小马智行_第七代大规模生产以支持 Robotaxi 车队扩容；2025 年第二季度通用汽车表现好于预期；买入-Pony AI Inc. (PONY)_ Gen-7 mass production to support Robotaxi fleet ramp up; 2Q GM better-than-expected; Buy

Allen Chang +852-2978-2930 | allen.k.chang@gs.com Goldman Sachs (Asia) L.L.C. 13 August 2025 | 3:21AM HKT Pony AI Inc. (PONY): Gen-7 mass production to support Robotaxi fleet ramp up; 2Q GM better-than-expected; Buy Pony AI 2Q25 revenues were up 76% YoY (or 53% QoQ) to US$21m, with Robotaxi fare-charging revenues up 300% YoY on Robotaxi fleet ramp up. 2Q25 GM were up to 16.1% (vs. -0.3% in 2Q24) on mix upgrade and improved Robotaxi unit economics, and operating loss at US$61m were overall in line with our e ...