73页深度 | 小马智行：全球无人驾驶领先企业，Robotaxi商业化落地加速【国信汽车】

Core Viewpoint - Pony.ai is a leading global company in high-level intelligent driving, focusing on Robotaxi and Robotruck services, with a strong emphasis on commercializing autonomous driving solutions [2][11][12]. Company Overview - Pony.ai was founded in December 2016 and has since established itself as a leader in the autonomous driving sector, with significant developments in Robotaxi and Robotruck services [12][14]. - The company operates in various regions, including China, Europe, East Asia, and the Middle East, aiming to provide safe and reliable autonomous driving solutions [13][14]. Main Business Segments - The main business segments of Pony.ai include: - Robotaxi autonomous driving services (9.7% of revenue in 2024) - Robotruck autonomous driving truck services (53.8% of revenue) - Licensing and application services (36.5% of revenue) [2][18][21]. Financial Performance - In 2024, Pony.ai reported revenues of $75.03 million, a 4% increase year-over-year, with a net loss of $270 million [2][18]. - The adjusted net profit, accounting for stock-based compensation, was -$150 million, compared to -$121 million in 2023 [2]. Industry Landscape - The global market for Robotaxi is projected to be worth trillions, with the domestic taxi and ride-hailing market in China estimated at 236 billion yuan annually [4]. - The Robotruck market is also expected to reach trillions globally, with a potential domestic market size of 90 billion yuan by 2030 [4]. Technological Advancements - Pony.ai has introduced world models and virtual driver technology to achieve L4-level intelligent driving solutions [6][26]. - The sixth-generation Robotaxi features a redundant vehicle platform and advanced sensor systems, significantly improving safety and operational efficiency [25][26]. Business Model and Ecosystem - The company has established a comprehensive ecosystem involving partnerships with OEMs, ride-hailing platforms, and logistics providers, creating a closed-loop for profitability [6][32]. - The business model includes providing engineering solutions to OEMs and charging passengers for rides, with expectations for revenue growth as the fleet expands [21][23]. Future Outlook - Pony.ai aims to expand its Robotaxi fleet to 1,000 vehicles by the end of 2025, leveraging technological advancements to enhance cost efficiency [30][31]. - The company is also focusing on developing new revenue streams from its Robotruck services, including licensing its virtual driver technology [32][34].