<p>根據 S&amp;P Global Market Intelligence 的數據，<strong>小馬智行</strong>(PONY -5.20%) 的股價在 5 月份飆升了 112%。這家新興公司試圖將自動駕駛和自主車輛技術普及到大眾，重點關注中國市場。它的市值為 46.7 億美元，但銷售額微乎其微，運營虧損巨大。然而，投資者對這家自動駕駛顛覆者的未來潛力寄予厚望，因為它與 <strong>優步</strong> 等多家公司簽署了許多合作伙伴關係。</p>
<p>以下是小馬智行股票在 5 月份飛漲的原因。</p>
<h2>在中國及全球押注自動駕駛汽車</h2>
<p>小馬智行正在開發自動駕駛技術，以應用於機器人出租車、卡車和日常自有車輛。它專注於中國的大城市，如深圳和北京。上個月，股價因與優步和 <strong>騰訊控股</strong> 的合作公告而飆升。優步現在是小馬智行的戰略合作伙伴，並希望在中東市場儘快部署該技術用於共享出行。騰訊的合作是與騰訊雲進行的。</p>
<p>在其商業模式的早期階段，小馬智行上個季度僅產生了 1400 萬美元的收入，毛利僅為 230 萬美元。由於在研發成本上的重度支出，其運營虧損達 5600 萬美元。構建自動駕駛技術並不便宜。該公司在資產負債表上確實有超過 5 億美元的現金，但以目前的燒錢速度，這筆錢很快就會用完。</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>圖片來源：Getty Images。</p>
<h2>你應該購買小馬智行的股票嗎？</h2>
<p>以 46.7 億美元的市值押注小馬智行似乎並不明智。它幾乎沒有產生任何銷售，並且在自動駕駛技術這一極具挑戰性的市場中運作。此外，它在中國運營，這對西方投資者來説是一個不透明的市場。這為股票帶來了巨大的風險。即使公司通過合作伙伴關係不斷擴展，可能也需要數年時間才能使其收入和盈利與 46.7 億美元的市值相匹配。</p>
<p>對於對自動駕駛感興趣的投資者，可以關注 <strong>Waymo</strong>，這是 <strong>Alphabet</strong> 的子公司。該服務目前每週進行超過 250,000 次付費出行，這遠遠超過小馬智行所能實現的任何成就。這並不是説小馬智行的技術不奏效——它確實服務於不同的市場——只是你在押注一家在眾多大型科技競爭者中競爭的初創公司。這感覺是一個不值得冒的風險，相較於股票當前的估值，投資者應該暫時避免購買小馬智行的股票。</p>

小馬智行

<p>Pony AI 的股價在 5 月份飆升了 112%，這得益於與 Uber 和騰訊的合作，專注於中國的自動駕駛技術。儘管市值達到 46.7 億美元，但該公司報告的銷售額僅為 1400 萬美元，運營虧損為 5600 萬美元。分析師警告投資者要謹慎，因為面臨高風險、低收入以及來自 Waymo 等成熟競爭對手的競爭。建議投資者避免在當前估值下購買 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>根據 S&amp;P Global Market Intelligence 的數據，<strong>小馬智行</strong>(PONY -5.20%) 的股價在 5 月份飆升了 112%。這家新興公司試圖將自動駕駛和自主車輛技術普及到大眾，重點關注中國市場。它的市值為 46.7 億美元，但銷售額微乎其微，運營虧損巨大。然而，投資者對這家自動駕駛顛覆者的未來潛力寄予厚望，因為它與 <strong>優步</strong> 等多家公司簽署了許多合作伙伴關係。</p>
</div><p>Here's why Pony AI stock was flying high in May.</p>
<div class="lb-trans"><p>以下是小馬智行股票在 5 月份飛漲的原因。</p>
</div><h2>Betting on autonomous vehicles in China and around the world</h2>
<div class="lb-trans"><h2>在中國及全球押注自動駕駛汽車</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>小馬智行正在開發自動駕駛技術，以應用於機器人出租車、卡車和日常自有車輛。它專注於中國的大城市，如深圳和北京。上個月，股價因與優步和 <strong>騰訊控股</strong> 的合作公告而飆升。優步現在是小馬智行的戰略合作伙伴，並希望在中東市場儘快部署該技術用於共享出行。騰訊的合作是與騰訊雲進行的。</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>在其商業模式的早期階段，小馬智行上個季度僅產生了 1400 萬美元的收入，毛利僅為 230 萬美元。由於在研發成本上的重度支出，其運營虧損達 5600 萬美元。構建自動駕駛技術並不便宜。該公司在資產負債表上確實有超過 5 億美元的現金，但以目前的燒錢速度，這筆錢很快就會用完。</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>圖片來源：Getty Images。</p>
</div><h2>Should you buy Pony AI stock?</h2>
<div class="lb-trans"><h2>你應該購買小馬智行的股票嗎？</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 億美元的市值押注小馬智行似乎並不明智。它幾乎沒有產生任何銷售，並且在自動駕駛技術這一極具挑戰性的市場中運作。此外，它在中國運營，這對西方投資者來説是一個不透明的市場。這為股票帶來了巨大的風險。即使公司通過合作伙伴關係不斷擴展，可能也需要數年時間才能使其收入和盈利與 46.7 億美元的市值相匹配。</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>對於對自動駕駛感興趣的投資者，可以關注 <strong>Waymo</strong>，這是 <strong>Alphabet</strong> 的子公司。該服務目前每週進行超過 250,000 次付費出行，這遠遠超過小馬智行所能實現的任何成就。這並不是説小馬智行的技術不奏效——它確實服務於不同的市場——只是你在押注一家在眾多大型科技競爭者中競爭的初創公司。這感覺是一個不值得冒的風險，相較於股票當前的估值，投資者應該暫時避免購買小馬智行的股票。</p>
</div>

為什麼小馬智行的股票在上個月上漲了超過 100%