Could Pony AI be the next big autonomous driving stock? Wall Street analysts think so -- here's why.Pony AI (PONY 16.73%) is leading the race to deploy fully autonomous robotaxis -- and its recent advances could propel the stock to new highs. Discover how partnerships with Uber, Tencent, and Toyota position Pony AI for breakout growth, why analysts are bullish, and what this $1 trillion disruptor might deliver next.Stock prices used were the market prices of June 16, 2025. The video was published on June 23 ...

Group 1 - The Nasdaq Golden Dragon Index has undergone a new round of adjustments, with Chinese Robotaxi company Pony.ai officially included in the index [1] - Inclusion in the Golden Dragon Index signifies that Chinese autonomous driving technology, represented by Pony.ai, is entering the mainstream investment landscape [1] - This move is expected to attract investments from ETF funds, hedge funds, and long-term investors, enhancing the liquidity of the company's stock and its position in the capital market [1]

作者 | LiangWang 编辑 | 自动驾驶之心 点击下方 卡片 ，关注" 自动驾驶之心 "公众号 戳我-> 领取 自动驾驶近15个 方向 学习 路线 >>点击进入→ 自动驾驶之心 『4D标注』技术交流群 本文只做学术分享，如有侵权，联系删文 近几年随着深度学习技术的发展，基于数据驱动的算法方案在自动驾驶/机器人领域逐渐成为主流，因此算法对数据的要求也越来越大。区别于传统单帧标注，基 于高精点云地图的4D标注方案能够有效减少标注成本并提高数据真值质量。 4D标注中的4D是指三维空间+时间维度，4D数据能够映射到任意时刻得到单帧真值用于模型训练，区别于大范围高精地图生产，4D标注只关注一小片区域的静态 和动态元素。然而如何生成标注所需底图是其中的一个关键环节，针对不同的标注需求，通常需要实现"单趟建图"，"多躺建图"和"重定位"等关键技术，在场景上 还需要支持有GNSS的行车场景和无GNSS的泊车场景。 LSD (LiDAR SLAM & Detection) 是一个开源的面向自动驾驶/机器人的环境感知算法框架，能够完成数据采集回放、多传感器标定、SLAM建图定位和障碍物检测 等多种感知任务。 本文将详细介 ...

Market Overview - The global Robotaxi market is projected to reach $1.95 billion in 2024 and $43.76 billion by 2030, with a forecasted market size of 834.9 billion yuan by 2030 according to Tianfeng Securities [1] Competitive Landscape - Small Horse Intelligent (小马智行) and WeRide (文远知行) are the leading players in the autonomous driving sector, with significant differences in their operational strategies and technology focus [2][5] - Small Horse Intelligent emphasizes redundancy and safety in its technology, while WeRide focuses on cost optimization and a diversified product matrix [7][9] - Both companies have raised approximately $1.3 billion in funding, indicating strong investor interest in the autonomous driving sector [9] Financial Performance - Small Horse Intelligent's revenue from 2022 to 2024 was $68.39 million, $71.90 million, and $75.03 million, totaling approximately $215 million [16] - WeRide's revenue during the same period was 528 million yuan, 402 million yuan, and 250 million yuan, totaling approximately 1.18 billion yuan, indicating a significant decline in revenue [16] - As of the end of 2024, WeRide's total assets were 7.694 billion yuan, with a net asset growth of 331.52%, while Small Horse Intelligent's total assets were $1.051 billion, reflecting a 40.70% increase [18][19] Strategic Initiatives - Small Horse Intelligent is focusing on the Chinese market, with plans to expand its Robotaxi fleet to 1,000 vehicles by the end of 2025, while WeRide is pursuing a global expansion strategy [21] - Both companies are engaged in a competitive race for the title of "Robotaxi first stock," with WeRide successfully listing on NASDAQ first, achieving a market cap of $4.491 billion on its debut [12] Technology and Innovation - Small Horse Intelligent's technology emphasizes a dual approach of Robotaxi and Robotruck, utilizing a multi-sensor fusion strategy for its seventh-generation Robotaxi [7] - WeRide has developed a diverse product matrix that includes Robotaxi, Robobus, Robovan, and Robosweeper, showcasing its adaptability across various scenarios [9] Market Dynamics - The competition between Small Horse Intelligent and WeRide is characterized by a focus on "technical depth" versus "scene breadth," indicating a long-term strategic battle in the autonomous driving space [22]

