Report: Uber increases investment in China's robotaxi market, plans to participate in Pony.ai and WeRide's Hong Kong IPOs

While Pony.ai and WeRide are competing for the title of "the first Robotaxi stock on the Hong Kong market," ride-hailing app Uber is "betting on both sides."

On October 28, according to media reports citing people familiar with the matter, Uber is planning to participate in the Hong Kong IPO financing of autonomous driving companies Pony.ai and WeRide.

Insiders revealed that Uber may invest about $100 million in Pony.ai's Hong Kong IPO. Pony.ai was already listed in the US last year, and this Hong Kong listing aims to raise as much as $972 million (excluding potential proceeds from the exercise of the over-allotment option).

Reports also say Uber has expressed interest in WeRide's listing, though no specific amount was disclosed. Other potential investors include Southeast Asia ride-hailing and delivery giant Grab, Singapore government investment firm Temasek, and German parts supplier Bosch Group. WeRide, which also listed in the US a year ago, launched its Hong Kong listing plan last Tuesday, aiming to raise up to $398 million.

However, sources say negotiations are ongoing and investment plans may change.

According to a previous WallstreetCN article, both Pony.ai and WeRide announced on the 28th that they plan to synchronize their Hong Kong Stock Exchange listings on November 6. The title of "the first Robotaxi stock on the Hong Kong market" is about to be born from among these two companies.

Uber further increases investment

Uber has already invested in the US IPOs of both Pony.ai and WeRide.

In May this year, Uber announced an additional $100 million investment in WeRide. Operationally, earlier this year Uber partnered with Pony.ai to venture into the Middle East market and collaborated with WeRide in Abu Dhabi.

Since Pony.ai's US ADR listing in November 2024, its share price has increased over 50%, while WeRide's ADR has fallen 28% since its October listing last year.

This investment plan shows Uber is stepping up its involvement in China's robotaxi market through both capital and operations, laying the foundation for deploying robotaxi services worldwide in the future.

Funds focused on commercialization

Both Pony.ai and WeRide are prioritizing commercialization and R&D funding. The autonomous driving industry is still in the stage of large-scale investment, and comprehensive profitability will take time.

Guangzhou-based Pony.ai plans to use the proceeds from its Hong Kong IPO for large-scale commercialization of L4 autonomous driving technology, including both robotaxi and robotic truck services, as well as R&D investment. The company has set a goal to achieve profitability by 2028 or 2029.

WeRide plans to use its IPO funds to develop autonomous driving technology, accelerate mass production and commercialization of L4 autonomous driving, and expand over the next five years. The company has also yet to achieve profitability.

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