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Pony.ai Shares Fall 12% in Hong Kong Debut as Autonomous Rivals WeRide Also Slide

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China’s leading autonomous driving startup Pony.ai saw its shares drop more than 12% on Thursday in its Hong Kong debut, while rival WeRide fell nearly 13%, reflecting investor caution toward the fast-evolving self-driving sector.

Pony.ai raised HK$6.71 billion (about $860 million) and WeRide HK$2.39 billion through their initial public offerings, both of which come as Chinese tech firms increasingly seek dual listings in Hong Kong amid geopolitical uncertainty and stricter U.S. regulations.

Both Guangzhou-based firms are investing heavily in Level 4 autonomous driving — vehicles that can operate without human intervention under specific conditions. Pony.ai CEO James Peng said proceeds would help expand autonomous parking and charging infrastructure, while WeRide’s CEO Tony Xu Han said funds would support AI development and data center expansion.

The companies have already launched robotaxi services in several Chinese cities and plan to expand to new regions including the Middle East, Europe, and Singapore, though full regulatory approvals remain pending.

The listings come at a delicate time for Chinese tech firms facing mounting U.S. restrictions. A new rule effectively bans Chinese technology in connected vehicles, complicating Pony.ai and WeRide’s ambitions to partner with Uber for robotaxi operations in the U.S.

“The dual listings are about risk mitigation,” said Tu Le, managing director at Sino Auto Insights. “They acknowledge it will take significant capital — and a market outside the U.S. — for these firms to succeed.”

The weak debut mirrored declines in New York, where WeRide shares dropped 5.2% and Pony.ai fell 2% the previous day. Still, analysts said the Hong Kong listings will help both companies secure Asia-based funding and reinforce the city’s growing image as a tech hub.

Baidu Partners with Switzerland’s PostBus to Launch Apollo Go Robotaxis in Europe

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Baidu (9888.HK) announced a partnership with Switzerland’s PostBus on Wednesday to bring its Apollo Go autonomous vehicle service to the country, marking the Chinese tech giant’s first robotaxi deployment in Europe. The deal highlights Baidu’s rapid international expansion in self-driving technology amid slowing growth in its traditional advertising business.

Under the partnership, PostBus, a subsidiary of Swiss Post and one of the country’s major public transport operators, will collaborate with Baidu to introduce driverless vehicles to eastern Switzerland. The service will cover the cantons of St. Gallen, Appenzell Ausserrhoden, and Appenzell Innerrhoden, with a trial fleet set to begin testing in December 2025 and full operations expected by early 2027, according to Baidu’s statement.

The agreement follows Baidu’s recent partnerships with Lyft and Uber, under which the company will deploy thousands of its Apollo Go robotaxis across several European and international markets beginning next year. The Swiss launch signals Baidu’s ambition to become a key player in global autonomous mobility, challenging U.S. and European rivals such as Waymo, Cruise, and Mobileye.

Baidu said its Apollo Go platform now operates more than 1,000 fully driverless vehicles in 16 cities worldwide, including Dubai, Abu Dhabi, and Hong Kong. The company has positioned Apollo Go as one of the largest autonomous ride-hailing services in the world, with millions of rides completed.

As China’s economy cools, Baidu has increasingly shifted its focus toward artificial intelligence and autonomous transportation technologies to diversify its revenue. The collaboration with PostBus gives Baidu a foothold in the European market, where regulatory approval for driverless vehicles has been gradually expanding.

Industry analysts say the partnership could make Switzerland a testing ground for wider European adoption of Baidu’s robotaxi systems, blending Chinese innovation with Swiss public transport infrastructure.

U.S. Safety Regulators Probe Waymo Robotaxis Over School Bus Incident

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U.S. auto safety regulators have opened a preliminary investigation into Waymo, Alphabet’s self-driving car unit, after reports that one of its robotaxis failed to stop properly for a school bus in Georgia. The probe, launched by the National Highway Traffic Safety Administration (NHTSA), covers about 2,000 vehicles equipped with Waymo’s fifth-generation Automated Driving System.

The investigation follows a media report showing a Waymo vehicle maneuvering around a stopped school bus with its red lights flashing and stop arm extended while children were disembarking — a clear violation of school bus safety protocols. NHTSA said the vehicle initially stopped before moving around the bus, suggesting a potential software or perception failure.

Regulators noted that given Waymo’s extensive operations — the company’s autonomous cars have logged over 100 million miles and currently drive 2 million miles per week — similar incidents could have occurred previously. The agency emphasized the need to evaluate how Waymo’s technology responds to critical real-world safety cues, particularly around children and pedestrians.

Waymo acknowledged the event, saying it has already implemented software improvements to enhance behavior around school buses and will issue further updates soon. “Driving safely around children has always been one of our highest priorities,” a company spokesperson said, explaining that the vehicle’s sensors may not have initially detected the flashing signals due to its angle of approach.

The company operates a fleet of over 1,500 driverless vehicles in Phoenix, San Francisco, Los Angeles, and Austin. The new probe comes months after NHTSA closed another 14-month investigation into Waymo’s earlier collisions with stationary objects, which led to two vehicle recalls.