Core Viewpoint - The integration of human-like reasoning capabilities into end-to-end autonomous driving systems is a cutting-edge research area, with a focus on vision-language models (VLMs) [1]. Group 1: Structured Dataset and Model - A structured dataset called NuScenes-S has been introduced, which focuses on key elements closely related to driving decisions, eliminating redundant information and improving reasoning efficiency [4][5]. - The FastDrive model, with 0.9 billion parameters, mimics human reasoning strategies and effectively aligns with end-to-end autonomous driving frameworks [4][5]. Group 2: Dataset Description - The NuScenes-S dataset provides a comprehensive view of driving scenarios, addressing issues often overlooked in existing datasets. It includes key elements such as weather, traffic conditions, driving areas, traffic lights, traffic signs, road conditions, lane markings, and time [7][8]. - The dataset construction involved annotating scene information using both GPT and human input, refining the results through comparison and optimization [9]. Group 3: FastDrive Algorithm Model - The FastDrive model follows the "ViT-Adapter-LLM" architecture, utilizing a Vision Transformer for visual feature extraction and a token-packing module to enhance inference speed [18][19]. - The model employs a large language model (LLM) to generate scene descriptions, identify key objects, predict future states, and make driving decisions in a reasoning chain manner [19]. Group 4: Experimental Results - Experiments conducted on the NuScenes-S dataset, which contains 102,000 question-answer pairs, demonstrated that FastDrive achieved competitive performance in scene understanding tasks [21]. - The performance metrics for FastDrive showed strong results in perception, prediction, and decision-making tasks, outperforming other models [25].

Core Insights - The article presents MMTL-UniAD, a unified framework for multimodal and multi-task learning in assistive driving perception, which aims to enhance the performance of advanced driver-assistance systems (ADAS) by simultaneously recognizing driver behavior, emotions, traffic environment, and vehicle actions [1][5][26]. Group 1: Introduction and Background - Advanced driver-assistance systems (ADAS) have significantly improved driving safety over the past decade, yet approximately 1.35 million people die in traffic accidents annually, with over 65% of these incidents linked to abnormal driver psychological or physiological states [3]. - Current research often focuses on single tasks, such as driver behavior or emotion recognition, neglecting the inherent connections between these tasks, which limits the potential for cross-task learning [4][3]. Group 2: Framework and Methodology - MMTL-UniAD employs a multimodal approach to achieve synchronized recognition of driver behavior, emotions, traffic environment, and vehicle actions, addressing the challenge of negative transfer in multi-task learning [5][26]. - The framework incorporates two core components: a multi-axis region attention network (MARNet) and a dual-branch multimodal embedding module, which effectively extract task-shared and task-specific features [5][26]. Group 3: Experimental Results - MMTL-UniAD outperforms existing state-of-the-art methods across multiple tasks, achieving performance improvements of 4.10% to 12.09% in the mAcc metric on the AIDE dataset [18][26]. - The framework demonstrates superior accuracy in driver behavior recognition and vehicle behavior recognition, with increases of 4.64% and 3.62%, respectively [18][26]. Group 4: Ablation Studies - Ablation experiments indicate that joint training of driver state tasks and traffic environment tasks enhances feature sharing, significantly improving task recognition accuracy [22][26]. - The results confirm that the interdependence of tasks in MMTL-UniAD contributes to overall performance and generalization capabilities [22][26].

而自从端到端和大语言LLM横空出世以来，大规模无监督的预训练 + 高质量数据集做具体任务的微调， 可能也会成为量产感知算法下一阶段需要发力的方向。同时数 据的联合标注也是当下各家训练模型的实际刚需，以往分开标注的范式不再适合智能驾驶的算法发展需求。今天自动驾驶之心就和大家一起分享下4D数据的标注流 程： 最复杂的当属动态障碍物的自动标注，涉及四个大的模块： 而为了尽可能的提升3D检测的性能，业内使用最多的还是点云3D目标检测或者LV融合的方法： 得到离线单帧的3D检测结果后，需要利用跟踪把多帧结果串联起来，但当下跟踪也面临诸多的实际问题： 离线3D目标检测； 离线跟踪； 后处理优化； 传感器遮挡优化； 点击下方 卡片 ，关注" 自动驾驶之心 "公众号 戳我-> 领取 自动驾驶近15个 方向 学习 路线 千万级4D标注方案应该怎么做？ 智能驾驶算法的开发已经到了深水区，各家都投入了大量的精力去做量产落地。其中一块最关键的就是如何高效的完成4D数据标注。无论是3D动态目标、OCC还是静 态标注。 相比于车端的感知算法，自动标注系统更像是一个不同模块组成的系统， 充分利用离线的算力和时序信息，才能得到更好的感知结果 ...

