Chinese autonomous driving technology company Pony.ai announced an ambitious expansion plan on Tuesday: as the company accelerates its development, it plans to more than double the size of its driverless taxi fleet by the end of 2026, with a goal of "exceeding" 3,000 vehicles.

Revenue Surge and Fleet Expansion

Pony.ai currently has approximately 961 driverless taxis and aims to expand the fleet to 1,000 vehicles by the end of this year. As a company listed on the Nasdaq and the Hong Kong Stock Exchange, Pony.ai has been accelerating its commercial operations this year. The company currently offers paid autonomous taxi services in Beijing, Shanghai, Guangzhou, and Shenzhen.

The rapid development of the fleet has directly driven strong revenue growth. The company's revenue in the third quarter reached 25.4 million US dollars, an increase of 72% compared to 14.8 million US dollars in the same period last year. After the release of the financial report, Pony.ai's stock rose more than 6% on the Nasdaq.

Artificial Intelligence Driving

The revenue growth is mainly attributed to its autonomous taxi service and technology licensing business. According to the business segment, Pony.ai earned 6.7 million US dollars from its autonomous taxi service, 10.2 million US dollars from its autonomous truck called "robotrucks," and 8.6 million US dollars in licensing and application fees in the third quarter.

Expanding Losses and Global Expansion

Despite the significant revenue growth, Pony.ai's expenses still exceed its revenue. The company reported a net loss of 61.6 million US dollars in the third quarter, an increase of 46% compared to the same period in 2024.

At the same time, the company's cash reserves have decreased. As of September 30, Pony.ai held a total of 587.7 million US dollars in cash, cash equivalents, and short-term investments, which is lower than 747.7 million US dollars in the second quarter. The company explained that half of the cash reduction was due to a one-time cash outflow, including an investment in a joint venture with Toyota, aimed at supporting the production and deployment of its seventh-generation model.

In terms of regional expansion, Pony.ai is actively seeking to expand its business beyond China. It is currently entering eight countries, including Qatar and Singapore, through cooperation with local companies and ride-hailing companies Bolt and Uber