小马智行：获得上海许可；商业化无人驾驶 Robotaxi 运营扩张；买入评级-Pony AI Inc. (PONY)_ Shanghai permits earned; commercial driverless Robotaxi operation in expansion; Buy

28 July 2025 | 5:41AM HKT Pony AI Inc. (PONY): Shanghai permits earned; commercial driverless Robotaxi operation in expansion; Buy Verena Jeng +852-2978-1681 | verena.jeng@gs.com Goldman Sachs (Asia) L.L.C. Ting Song +852-2978-6466 | ting.song@gs.com Goldman Sachs (Asia) L.L.C. Goldman Sachs does and seeks to do business with companies covered in its research reports. As a result, investors should be aware that the firm may have a conflict of interest that could affect the objectivity of this report. Invest ...