Core Viewpoint - Pony.ai, known as the "global Robotaxi first stock," is facing scrutiny from short-seller Grizzly Research, which claims the company has fabricated data and is the worst performer in the autonomous taxi sector [1][3]. Company Overview - Pony.ai was founded in 2016 and is headquartered in Nansha District, Guangzhou. It launched its Robotaxi service in 2018 and is one of the first companies in China to obtain autonomous driving service permits in major cities like Beijing, Shanghai, Guangzhou, and Shenzhen. It successfully went public on NASDAQ on November 27, 2024, becoming the "global Robotaxi first stock" [3]. Allegations and Financial Performance - Grizzly Research's report cites serious allegations from apparent insiders, claiming that Pony.ai has actively falsified data related to its autonomous driving software algorithms, with management allegedly aware of and attempting to cover up these actions. This behavior is deemed reckless and dangerous for a company developing autonomous driving technology [3][4]. - The financial situation of Pony.ai appears dire, with worsening conditions post-IPO. The company heavily relies on related-party transactions. Revenue figures from 2022 to 2024 show a growth trend: $68.39 million, $71.90 million, $75.03 million, and $13.98 million for the first quarter of 2024. However, net losses have increased: $148 million, $125 million, $275 million, and $37.4 million for the first quarter of 2024 [3][4]. Research and Development Costs - The continuous losses are attributed to high costs, particularly in technology, product development, and marketing, with R&D expenses consistently exceeding $100 million annually. Specific R&D expenditures from 2022 to 2024 were $154 million, $122 million, and $240 million [4]. Competitive Position and Regulatory Challenges - Grizzly's report suggests that Pony.ai lags behind competitors like Baidu Apollo and WeRide, requiring significant time and funding to catch up. The company lost its permit for autonomous vehicle testing in California due to an incident a few years ago and faced a similar situation in China in May, leading to a temporary service disruption. Currently, Pony.ai is only permitted to conduct autonomous vehicle testing with a safety driver present in the U.S. [4]. Market Pressure - Following the expiration of the lock-up period for shares, Grizzly believes that Pony.ai's business and stock price will face increasing pressure. As of July 11, 2024, the stock price was $12.77 per share, reflecting a slight decline of 0.93% [6].
“Robotaxi第一股”小马智行遭做空，持续亏损引担忧