Xiaoma Zhixing's Robotaxi revenue doubles by 2025, with profitability turning positive for dual-city single vehicles, and accelerating the deployment in over 20 cities domestically and internationally by 2026.

Topic: Focus on US Stocks Q4 2025 Financial Report

Pony.ai (NASDAQ: PONY) released its unaudited financial report for Q4 2025 and the entire year. The company’s total revenue in 2025 reached 629 million yuan, a year-on-year increase of 20%, achieving growth for four consecutive years. The report forecasts that by the end of 2026, the Robotaxi fleet will exceed 3,000 vehicles, with Robotaxis deployed in over 20 cities domestically and internationally.

The Robotaxi business has entered a phase of explosive growth. In 2025, the annual revenue from the Robotaxi business reached 116 million yuan, a year-on-year increase of 129%, with passenger fare revenue rising nearly 400% year-on-year. In the fourth quarter, Robotaxi business revenue was 46.6 million yuan, accounting for about 40% of the annual Robotaxi business revenue, with passenger fare revenue growing over 500% year-on-year.

This growth is primarily due to the rapid validation of the Robotaxi business model. The seventh-generation Robotaxi was put into commercial operation in November 2025, achieving single-vehicle operating profitability in Guangzhou that same month. In the first quarter of 2026, the operational performance of Robotaxis in Shenzhen also reached new highs: from January 1 to February 16, the number of paid orders exceeded the total paid orders for all of 2025. Based on the average level for the entire month of February, single-vehicle operating profitability was also achieved. On March 22, the seventh-generation Robotaxi in Shenzhen set a record with a net daily income of 394 yuan per vehicle, with an average order volume of 25 orders that day. To date, Pony.ai has over one million users, nearly three times that of the same period last year.

Pony.ai founder and CEO Peng Jun stated in the report: “2025 is a key year for Pony.ai’s development. The company has achieved comprehensive expansion in revenue scale, Robotaxi fleet size, operational network coverage, and user base. Looking ahead to 2026, we will accelerate revenue growth, expand the Robotaxi fleet to over 3,000 vehicles, and deploy Robotaxis in over 20 cities worldwide.”

Currently, Pony.ai has launched a dual-engine strategy to promote the establishment of over 20 cities domestically and internationally by the end of 2026, ensuring the growth momentum of the Robotaxi business. Pony.ai has validated the Robotaxi business model in two first-tier cities, Guangzhou and Shenzhen, and has core advantages in mass-produced vehicle models, operational systems, and fully autonomous technology. Based on this series of core capabilities, Pony.ai is rapidly advancing the deployment of Robotaxis in both domestic and overseas markets, forming a “core-driven, dual-engine development” pattern to help more cities accelerate their growth. In just March 2026, Pony.ai expanded into two new first-tier cities in China, Hangzhou and Changsha, as well as Croatia in Europe.

According to the plan, nearly half of the cities in the layout of over 20 cities by the end of 2026 will come from overseas, and cities in the domestic Greater Bay Area and other new first-tier cities are also part of Pony.ai’s expansion plan.

Meanwhile, Pony.ai is rapidly promoting the expansion of the Robotaxi fleet through a co-building fleet model, improving capital efficiency. The co-building fleet model means that Pony.ai provides autonomous driving technology while partners provide financial support for vehicles, with both parties sharing operational profits, achieving a win-win situation. Pony.ai has established partnerships for the co-building fleet model with Toyota, Ruqi Mobility, Verne, and others. To date, Pony.ai’s Robotaxi fleet has exceeded 1,400 vehicles, and the seventh-generation Toyota Bot智4X Robotaxi, produced in collaboration with Toyota China and GAC Toyota, rolled off the production line in February this year, with 1,000 units of this model expected to join the fleet within the year.

The capabilities of autonomous driving technology and user riding experience are important sources of the company’s confidence in the continued growth of the Robotaxi business. Pony.ai’s self-developed world model and virtual driver provide users with a good riding experience, allowing Robotaxis to smoothly handle peak congestion, extreme weather, and complex road conditions. “These technological advantages mean that autonomous vehicles can go to more complex roads and narrow paths, plan the best routes, thus providing more convenient pick-up and drop-off points, enhancing users’ willingness to pay,” said Pony.ai founder and CTO Lou Tiancheng, noting that this ensures the company can implement balanced pricing, which is a key driving force for achieving positive unit economics.

The Robotruck business maintains steady growth. In 2025, the annual revenue from the Robotruck business reached 284 million yuan, as the company continues to expand the commercial application scenarios of Robotrucks. In 2025, Pony.ai deployed fully autonomous Robotrucks at Jiangmen Port in Guangdong; 1+N autonomous driving convoy tests were also successfully completed under various extreme weather conditions, validating the operational capabilities of Robotrucks in all scenarios and all weather. In November 2025, Pony.ai officially launched the fourth generation of Robotrucks, with the cost of the autonomous driving kit reduced by 70%, aiming for mass production deployment by the end of 2026.

Benefiting from the increasing demand for autonomous driving domain controllers, revenue from technology licensing and application services has also continued to grow. In 2025, the total revenue from technology licensing and application services reached 229 million yuan, a year-on-year increase of 19.7%. Among them, the annual delivery volume of autonomous driving domain controllers increased fivefold compared to 2024, with clients primarily from industries such as robotics and low-speed autonomous delivery logistics.

It is worth mentioning that thanks to successful strategic investments, Q4 2025 was the first quarter in which Pony.ai achieved profitability, with a net profit of 528 million yuan. Pony.ai co-founder and CFO Wang Haojun stated: “Achieving quarterly profitability proves the success of our strategic investments across the entire ecosystem. We are making upfront investments to accelerate commercialization. With a strengthened balance sheet and robust investments, we are ready for the next phase of rapid growth.”

As of December 31, 2025, Pony.ai held cash equivalents, short-term investments, and total investments amounting to 10.593 billion yuan, providing a solid financial guarantee for the company to continue expanding its Robotaxi fleet and exploring global markets.

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Editor: Guo Mingyu