小马智行公然造假贬低文远知行？L4智驾企业迎来“生死对决”

Core Viewpoint - The intense competition between Pony.ai and WeRide has escalated due to misleading data presented by Pony.ai in its roadshow materials, which has prompted a strong backlash from WeRide and even affected Baidu [1][4][6]. Group 1: Company Background and Competition - Pony.ai and WeRide, both key players in the L4 autonomous driving sector, have a shared history as former colleagues at Baidu, now turned rivals in the capital market [3][15]. - The two companies are set to go public on the Hong Kong Stock Exchange on November 6, 2023, following their recent IPO filings [1][3]. - The competition is not merely about market share but also involves a significant valuation gap of $4.8 billion, which is critical for their future funding and survival [9][15]. Group 2: Misleading Data and Backlash - Pony.ai's roadshow materials inaccurately portrayed WeRide's operational status, claiming it operates in only one city and has zero completed orders, which WeRide vehemently disputes [4][10]. - WeRide's CFO publicly criticized Pony.ai for these misleading claims, asserting that they exceed normal competitive behavior [4][15]. - Baidu was also affected by Pony.ai's presentation, as it excluded Baidu's key operational city, Wuhan, leading to a public statement from Baidu's investor relations team asserting legal action [6][15]. Group 3: Financial Performance and Market Position - As of October 28, 2023, Pony.ai's market capitalization was $8.4 billion, while WeRide's was $3.6 billion, indicating a significant valuation advantage for Pony.ai [7][9]. - In the first half of 2025, Pony.ai reported revenues of 254 million RMB, compared to WeRide's 200 million RMB, with adjusted net losses of 534 million RMB and 890 million RMB respectively [9][10]. - Both companies are currently operating at substantial losses, with a combined loss exceeding 1.4 billion RMB in the first half of 2025, highlighting the urgency for both to achieve profitability [10][11][16]. Group 4: Market Dynamics and Future Outlook - The competition is intensifying as both companies seek to secure funding through their IPOs, with Pony.ai aiming to raise 7.2 billion HKD and WeRide 2.9 billion HKD [9][16]. - The current market sentiment is shifting towards a more critical evaluation of cost models and profitability expectations, moving away from purely technological narratives [16]. - The outcome of this rivalry will significantly influence which company can sustain operations long enough to reach profitability, making the upcoming IPOs crucial for their survival [16].