LiveXLive Media Announces Pop Competition Franchise PlansĬhina's Uber, Didi Chuxing Lowers IPO Valuation Target From 0B To B-B Following Chinese Internet Firm Crackdown Price action: TM shares traded higher by 0.39% at $178.36 on the last check Friday.Ĭlick here for options trades from Benzinga Pony.ai has operated robotaxi services with safety drivers behind the wheel in China and Irvine, California.Ĭhallenges like reducing manufacturing costs for driverless vehicles while expanding geographically and ensuring safety in different environments loom. It has also been testing driverless vehicles in Guangzhou, China. The total funding includes $462 million from Toyota.Įarlier in June, Pony.ai admitted to driverless testing on public roads in California's Fremont and Milpitas ahead of the 2022 robotaxi service launch. Pony.ai recently roped in JPMorgan Chase & Co's (NYSE: JPM) Lawrence Steyn as the CFO to accomplish its goals.įormer Google and Baidu Inc (NASDAQ: BIDU) engineers co-founded Pony.ai and have raised over $1 billion to date at a $5.3 billion valuation as of late 2020. Industry bottlenecks include technological challenges, colossal production costs, regulatory and public concerns regarding complete automation safety. Self-driving startups like Alphabet Inc's (NASDAQ: GOOG) (NASDAQ: GOOGL) Waymo and General Motors Co's (NYSE: GM) Cruise have been racing to raise capital as the industry prepares to scale up operations. and China and aims to install its technology in hundreds of vehicles in 2021, reaching tens of thousands in 2024-2025. listing plans to fund its goal of monetizing driverless ride-hailing services, Reuters reported. Toyota Motor Corp (NYSE: TM) backed autonomous driving tech company, Pony.ai, is eyeing U.S.
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