Core Insights - The article discusses the critical role of foundation models in generating and analyzing complex driving scenarios for autonomous vehicles, emphasizing their ability to synthesize diverse and realistic high-risk safety scenarios [2][4]. Group 1: Foundation Models in Autonomous Driving - Foundation models enable the processing of heterogeneous inputs such as natural language, sensor data, and high-definition maps, facilitating the generation and analysis of complex driving scenarios [2]. - A unified classification system is proposed, covering various model types including Large Language Models (LLMs), Vision-Language Models (VLMs), Multimodal Large Language Models (MLLMs), Diffusion Models (DMs), and World Models (WMs) [2][4]. Group 2: Methodologies and Tools - The article reviews methodologies, open-source datasets, simulation platforms, and benchmark testing challenges relevant to scenario generation and analysis [2]. - Specific evaluation metrics for assessing scenario generation and analysis are discussed, highlighting the need for dedicated assessment standards in this field [2]. Group 3: Current Challenges and Future Directions - The article identifies open challenges and research questions in the field of scenario generation and analysis, suggesting areas for future research and development [2].

Group 1 - The core viewpoint of the report is that Citic Securities has initiated coverage on WeRide, the "first global Robotaxi stock," with a "buy" rating and a target price of $17, indicating significant upside potential from the current price of $7.72 [1][2][8] - WeRide is recognized as a leading autonomous driving company, holding licenses in five countries: China, France, the United States, the UAE, and Singapore, showcasing its competitive advantages [2][4] - The report emphasizes confidence in WeRide's autonomous driving technology, stating that the commercialization of Robotaxi is accelerating, with the domestic market expected to reach 600 billion yuan by 2030 [4][5] Group 2 - Since its establishment in 2017, WeRide has focused on the commercialization of autonomous driving, launching China's first publicly charged Robotaxi service in Guangzhou in 2019, and has expanded its operational network to eight cities across four countries [5][6] - Citic Securities predicts that Robotaxi will achieve faster growth in Europe and the U.S. due to higher pricing for human-driven taxis, which could enhance WeRide's profitability [5][6] - WeRide has deepened its collaboration with Uber, launching Robotaxi services in Abu Dhabi and Dubai, and plans to deploy Robotaxi in 15 cities across the Middle East and Europe over the next five years [5][6]

Core Viewpoint - Pony AI (PONY) has experienced a significant share price decline of 29.5% over the past 30 days, contrasting with a minor decline of 1.4% in the Zacks Transportation - Equipment and Leasing industry [1][4]. Company Overview - Pony AI, an autonomous-driving company based in Guangzhou, China, made its Nasdaq debut in November 2024 and previously saw its shares surge over 245% from mid-April to mid-May 2025 [4][8]. - Despite the recent drop, PONY's fundamentals remain strong, with the current stock price at $12.65, which is 88.8% below its 52-week high, indicating potential for growth [5][8]. Fleet Expansion Plans - Pony AI plans to expand its robotaxi fleet from approximately 250 vehicles to over 1,000 by the end of 2025, with large-scale deployment expected to ramp up in the second half of the year [8][9]. - The company is enhancing its sourcing strategies to adapt to changing demand and ensure efficient mass production, supported by collaborations with government entities [9][11]. Strategic Partnerships - Pony AI has formed several strategic partnerships, including a joint venture with Toyota Motor to mass-produce fully driverless robotaxis in China [10]. - A partnership with Uber Technologies aims to deploy PONY's robotaxis on the Uber platform, starting in a key Middle Eastern market [10]. - Collaboration with Shenzhen Xihu Corporation Limited will facilitate the deployment of over 1,000 seventh-generation robotaxis in Shenzhen, integrating autonomous driving with local mobility networks [10]. Supply Chain Resilience - PONY's operations are largely insulated from tariff risks due to local sourcing of its supply chain, which has been diversified to enhance resilience against geopolitical uncertainties [11]. - Recent developments suggest a potential trade deal between the U.S. and China, which could further benefit PONY's operations [11]. Market Potential - The Chinese robotaxi market is rapidly growing, valued at approximately $12 billion in 2024, driven by government support and a large population [12]. - PONY is well-positioned to capitalize on this growth, supported by a cost-effective supply chain and increasing demand for autonomous vehicles [12]. Investment Outlook - Given the favorable market conditions and PONY's strategic initiatives, it is considered a solid investment opportunity, with a Wall Street average target price of $23.5 suggesting an upside of over 85% from current levels [13].