Toyota Invests $400M in Pony.ai At $3B Market Cap
February 27, 2020
Pony.ai has raised $400 million from Toyota Motor to deepen and expand the two companiesí collaboration in mobility services. The investment comes as an extension of a business partnership that was formed between Pony.ai and Toyota in 2019. Building upon the foundation established last year, both companies will further advance their joint efforts in autonomous driving technology development and mobility service deployment. The new funding totals $462 million and puts Pony.aiís valuation at just over $3B.
Strengthened ties will enable deeper integration of Pony.ai's autonomous
driving system with Toyota's robust vehicle platforms and technologies.
This type of collaboration is a strategic approach for both companies.
In August 2019, Pony.ai and Toyota initiated joint autonomous driving
pilots in China. This yearís strategic investment will expand the
partnershipís scope of collaboration. In addition to co-developing
autonomous driving technology, Pony.ai and Toyota will look beyond the
vehicle itself to explore further possibilities on mobility services.