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Domestic News - The Ministry of Housing and Urban-Rural Development emphasizes the importance of improving municipal facilities such as parking and charging stations in urban renewal actions [2] - The State Council and the Ministry of Public Security have expanded the "two-in-one" reform pilot for imported vehicles to Huangpu Customs to enhance customs efficiency [3] - Beijing is seeking public opinion on a new standard that mandates public parking lots to include at least 10% charging facilities for electric vehicles [4] - In Sichuan, the automotive manufacturing industry's added value increased by 22.3% year-on-year from January to April 2025, with a 35.6% growth in automobile production [5] International News - A South Korean government delegation will visit the U.S. for tariff negotiations on key categories including automobiles and semiconductors [6] Corporate News - Honda has reduced its electric vehicle investment and adjusted its sales targets, now expecting electric vehicle sales to be below the previously announced 30% by 2030 [7] - Nvidia's CEO expressed pain over the U.S. export ban on H20 chips to China, predicting a $15 billion reduction in sales [8] - Waymo has received approval to expand its autonomous taxi operations in the San Francisco Bay Area [10] - Hyundai will suspend electric vehicle production for the third time this year at its Ulsan plant [11] - BYD and Shenzhou Car Rental signed a strategic cooperation agreement to promote sustainable development in the car rental market [12] - FAW-Volkswagen is restructuring its sales organization to better support future electric vehicle initiatives [13] - Xiaomi announced the resolution of a network black public relations case that targeted the company [14] - Li Auto's MEGA Home model has officially rolled off the production line and will begin nationwide deliveries on May 23 [15] - The retail sales of the Bestune Pony have surpassed 100,000 units since its launch [16] - Xiaoma Zhixing reported a 200% year-on-year increase in Robotaxi revenue for Q1 2025, with plans to expand its fleet to 1,000 vehicles by the end of the year [17]

Group 1: Google AI Ultra Launch - Google launched Google AI Ultra, an AI suite that integrates advanced models and features with 30TB of cloud storage, priced at $249.99 per month [2] - The suite includes the highest version of the Gemini application, supports video generation with Veo 2, and will soon offer access to the new Deep Think 2.5 Pro reasoning mode [2] - This launch signifies Google's commitment to enhancing AI solutions across various industries and aims to capture a larger market share in the competitive AI landscape [2] Group 2: Elon Musk's Commitment to Tesla - Elon Musk reaffirmed his dedication to remain as Tesla's CEO for the next five years unless he passes away [3] - This statement comes amid rumors that Tesla's board was considering finding a successor due to stock price declines and investor dissatisfaction with Musk's focus on other ventures [3] - The board's chair denied reports of actively seeking a new CEO, which may help stabilize investor confidence [3] Group 3: Apple's AI Model Accessibility - Apple is preparing to allow third-party developers to use its AI models to create software, aiming to boost new application development and enhance device appeal [4] - This initiative is expected to be announced at the upcoming WWDC on June 9, marking a significant step for Apple in the generative AI space [4] - Apple's move comes as a response to its previous AI platform's low usage rates compared to competitors [4] Group 4: Xiaoma Zhixing's Robotaxi Growth - Xiaoma Zhixing reported a 12% year-over-year revenue increase in Q1 2025, totaling $1.398 million, with Robotaxi business revenue soaring by 200% to $1.7 million [5] - Passenger fare revenue also saw a significant increase of 800% year-over-year [5] - The company plans to expand its Robotaxi fleet to 1,000 units by the end of 2025, driven by reduced costs in autonomous driving systems and increased production [5] Group 5: Cathie Wood's Investment in TSMC - Cathie Wood's Ark Invest made a substantial purchase of TSMC ADRs, marking the largest buying scale in nearly a year, indicating a shift from a reduction strategy [6][7] - The Ark Innovation ETF bought 123,587 TSMC ADRs, while the Ark Next Generation Internet ETF increased its holdings by 74,189 ADRs, representing 87% of their holdings as of March 31 [6][7] - This investment trend suggests a positive outlook on TSMC's future, potentially impacting its stock price and the semiconductor industry [6][7]

