaboration, marking a transition from a single project phase to a fully integrated system phase, enhancing product co-creation, market expansion, industrial collaboration, ecosystem building, and capital integration [1][2]. Group 1: Product Co-Creation - The collaboration will leverage the successful mass production experience of the Extreme Fox Alpha T5 Robotaxi to develop a broader range of L4 Robotaxi products, transitioning from a "single model" to a "full spectrum" approach [2]. - The partnership aims to extend proven technology solutions to high-end smart driving models in the passenger car market, facilitating strategic resource integration [2]. Group 2: Market Expansion - The companies plan to deepen their domestic market presence while also promoting the "Chinese solution" internationally, focusing on the Middle East and European markets, thereby achieving comprehensive global output of vehicles, technical standards, operational models, and business ecosystems [2]. - Pony.ai's prior localization experience in eight countries, including Luxembourg and Qatar, will support their international expansion efforts [2]. Group 3: Ecosystem Building - BAIC New Energy will integrate its travel platforms and after-market resources, such as maintenance and charging, with Pony.ai's Robotaxi fleet, creating a seamless value chain from research and development to production, operation, and maintenance [2]. Group 4: Capital Integration - The partnership will deepen existing mutual investments, forming a long-term strategic bond around technology research and development, supply chain investment, and global market expansion [2]. Group 5: Future Development - The mass production of 600 units has not only helped Pony.ai exceed its 2025 target of 1,000 Robotaxis but also strengthens its confidence in achieving a target of 3,000 units by the end of 2026, marking a significant step for China's intelligent connected vehicle industry [3].

Core Viewpoint - BAIC New Energy and Pony.ai have officially entered a comprehensive strategic cooperation, aiming to create a benchmark for collaborative innovation in China's intelligent driving industry through a "five-in-one" approach [1][4]. Group 1: Strategic Cooperation Details - The cooperation will focus on five key dimensions: product co-creation, market expansion, industry chain integration, ecosystem building, and capital collaboration [4]. - The product co-creation will leverage the successful mass production experience of the Arcfox Alpha T5 Robotaxi to develop a diverse L4 product matrix and extend into high-end intelligent vehicles [4]. - Market expansion efforts will include deepening domestic presence while promoting the "Chinese solution" abroad, particularly in the Middle East and Europe [4]. Group 2: Operational and Financial Aspects - The initiative aims to optimize the entire lifecycle cost of L4 vehicles by integrating supply chains and fostering a local intelligent mobility supply chain cluster [4]. - The ecosystem building will involve integrating resources across the entire value chain, including R&D, production, customer acquisition, operation, maintenance, and finance, to create a sustainable Robotaxi business ecosystem [4]. - The capital collaboration will focus on long-term strategic binding around technology, supply chain, and global market expansion, driven by mutual trust [4][6]. Group 3: Milestones and Achievements - The first mass-produced Arcfox Alpha T5 Robotaxi was officially launched in July 2025, with the first 100 units delivered within a month and 300 units produced within three months [6]. - As of now, over 600 units of the Arcfox Alpha T5 Robotaxi have been produced, capable of operating in various complex driving scenarios, including urban roads and highways [6]. - Commercial operations for the Arcfox Alpha T5 Robotaxi began in November 2025, covering key areas in Beijing and Shenzhen, including airports and business districts during peak hours [9].

Core Insights - The strategic partnership between BAIC New Energy and Pony.ai aims to enhance the development of L4-level Robotaxi production and operations, establishing a benchmark for collaborative innovation in China's smart driving industry [1][3] Group 1: Partnership Details - The collaboration is characterized as entering a "2.0 era," focusing on creating a complete closed loop from technology development to commercial operation, rather than merely increasing vehicle production [3] - The partnership will leverage a ten billion investment to stimulate a trillion-level automotive intelligent driving industry collaboration [3] Group 2: Production Milestones - Since signing a technical cooperation agreement in November 2024, the partnership has achieved over 600 units of Robotaxi production, marking a significant milestone in the field [4] - The first mass-produced vehicle was launched in July 2025, with rapid delivery milestones: 100 units delivered within a month and 300 units within three months [4] - The Robotaxi operates in various complex driving scenarios, demonstrating a safety level exceeding human driving by over ten times [4] Group 3: Market Strategy - The Robotaxi sector is recognized for its clear commercialization path and substantial market potential, estimated in the hundreds of billions [6] - The partnership will focus on five dimensions: product co-creation, market expansion, supply chain integration, ecosystem development, and capital collaboration [6] Group 4: Global Competitiveness - The collaboration signifies a critical step for China's smart connected vehicle industry, transitioning from isolated technological breakthroughs to systematic ecological competition [7] - It aims to establish a sustainable smart mobility ecosystem, providing a replicable and sustainable "Chinese solution" for the global smart mobility market [7]

Core Insights - The strategic partnership between BAIC New Energy and Pony.ai has entered a new phase, focusing on comprehensive collaboration in various dimensions of the smart mobility ecosystem [1][3] Group 1: Partnership Overview - The collaboration is based on a prior technical partnership initiated in November 2024, which has already achieved mass production of L4-level Robotaxi models [3] - The partnership aims to systematically advance in five key areas: product co-creation, market expansion, industrial chain integration, ecosystem development, and capital collaboration [3] Group 2: Product Development - The companies will leverage the successful mass production experience of the Arcfox T5 Robotaxi to develop a diverse L4 product matrix, extending into high-end smart vehicle segments [3] - The first mass-produced vehicle, the Arcfox Alpha T5 Robotaxi, is set to roll off the production line in July 2025, with rapid scaling expected thereafter [4] Group 3: Market Strategy - The partnership will focus on deepening domestic market presence while promoting the "China solution" internationally, particularly in the Middle East and Europe [3] - The aim is to establish a sustainable Robotaxi business ecosystem by integrating research, production, customer acquisition, operation, maintenance, and financial services [3] Group 4: Operational Milestones - The Arcfox Alpha T5 Robotaxi has commenced full-scale operations in key areas such as Beijing Yizhuang and Shenzhen, providing users with a fully autonomous travel experience [6] - As of now, over 600 units of the Arcfox Alpha T5 Robotaxi have been produced, with significant operational milestones achieved within months of launch [4][6]