<p>根据 S&amp;P Global Market Intelligence 的数据，<strong>小马智行</strong>(PONY -5.20%) 的股价在 5 月份飙升了 112%。这家新兴公司试图将自动驾驶和自主车辆技术普及到大众，重点关注中国市场。它的市值为 46.7 亿美元，但销售额微乎其微，运营亏损巨大。然而，投资者对这家自动驾驶颠覆者的未来潜力寄予厚望，因为它与 <strong>优步</strong> 等多家公司签署了许多合作伙伴关系。</p>
<p>以下是小马智行股票在 5 月份飞涨的原因。</p>
<h2>在中国及全球押注自动驾驶汽车</h2>
<p>小马智行正在开发自动驾驶技术，以应用于机器人出租车、卡车和日常自有车辆。它专注于中国的大城市，如深圳和北京。上个月，股价因与优步和 <strong>腾讯控股</strong> 的合作公告而飙升。优步现在是小马智行的战略合作伙伴，并希望在中东市场尽快部署该技术用于共享出行。腾讯的合作是与腾讯云进行的。</p>
<p>在其商业模式的早期阶段，小马智行上个季度仅产生了 1400 万美元的收入，毛利仅为 230 万美元。由于在研发成本上的重度支出，其运营亏损达 5600 万美元。构建自动驾驶技术并不便宜。该公司在资产负债表上确实有超过 5 亿美元的现金，但以目前的烧钱速度，这笔钱很快就会用完。</p>
<p><img src="https://imageproxy.pbkrs.com/https://g.foolcdn.com/image//query-b3A9cmVzaXplJnVybD1odHRwczovL2cuZm9vbGNkbi5jb20vZWRpdG9yaWFsL2ltYWdlcy84MjA2NTcvY2FyLXRlY2guanBnJnc9NzAw?x-oss-process=image/auto-orient,1/interlace,1/resize,w_1440,h_1440/quality,q_95/format,jpg" alt="" original-src="https://imageproxy.pbkrs.com/https://g.foolcdn.com/image//query-b3A9cmVzaXplJnVybD1odHRwczovL2cuZm9vbGNkbi5jb20vZWRpdG9yaWFsL2ltYWdlcy84MjA2NTcvY2FyLXRlY2guanBnJnc9NzAw"/></p>
<p>图片来源：Getty Images。</p>
<h2>你应该购买小马智行的股票吗？</h2>
<p>以 46.7 亿美元的市值押注小马智行似乎并不明智。它几乎没有产生任何销售，并且在自动驾驶技术这一极具挑战性的市场中运作。此外，它在中国运营，这对西方投资者来说是一个不透明的市场。这为股票带来了巨大的风险。即使公司通过合作伙伴关系不断扩展，可能也需要数年时间才能使其收入和盈利与 46.7 亿美元的市值相匹配。</p>
<p>对于对自动驾驶感兴趣的投资者，可以关注 <strong>Waymo</strong>，这是 <strong>Alphabet</strong> 的子公司。该服务目前每周进行超过 250,000 次付费出行，这远远超过小马智行所能实现的任何成就。这并不是说小马智行的技术不奏效——它确实服务于不同的市场——只是你在押注一家在众多大型科技竞争者中竞争的初创公司。这感觉是一个不值得冒的风险，相较于股票当前的估值，投资者应该暂时避免购买小马智行的股票。</p>

小马智行

<p>Pony AI 的股价在 5 月份飙升了 112%，这得益于与 Uber 和腾讯的合作，专注于中国的自动驾驶技术。尽管市值达到 46.7 亿美元，但该公司报告的销售额仅为 1400 万美元，运营亏损为 5600 万美元。分析师警告投资者要谨慎，因为面临高风险、低收入以及来自 Waymo 等成熟竞争对手的竞争。建议投资者避免在当前估值下购买 Pony AI 的股票</p>