Core Insights - Pony AI's U.S.-listed equity saw a significant increase of nearly 6% following the release of its quarterly results, outperforming the S&P 500 index which declined by 0.4% [1] Financial Performance - In the first quarter, Pony AI reported revenue of just under $14 million, marking an increase of nearly 12% from slightly over $12.5 million in the same period of 2024 [2] - The adjusted net loss for the quarter deepened to almost $34 million, compared to a loss of $25.4 million in the previous year, but the net loss per American depositary receipt (ADR) narrowed to $0.10 from $0.28 due to a higher ADR count [2][4] Revenue Breakdown - The revenue growth was driven by a 3% increase in robotruck services and licensing, which constitutes nearly 90% of the company's total revenue [4] - Robotaxi services experienced significant growth, nearly tripling to over $1.7 million, albeit from a low base [4] Future Outlook - Pony AI aims to expand its fleet to 1,000 vehicles by year-end, supported by advancements in its seventh-generation autonomous driving system, which reduces bill-of-materials costs by 70% compared to its predecessor [5] - The company's rapid expansion and the supportive stance of the Chinese government towards next-generation transportation solutions suggest that these ambitious goals are achievable [5]

Core Viewpoint - The company, Pony.ai, reported its Q1 2025 financial results, showing revenue growth but continued net losses, while its Robotaxi business is expanding rapidly [1][2]. Revenue Stability - The total revenue for Q1 2025 was 102 million yuan (approximately 13.98 million USD), representing a 12% year-over-year increase [2]. - The growth in revenue is attributed to increased income and cost reduction, primarily driven by the scale production of the core Robotaxi business [2]. - Robotaxi business revenue reached 12.3 million yuan (approximately 1.73 million USD), marking a 200% year-over-year increase [2]. - Passenger fare revenue saw a significant increase of 800% year-over-year, supported by the expansion of paid Robotaxi services in major cities [2]. - The company’s Robotaxi service now covers over 2,000 square kilometers in cities like Beijing, Shanghai, Guangzhou, and Shenzhen, which is about 20 times the area of San Francisco [2]. - The registered user base grew by over 20% quarter-over-quarter due to targeted operational strategies [2]. Robotaxi Fleet Expansion - The company plans to scale its Robotaxi fleet to 1,000 vehicles by the end of 2025, with the seventh-generation Robotaxi expected to reduce costs and increase production speed [4]. - Strategic partnerships with automakers such as Toyota, BAIC, and GAC are being established to facilitate the mass production of the seventh-generation Robotaxi [4]. - Collaborations with major platforms like Alipay, Gaode, Tencent Cloud, and Uber are aimed at expanding user reach and commercializing services [4]. Global Expansion - The company is actively pursuing global expansion, having obtained testing permits in Luxembourg and initiated road tests in Seoul, South Korea [5]. - A joint autonomous driving service project has been launched with ComfortDelGro in Singapore [5]. - The co-founders have voluntarily extended their share lock-up period by 540 days, indicating confidence in the company's long-term prospects [5]. Financial Performance - Despite revenue growth, the company reported a net loss of 271 million yuan (approximately 37.4 million USD) for Q1 2025 [3]. - The company emphasizes that the development of the autonomous driving market requires time and investment, which may lead to initial losses [3]. - The focus on R&D investment is seen as essential for building technological barriers and market advantages [3].

