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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.

China’s WeRide Aims to Raise $308 Million in Hong Kong Listing Amid Autonomous Driving Boom

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Chinese self-driving technology company WeRide plans to raise about $308 million through a Hong Kong stock market listing, according to a Bloomberg report on Tuesday. The Guangzhou-based firm is expected to price its shares at HK$27.10 each, valuing the offering at HK$2.39 billion.

WeRide, which went public on Nasdaq in October 2024, is selling 88.3 million shares, with a maximum price of HK$35 per share, according to its prospectus filed on October 27. The offering is led by Morgan Stanley and China International Capital Corp (CICC), which were also involved in the company’s U.S. listing.

The move comes as growing investor enthusiasm for next-generation mobility companies fuels renewed interest in autonomous driving technologies. At the same time, many U.S.-listed Chinese firms are pursuing dual or secondary listings in Hong Kong to diversify funding sources and hedge against geopolitical and regulatory risks linked to U.S.-China tensions.

Founded in 2017, WeRide develops autonomous vehicle systems and operates robotaxi services in China and abroad. The company’s Hong Kong debut follows rival Pony AI, which set the final price for its own Hong Kong listing at HK$139 per share this week.

WeRide declined to comment on its final offer price when contacted by Reuters.

Stellantis partners with Pony.ai to develop self-driving vehicles in Europe

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Stellantis and Pony.ai announced on Friday a new partnership to jointly develop and test autonomous electric vehicles across Europe. The collaboration aims to bring SAE Level 4 self-driving capabilities—meaning hands-off and eyes-off driving—to Stellantis’ next-generation electric vans.

The project will integrate Pony.ai’s advanced autonomous driving software with Stellantis’ battery-electric medium-sized van platform, beginning with the Peugeot e-Traveller model. Initial testing will take place in Luxembourg before expanding to multiple European cities starting in 2026.

Founded in 2016, Pony.ai operates fully driverless robotaxi services in several major Chinese cities and will manage the European initiative through its Luxembourg-based division.

The partnership will initially focus on light commercial vehicles (LCVs)—a segment where Stellantis’ Pro One division already holds a dominant market position in Europe. Both companies said the collaboration will prioritize safety, performance, and regulatory compliance, ensuring the technology meets Europe’s evolving standards for autonomous mobility.

The move underscores Stellantis’ ambition to lead the electrification and automation of commercial transport, blending software innovation from Asia with European engineering expertise.