The revenue of Robotaxi surged over 6.9 times, and PONY-W (02026) is driving its performance into the "fast lane" with multiple engines.

On August 18, PONY-W (02026) released its financial report for the second quarter of 2026 and mid-year performance. The total revenue for the second quarter reached 246 million yuan, a year-on-year increase of 68.8%, while the aggregate total revenue for the first half of the year amounted to 478 million yuan, marking a year-on-year growth of 98.9%, nearly doubling. The net loss for the second quarter narrowed by 14.9% year-on-year and 15.3% quarter-on-quarter. The performance of the Robotaxi segment was particularly impressive, with Q2 business revenue reaching 81.92 million yuan, an astonishing year-on-year increase of 691.2%, contributing 33.33% to total revenue. Passenger fare income saw a year-on-year growth of 849.3%, achieving the highest single-season growth in history; revenue for the first half of the year amounted to 20.64 million USD, with a year-on-year increase of 534%, contributing 29.3% to total revenue. In terms of business contribution, the Robotaxi segment accounted for 71.43% of Q2 and 49.6% of the first half of the year, clearly establishing this segment as the core growth engine. As of June 30, 2026, the companys Robotaxi fleet had grown to 1,975 vehicles and continues to progress towards its year-end goal of exceeding 3,500 vehicles. In fact, Pony.ai's early strategic investment in full-stack L4 autonomous driving technology and advanced world models has provided it with a first-mover advantage and a technological lead, while the replicability of its technology has established a solid competitive barrier for the companys diversified application scenarios and its dual-engine strategy of domestic + overseas. Firstly, the deployment of technology across multiple business scenarios has led to diversified growth. Besides Robotaxi, Robotruck has become the companys second-largest business scenario, fully leveraging the technical capabilities of Robotaxi, with more than 90% overlap in technology between light trucks and Robotaxi. In the first half of the year, Robotruck revenue grew by 36%, contributing 33.4% to total income. The intelligent driving solutions business, focused on technology output, also achieved significant growth of 76.8%, contributing 37.3% to revenue. Secondly, the self-developed World Model 2.0 continues to enhance R&D efficiency, enabling faster deployment in new countries and cities without proportional increases in engineering resources. This not only saves R&D costs, with the R&D expense rate declining by 124.7 percentage points in the first half, showcasing significant results, but it also continually improves operational efficiency through technology-driven fleet optimization, with sales and administrative expense rates decreasing by 29.7 percentage points during the same period. Thirdly, the replicability of the domestic mature model room supports the realization of the domestic + overseas dual-engine strategy. With Robotaxi as a key focus, the company is deeply rooted in first-tier cities like Beijing, Shanghai, Guangzhou, and Shenzhen, achieving full coverage in key operational areas, with registered users in China surpassing 1.5 million. Overseas, the joint fleet model quickly replicates and expands with a light asset advantage, having launched tests or operations in multiple foreign markets including Luxembourg, Singapore, Croatia, and the UAE, leading to a quarter-on-quarter increase in revenue contribution from the joint fleet model in both China and abroad. In August of this year, Pony.ai announced an expanded strategic partnership with the global mobility platform Uber, deploying over 2,000 Pony.ai Robotaxis across five European cities; this is also one of the largest Robotaxi deployment plans in Europe. The reason Uber chooses us is quite clear: Uber seeks an autonomous driving partner that can provide reliable technology for scalable operations and sufficient competitiveness in terms of costs, said Peng Jun of Pony.ai during a conference call. The joint fleet model combines Pony's technical and operational advantages through collaborative efforts among technology providers + platform partners + operational partners, demonstrating high replicability. The company utilizes successful operational cities in China as case studies, including verified driving performance, stable around-the-clock operational capabilities, and positive profitability per vehicle, pushing Chinese autonomous driving solutions globally and shifting from local deep cultivation to global output. Pony.ai has secured multiple partners for its joint fleet model, including a contract with Uber for the deployment of over 2,000 autonomous taxis in Europe, increasing the total number of partner vehicles in the international market to over 4,000. The company has ample cash flow, holding a total of 9.435 billion yuan in cash and cash equivalents as of June 30, 2026, ensuring the development of diversified scenarios and global strategies. The company has attracted interest from several investment banks. Guotai Haitong has issued a research report stating that the companys Robotaxi segment shows high growth with a triple resonance of fleets, users, and orders, while Robotruck and intelligent solutions are growing in synergy, expanding the boundaries of autonomous driving applications, with enhanced growth certainty. Cost optimization and the joint fleet model are opening up profitability space, justifying an overweight rating. Citibank has given a outperform rating with a target price of 125 Hong Kong dollars, representing a 106% premium over the current price. In summary, Pony.ai's performance is remarkable, with Robotaxi revenue continuing to double each quarter, setting new highs, while its diverse business continues to thrive, Robotruck and intelligent solutions grow in synergy, and the joint fleet model accelerates the global strategy with significant results. The income structure is continuously optimizing, enhancing profit capacity, and gross margins are on the rise. The company is optimistic in the eyes of several investment banks and has been included in the Hong Kong Stock Connect as of June. With the ongoing explosion of autonomous driving technology across multiple scenarios, the company is set to fully benefit from the industrys growth dividends, achieving a double benefit of performance and valuation.