Autonomous driving technology specialist Pony AI (PONY -4.43%) had a fine Wednesday on the stock exchange, following news of the launch of an important pilot project in its native China. With that, investors turbocharged the stock, sending it more than 7% higher in value. That was more than good enough to top the 0.8% rise of the bellwether S&P 500 index.
Big news in Beijing
That morning, Pony AI reported that vehicles powered by its self-driving technology and manufactured by Beijing Automotive Industry Corp. (BAIC) have begun road testing in Beijing. The seventh-generation BAIC robotaxis will be put through their paces in the capital city's specialized High-Level Autonomous Driving Demonstration Zone.
Image source: Getty Images.
In the press release touting the news, Pony AI didn't hesitate to point out that with the launch, the current generation of BAIC robotaxis and similar vehicles equipped with the company's technology from Guangzhou Automobile Group are being live-tested in Guangzhou, Shenzen, and Beijing.
In the company's words, "This multi-city road testing rollout highlights the stability and adaptability of Pony AI's autonomous driving system across various vehicle platforms and urban environments."
A 1,000-car goal
Pony AI added that the rollout is pushing it closer to its ultimate goal of expanding its autonomous fleet to 1,000 automobiles by the end of this year. With that, it'll have a solid foundation for a large-scale commercial launch in the future, likely within a short space of time.
Pony AI is a speculative investment at present, but given the eagerness with which the ever-influential Chinese authorities have embraced modern transportation solutions, I'd give the company a good chance to succeed. This is certainly a stock to watch.
