Uber to plan investments in Hong Kong listings of Pony AI, WeRide
Talks are ongoing and the investment plans may change
UBER Technologies is planning to invest in the Hong Kong listings of Pony AI and WeRide, according to people familiar with the matter, deepening the ride-hailing giant’s ties with the Chinese robotaxi firms.
The company may invest about US$100 million in Pony AI’s share sale, the people said, asking not to be identified because the information is private.
Pony AI, which went public in the US last year, is looking to raise as much as US$972 million in its Hong Kong listing, before exercising an option to increase the size of the deal.
San Francisco-based Uber is also interested in WeRide’s listing, the people said, without disclosing an amount. Other investors could include South-east Asia’s largest ride-hailing and delivery company Grab, Singapore state investor Temasek and Robert Bosch, the people said.
WeRide, which went public in the US a year ago too, launched a Hong Kong listing to raise as much as US$398 million on Tuesday (Oct 28).
Talks are ongoing and the investment plans may change, the people said.
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Uber did not immediately respond to a request for comment. Pony AI declined to comment and WeRide did not directly address questions on potential investors.
The company invested in the US initial public offerings (IPO) of both Pony AI and WeRide, while Bosch bought into WeRide as well.
Uber also announced an additional US$100 million investment in WeRide in May, joined forces with the firm in Abu Dhabi, and partnered with Pony AI earlier this year to launch in the Middle East.
Pony AI’s American depositary receipts have climbed more than 50 per cent since its debut in November 2024. WeRide’s have fallen 28 per cent since listing last October.
Singapore-based Grab has been making forays into driverless cars as well, unveiling an investment in Michigan-based May Mobility last week, with the goal of bringing robotaxis to South-east Asia as soon as next year.
The deliveries firm has also invested in WeRide to jointly deploy robotaxi fleets across the region.
A Grab representative did not respond to questions on the WeRide deliberations. Temasek declined to comment and Bosch did not immediately reply.
Growth plans
Pony AI is planning to use the proceeds from its Hong Kong listing for large-scale commercialisation of its Level 4 autonomous driving technology in both robotaxi and robotruck services, as well as for research and development.
The Guangzhou-based company has a goal to turn profitable in 2028 or 2029.
WeRide plans to use the funds from its listing to develop autonomous driving technology, accelerate commercial mass production of Level 4 fleets, and expand over the next five years.
It, too, has yet to turn a profit. BLOOMBERG
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