Investment Rating - The report maintains a "Recommended" investment rating for the industry [2][11]. Core Insights - The report highlights that Pony.ai is experiencing significant revenue growth, driven by the acceleration of Robotaxi commercialization and global expansion [5][11]. - In Q2 2025, Pony.ai reported total revenue of $21.5 million, a year-on-year increase of 75.9%, primarily due to strong growth in Robotaxi services and licensing [6][11]. - The Robotaxi service revenue reached $1.5 million, up 157.8% year-on-year, while licensing and application revenue surged by 901.8% to $10.4 million [6][11]. - The strategic partnership with Dubai's Roads and Transport Authority aims to advance the commercialization of Robotaxi services in Dubai, with plans for road testing in 2025 and full autonomous operation by 2026 [7][11]. Summary by Sections Revenue Growth - Pony.ai's Q2 2025 revenue was $21.5 million, reflecting a 75.9% increase year-on-year, driven by Robotaxi services and licensing [6][11]. - Robotaxi service revenue grew by 157.8% to $1.5 million, while licensing and application revenue increased by 901.8% to $10.4 million [6][11]. Strategic Partnerships - Pony.ai signed a strategic cooperation agreement with Dubai's Roads and Transport Authority to promote Robotaxi commercialization, with initial vehicle testing set for 2025 [7][11]. - The partnership aims to integrate L4 autonomous driving technology into Dubai's multi-modal transport system, targeting a 25% share of autonomous travel by 2030 [7][11]. Technological Advancements - Pony.ai's seventh-generation Robotaxi features an L4 vehicle-grade domain controller, tested over 2 million kilometers, showcasing its reliability and safety [10][11]. - The controller's design incorporates four NVIDIA Drive Orin X chips, achieving a computing power of 1016 TOPS, and is built with automotive-grade components to ensure longevity and cost-effectiveness [10][11].