中国Robotaxi双雄文远与小马港股上市引发数据造假口水战

Core Viewpoint - The competition between leading Chinese autonomous driving companies, Pony.ai and WeRide, has intensified, leading to public accusations of data falsification ahead of their IPOs, highlighting the fierce rivalry and the ongoing challenges in technology and business model breakthroughs in the Robotaxi market [2][25]. Company Overview - Pony.ai and WeRide both initiated their IPO processes on October 28, with a likely simultaneous listing on November 6, marking a significant event in China's Robotaxi market [2]. - WeRide's CFO, Li Xuan, accused Pony.ai of making false claims regarding operational areas, operational data, and technical capabilities in their roadshow materials [3][5]. Accusations and Responses - Pony.ai's accusations included: - Operational area falsification, claiming WeRide only operates in Beijing [3]. - Operational data falsification, suggesting WeRide had zero completed rides [3]. - Doubts about WeRide's technical capabilities compared to Pony.ai's claimed L4 technology [3]. - In response, WeRide provided data showing its operations in multiple cities, including Beijing and Guangzhou, and international markets, with over 700 Robotaxi vehicles and significant revenue growth [5][9]. Market Context - The Robotaxi market is approaching a commercialization tipping point, with increasing competition from other players like SAIC's Xiangdao Mobility and GAC's Ruqi Mobility, which have also filed for IPOs [12][13]. - Both companies are facing financial challenges, with significant losses reported due to high R&D investments and global expansion efforts [20][21]. Financial Performance - Pony.ai's projected net losses for 2022-2025 are substantial, with figures reaching $148 million in 2022 and $275 million in 2024, while WeRide's losses are similarly high, indicating ongoing financial strain [20][21]. - Both companies have not yet achieved profitability, with annual revenues not exceeding $100 million [20][21]. Future Outlook - Despite current challenges, both companies remain optimistic about future profitability, with expectations of reaching breakeven by 2028-2029 [22]. - WeRide is focusing on international expansion, particularly in the Middle East, while Pony.ai is concentrating on major domestic cities [22][23].