China's robotaxi firm Pony AI valued at $5.25 billion as shares jump in strong Nasdaq debut
Pony AI rose about 15% in their market debut on Wednesday, giving the robotaxi company a valuation of $5.25 billion, in an indication of a positive investor approach to China-based firms.
The company's depositary shares opened at $15 in their Nasdaq debut, compared with the IPO price of $13.
The IPO comes after nearly two years of uncertainty following Didi Global's delisting amid regulatory backlash in China, with Beijing easing tensions by resolving a long-standing audit dispute with the US accounting watchdog in December 2022.
However, the company faces other challenges, including public skepticism about autonomous vehicles, data privacy concerns, and competition from companies, including Elon Musk's Tesla, which has promised to roll out driverless ride-hailing services to the public in California and Texas next year.
Pony AI has said that its U.S. operations will remain «limited in scope» for the foreseeable future.
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