Goldman Sachs: Optimistic about Pony AI's expansion in autonomous taxi business, maintains "Buy" rating

Goldman Sachs released a research report stating that Pony AI's autonomous taxi business in first-tier cities in China is steadily expanding. The reduction in vehicle and ADK costs is expected to improve profitability, while the company is gradually transforming from an autonomous taxi operator to a software supplier, with its SaaS business model having broad market prospects. The company is optimistic and maintains a "Buy" rating. The management stated that they are optimistic about the company's expectation to expand the scale of its autonomous taxi fleet by 2025, anticipating a decrease in the costs of vehicles and autonomous driving kits (ADK). This expectation is mainly based on the following points: 1) Enhanced capabilities of virtual drivers through strengthened world model training; 2) Collaborations with BAIC BluePark, GAC Aion, and Toyota promoting large-scale production of new models; 3) The continuous expansion of the company's ride-hailing partner network helps reduce customer acquisition costs