<p>Shares of <strong>Pony AI</strong>(PONY -5.20%) soared 112% in May, according to data from S&amp;P Global Market Intelligence. The upstart is trying to bring self-driving and autonomous vehicle technology to the masses, with a focus on the Chinese market. It has a market cap of $4.67 billion but minimal sales and huge operating losses. However, investors are betting big on the potential future for this self-driving disrupter as it signs many partnerships with companies like <strong>Uber</strong>.</p>
<div class="lb-trans"><p>根据 S&amp;P Global Market Intelligence 的数据，<strong>小马智行</strong>(PONY -5.20%) 的股价在 5 月份飙升了 112%。这家新兴公司试图将自动驾驶和自主车辆技术普及到大众，重点关注中国市场。它的市值为 46.7 亿美元，但销售额微乎其微，运营亏损巨大。然而，投资者对这家自动驾驶颠覆者的未来潜力寄予厚望，因为它与 <strong>优步</strong> 等多家公司签署了许多合作伙伴关系。</p>
</div><p>Here's why Pony AI stock was flying high in May.</p>
<div class="lb-trans"><p>以下是小马智行股票在 5 月份飞涨的原因。</p>
</div><h2>Betting on autonomous vehicles in China and around the world</h2>
<div class="lb-trans"><h2>在中国及全球押注自动驾驶汽车</h2>
</div><p>Pony AI is developing autonomous vehicle technology to be deployed on robotaxis, trucks, and everyday owned vehicles. It is focused on large cities in China, such as Shenzhen and Beijing. Shares soared last month because of partnership announcements with Uber and <strong>Tencent Holdings</strong>. Uber is now a strategic partner with Pony AI and hopes to deploy the technology for ridesharing in a Middle East market shortly. The Tencent partnership is with Tencent Cloud.</p>
<div class="lb-trans"><p>小马智行正在开发自动驾驶技术，以应用于机器人出租车、卡车和日常自有车辆。它专注于中国的大城市，如深圳和北京。上个月，股价因与优步和 <strong>腾讯控股</strong> 的合作公告而飙升。优步现在是小马智行的战略合作伙伴，并希望在中东市场尽快部署该技术用于共享出行。腾讯的合作是与腾讯云进行的。</p>
</div><p>In the early stages of its business model, Pony AI generated just $14 million in revenue last quarter and a measly $2.3 million in gross profit. On this revenue, it had a $56 million operating loss due to the heavy spending it is implementing on research and development costs. Building self-driving technology is not cheap. The company does have over $500 million in cash on the balance sheet, but that money will run out quickly at its current burn rate.</p>
<div class="lb-trans"><p>在其商业模式的早期阶段，小马智行上个季度仅产生了 1400 万美元的收入，毛利仅为 230 万美元。由于在研发成本上的重度支出，其运营亏损达 5600 万美元。构建自动驾驶技术并不便宜。该公司在资产负债表上确实有超过 5 亿美元的现金，但以目前的烧钱速度，这笔钱很快就会用完。</p>
</div><p><img src="https://imageproxy.pbkrs.com/https://g.foolcdn.com/image//query-b3A9cmVzaXplJnVybD1odHRwczovL2cuZm9vbGNkbi5jb20vZWRpdG9yaWFsL2ltYWdlcy84MjA2NTcvY2FyLXRlY2guanBnJnc9NzAw" alt="" original-src="https://g.foolcdn.com/image/?url=https%3A%2F%2Fg.foolcdn.com%2Feditorial%2Fimages%2F820657%2Fcar-tech.jpg&amp;op=resize&amp;w=700"/></p>
<p>Image source: Getty Images.</p>
<div class="lb-trans"><p>图片来源：Getty Images。</p>
</div><h2>Should you buy Pony AI stock?</h2>
<div class="lb-trans"><h2>你应该购买小马智行的股票吗？</h2>
</div><p>Betting on Pony AI at a market cap of $4.67 billion does not seem wise. It is barely generating any sales and is working in a wildly difficult market in self-driving technology. Plus, it operates in China, an opaque market for Western investors. This adds up to a ton of risks for the stock. Even if the company keeps scaling with partnerships, it may be years before its revenue and earnings align with what a $4.67 billion market cap demands.</p>
<div class="lb-trans"><p>以 46.7 亿美元的市值押注小马智行似乎并不明智。它几乎没有产生任何销售，并且在自动驾驶技术这一极具挑战性的市场中运作。此外，它在中国运营，这对西方投资者来说是一个不透明的市场。这为股票带来了巨大的风险。即使公司通过合作伙伴关系不断扩展，可能也需要数年时间才能使其收入和盈利与 46.7 亿美元的市值相匹配。</p>
</div><p>For investors interested in self-driving, look at Waymo, a subsidiary of <strong>Alphabet</strong>. The service is now doing over 250,000 paid weekly trips, which dwarfs anything Pony AI has been able to achieve. This is not to say that Pony AI's technology does not work -- and it does serve different markets -- just that you are betting on a start-up in a field crowded with huge technology competitors. This feels like a risk not worth taking vs. the stock's current valuation figures, meaning investors should stay away from buying Pony AI stock right now.</p>
<div class="lb-trans"><p>对于对自动驾驶感兴趣的投资者，可以关注 <strong>Waymo</strong>，这是 <strong>Alphabet</strong> 的子公司。该服务目前每周进行超过 250,000 次付费出行，这远远超过小马智行所能实现的任何成就。这并不是说小马智行的技术不奏效——它确实服务于不同的市场——只是你在押注一家在众多大型科技竞争者中竞争的初创公司。这感觉是一个不值得冒的风险，相较于股票当前的估值，投资者应该暂时避免购买小马智行的股票。</p>
</div>

为什么小马智行的股票在上个月上涨了超过 100%