Financial Data and Key Metrics Changes - Revenue for Q1 2025 totaled $14 million, an increase of 11.6% year over year, primarily driven by rapid growth in Robotaxi services [29] - Robotaxi service revenue reached $1.7 million, growing significantly by 200.3% year over year, with fare charging revenues increasing approximately 800% year over year [30] - Gross profit was $2.3 million, resulting in a gross margin of 16.6%, down from 21% in the same period last year [31] - Net loss for Q1 2025 was $37.9 million, compared to $20.8 million in Q1 2024 [32] Business Line Data and Key Metrics Changes - Robotruck services revenue grew by 4.2% year over year to $7.8 million, driven by contributions from new clients [30] - Licensing and application revenues remained flat year over year at $4.5 million [30] - The total cost of revenue was $11.7 million, up 17.9% year over year, in line with revenue trends [30] Market Data and Key Metrics Changes - The number of registered users on the Pony Pilot app increased by more than 20% quarter over quarter in Q1 2025 [13] - The company has expanded its operational domains across major cities in China, covering over 2,000 square kilometers, significantly larger than the city area of San Francisco [12] Company Strategy and Development Direction - The company aims to scale up its operations with a focus on mass production of the Gen 7 Robotaxi, targeting a fleet size of 1,000 vehicles by year-end [5][37] - Strategic partnerships with companies like Tencent and Uber are being leveraged to enhance service integration and expand market reach [7][15] - The company is committed to disciplined investment in mass production and operational efficiency to create long-term shareholder value [28] Management's Comments on Operating Environment and Future Outlook - Management emphasized the importance of technological advancements and cost reductions in achieving long-term profitability [17] - The company is optimistic about its growth trajectory, citing strong user adoption and operational expansion as key drivers [13][14] - Management expressed confidence in navigating regulatory environments and expanding into international markets [42][44] Other Important Information - The company has secured China's first fully driverless commercial robotaxi license in Shenzhen, enhancing its operational capabilities [12] - The Gen 7 autonomous driving system was launched at the Shanghai Auto Show, showcasing significant cost reductions in production [6][9] Q&A Session Summary Question: How should we address your progress throughout this year? Is there any color or pipeline for 2026? - The company has a clear pipeline for Gen 7 robotaxi mass production, expecting to ramp up operations in the second half of the year and accelerate growth in 2026 [36][38] Question: Could you elaborate more on your evolving global strategy? - The company prioritizes the China market but is expanding into international markets with strong mobility demand and favorable regulations, leveraging partnerships with global players [41][43] Question: What factors are driving the high revenue growth in Robotaxis this quarter? Is it sustainable? - Revenue growth was driven by fare charging and project-based engineering services, with expectations of continued strong growth despite some natural volatility [46][50] Question: Did you need to upgrade your software to fulfill the ADK cost reduction? - The company has optimized its hardware and software systems to improve performance and reduce costs, achieving significant efficiency gains [53][55] Question: Could recent regulatory requirements regarding driver assist impact the company? - The company views the regulatory clarity as beneficial, distinguishing between L2 and L4 systems, which enhances public understanding and supports its autonomous driving technology [58][61] Question: Will the U.S.-China tariff issue have any potential negative impact on operations? - The company believes the impact will be minimal due to a domestically sourced supply chain and enhanced resilience measures [66]

Financial Data and Key Metrics Changes - Revenue totaled $14 million, up 11.6% year over year, driven by rapid growth in Robotaxi services [28] - Robotaxi service revenue was $1.7 million, growing 200.3% year over year, with fare charging revenues increasing approximately 800% year over year [28][29] - Gross profit reached $2.3 million, resulting in a gross margin of 16.6%, down from 21% in the same period last year [30] - Net loss was $37.9 million compared to $20.8 million in the first quarter of 2024 [31] Business Line Data and Key Metrics Changes - Robotruck services revenue grew by 4.2% year over year to $7.8 million, primarily driven by contributions from new clients [29] - Licensing and application revenues remained flat year over year at $4.5 million [29] Market Data and Key Metrics Changes - The number of registered users on the Pony Pilot app increased by more than 20% quarter over quarter [13] - The company secured China's first fully driverless commercial robotaxi license in Shenzhen, unlocking operations in key economic and transportation hubs [12] Company Strategy and Development Direction - The company aims to scale up its Gen 7 robotaxi fleet to 1,000 vehicles by year-end 2025, focusing on mass production and deployment [6][17] - Strategic partnerships with Tencent and Uber are expected to enhance the ecosystem and expand market reach [7][15] - The company is committed to disciplined investment in mass production while maintaining financial resilience [27] Management's Comments on Operating Environment and Future Outlook - Management emphasized the importance of technological advancements and operational efficiency in achieving long-term profitability [17][32] - The company is optimistic about its growth trajectory, expecting to reduce financial volatility and build a more predictable path to growth [32] Other Important Information - The Gen 7 autonomous driving system was launched at the Shanghai Auto Show, achieving a 70% reduction in bill of materials costs compared to the previous generation [6][8] - The company has made significant improvements in operational cost optimization, including a remote assistant to driver ratio of 20:1 [11][24] Q&A Session Summary Question: Progress and pipeline for 2026 - Management confirmed a clear pipeline for Gen 7 robotaxi mass production, expecting to ramp up deployment in the second half of 2025 and accelerate growth in 2026 [37][39] Question: Evolving global strategy and focus on China - The company prioritizes the China market but is expanding into international markets with strong mobility demand and favorable regulations [41][44] Question: Factors driving revenue growth in Robotaxi segment - Revenue growth was driven by fare charging and project-based engineering services, with expectations of natural volatility in revenues [46][49] Question: Impact of regulatory requirements on operations - Management believes recent regulatory requirements will benefit the company by clarifying distinctions between L2 and L4 autonomous driving [58][60] Question: Potential impact of U.S.-China tariff issues - The company expects minimal impact from tariff issues due to a predominantly domestic supply chain and enhanced supply chain resilience [66]

