Goldman Sachs Group, Inc.: Bullish on Pony.ai's (PONY.US) autonomous ride-hailing expansion, maintains "buy" rating.

Goldman Sachs Group, Inc. released a research report stating that Pony.ai's autonomous taxi business in China's Tier 1 cities is steadily expanding. The decrease in vehicle and ADK costs is expected to improve profitability. At the same time, the company is gradually transitioning from an autonomous taxi operator to a software provider, and its SaaS business model has broad market prospects. The company is optimistic about its outlook and maintains a "buy" rating. The company's management has stated that they are optimistic about the company's prospects of expanding its autonomous taxi fleet by 2025, with expectations of decreasing costs for vehicles and autonomous driving kits (ADK). This expectation is mainly based on the following factors: 1) improving the capabilities of virtual drivers through enhanced world model training; 2) partnerships with BAIC BluePark New Energy Technology, GAC Aion, and Toyota to promote mass production of new vehicle models; 3) the continued expansion of the company's ride-hailing partner network to help reduce customer acquisition costs.