"Robotaxi's first stock" is here? Pony AI and WeRide both announced that they are expected to be listed on November 6

The two leading companies in the autonomous driving field, Pony.ai and WeRide, are extending their competition from the roads to the capital markets. Both companies have announced plans to simultaneously list on the Hong Kong Stock Exchange on November 6, marking the start of a race for the title of "the first Robotaxi stock in Hong Kong."

On October 28, WeRide announced on the Hong Kong Stock Exchange that it plans to issue 88.25 million shares (depending on whether the over-allotment option is exercised), with an offering price not exceeding HKD 35 per share (unless otherwise announced), and is expected to begin trading on November 6.

On the same day, Pony.ai announced on the Hong Kong Stock Exchange that it plans to issue 41.9557 million shares for sale (depending on the adjustment of the sale volume and whether the over-allotment option is exercised). Unless otherwise announced, the offering price will not exceed HKD 180 per share. The stock is expected to begin trading on November 6.

This move marks a direct confrontation between the two autonomous driving unicorns in the same capital market, following their landing on NASDAQ in 2024.

Domestic Full License vs. International Multi-License

Although both are in the Robotaxi sector, Pony.ai and WeRide exhibit some differences in their development strategies.

According to information from the prospectus cited by the 21st Century Business Herald, Pony.ai focuses more on deepening its presence in the domestic market, while WeRide is more advanced in its international layout.

Pony.ai is the only company in China that has obtained all necessary regulatory licenses to provide autonomous driving services to the public in all four first-tier cities: Beijing, Guangzhou, Shenzhen, and Shanghai, and offers fully driverless paid services in Beijing, Guangzhou, and Shenzhen. The company has a fleet of over 680 self-owned autonomous taxis, with a cumulative autonomous driving mileage exceeding 47.9 million kilometers.

In contrast, WeRide's business layout has covered 11 countries and more than 30 cities, making it the only technology company in the world with autonomous driving licenses in seven countries. The prospectus shows that WeRide operates over 700 autonomous taxis and has the largest autonomous vehicle fleet in Abu Dhabi, Middle East.

Image source: 21st Century Business Herald

The two companies also have different focuses in terms of revenue composition and commercialization.

Data from the prospectus indicates that Pony.ai's Robotruck business is currently its main source of revenue. In 2024, this business generated USD 40.365 million, accounting for 53% of total revenue. Reports suggest that this is due to its joint venture with China National Freight Company to jointly explore the market During the same period, the revenue share from its autonomous driving ride-hailing service (Robotaxi) was 9.4%.

WeRide's Robotaxi business has shown strong growth momentum. According to its prospectus, the revenue share from Robotaxi-related services significantly increased from 13.2% in 2024 to 31% in the first half of 2025. In addition, the company has also achieved commercial revenue in areas such as autonomous minibuses and unmanned sanitation vehicles. The revenue share from technology licensing services for both companies is between 30% and 40%.

Pony AI CEO Peng Jun: L4 scaling is coming, and Chinese companies have advantages

Although the commercialization paths differ, both companies are targeting the scaling of L4 level autonomous driving.

Pony AI co-founder and CEO Peng Jun stated in an exclusive interview with Wall Street Insight that L4 autonomous driving is a completely different "species" from L2 assisted driving, the latter being a "red ocean," while L4 is facing a "blue ocean" and is at a stage where "scaling is about to come quickly."

When asked about the unique advantages of Chinese autonomous driving technology companies compared to foreign companies like Tesla and Waymo, Peng Jun noted that while Chinese companies may have started slightly later, they have actually developed very rapidly in recent years.

He believes that China's mature automotive supply chain is driving rapid cost reductions, with the hardware costs of its seventh-generation autonomous driving system reduced by 70%, which is a key foundation for scaling.

Peng Jun emphasized that the core of competition in the current L4 market is not price, but "who can climb the hill first," meaning who can first solve the systemic optimization issues of technology, cost, and business models.

Robotaxi: Is the road to profitability still long?

For the entire industry, the road to scalable profitability remains long and full of challenges.

Angel investor Guo Tao stated that domestic regulatory policies are gradually becoming more refined, paving the way for large-scale commercialization. However, Zhang Yue, chairman of Aoyu International, believes that achieving stable profitability in the Robotaxi business is expected to take another 5 to 10 years.

Peng Jun also admitted to Wall Street Insight that achieving scalability is a "very big challenge" the company currently faces. He believes that to achieve supply-demand network effects, the fleet size needs to reach at least tens of thousands or even hundreds of thousands, which may take another 15 years