2025年底Robotaxi车队规模将扩大到千台。 本文为IPO早知道原创 作者｜ Stone Jin 微信公众号｜ipozaozhidao 据 IPO早知道消息， 小马智行（ NASDAQ:PONY） 于 5月20日美股盘前 发布 了 未经审计的 2025年第一季度财报。 核心 业务 驱动营收保持 同比增长 持续扩大自己的生态圈建设 | 乘客车费收入 | | --- | | 同比增长 | 财报显示， 今年第一季度， 小马智行 总营收 1.02亿元（1398万美元），同比增长12%；其中 Robotaxi业务收入1230万元（173万美元），同比增长 超 200%。 截至一季度末，现金等价物及 长短期理财投资总额为 53.59亿元（7.39亿美元）。 值得注意的是， 小马智行 日前发布公告称， 董事会主席、联合创始人、 CEO彭军，以及联合创始 人、CTO楼天城已分别签署自愿延长股份锁定期协议 。 根据协议，两位创始人持有的全部公司股份 及相关证券将自公司首次公开募股锁定期到期日起继续锁定 540天。此次延长锁定期涉及110,828 股A类普通股及81,088,770股B类普通股，合计约占公司总已发行普通股的 ...

Exhibit 99.1 PONY AI Inc. Announces Unaudited First Quarter 2025 Financial Results New York, May 20, 2025 — Pony AI Inc. ("Pony.ai" or the "Company") (Nasdaq: PONY), a global leader in achieving large-scale commercialization of autonomous mobility, today announced its unaudited financial results for the first quarter ended March 31, 2025. Dr. James Peng, Co-founder and Chief Executive Officer of Pony.ai, commented, "2025 is the year of scaling up for Pony.ai and we embraced it with strong growth momentum. O ...

Core Insights - Pony.ai reported strong growth in its first quarter of 2025, with total revenues increasing by 11.6% year-over-year, driven primarily by a 200% rise in Robotaxi services revenues [2][12][16] - The company is focused on scaling up production and cost efficiency through the introduction of its seventh-generation autonomous driving system (Gen 7), which reduces bill-of-materials costs by 70% compared to its predecessor [2][5] - Strategic partnerships and regulatory advancements are key to expanding Pony.ai's market presence and operational capabilities [11][4] Financial Performance - Total revenues for Q1 2025 were US$14.0 million (RMB101.6 million), up from US$12.5 million (RMB90.8 million) in Q1 2024 [12][34] - Robotaxi services revenues reached US$1.7 million (RMB12.3 million), a significant increase of 200.3% from US$0.6 million (RMB4.4 million) in Q1 2024, with fare-charging revenues growing approximately 800% [12][34] - Operating expenses rose to US$58.4 million (RMB423.8 million) in Q1 2025, a 56.3% increase from US$37.3 million (RMB270.5 million) in Q1 2024, primarily due to investments in Gen 7 mass production [14][34] Technological Advancements - The Gen 7 Robotaxi system is designed for enhanced safety and reliability, featuring a 100% automotive-grade autonomous driving kit [5] - Pony.ai's proprietary AI model, PonyWorld, generates over 10 billion kilometers of testing data weekly, contributing to significant safety improvements and operational efficiency [5] - The company achieved a milestone with its Gen 7 Robotaxis, being the first to achieve full-scenario Level 4 autonomous driving on automotive-grade chips [2][5] Market Expansion - Pony.ai has expanded its operational footprint to over 2,000 square kilometers across major Chinese cities, significantly larger than San Francisco [5] - The company secured China's first fully driverless commercial Robotaxi license in Shenzhen, marking a significant regulatory achievement [5] - A strategic partnership with Tencent's Weixin platform aims to enhance user access to Pony.ai's services, tapping into a vast user base in China [5][11] Cash Flow and Balance Sheet - As of March 31, 2025, cash and cash equivalents totaled US$738.5 million (RMB5,359.1 million), down from US$825.1 million as of December 31, 2024, primarily due to R&D investments [20][34] - The net cash used in investing activities was US$93.3 million (RMB677.1 million) in Q1 2025, compared to US$54.3 million provided by investing activities in Q1 2024 [20][36]