However, Pony.ai has faced challenges, including having its driverless-vehicle testing permit in California suspended, downsizing its autonomous trucking ambitions, and recalling its autonomous-driving software due to a lawsuit against former employees for allegedly stealing trade secrets. Despite these setbacks, Pony.ai claimed a valuation of $8.5 billion. The autonomous vehicle industry as a whole has seen many startups fail, with the remaining few, often backed by large corporations, beginning to scale up commercial operations at a slower pace than initially predicted.
Key takeaways:
- Autonomous-driving company Pony.ai and Toyota are partnering with the aim of producing fully driverless robotaxis, with an initial investment of $139 million from GAC Toyota Motor Co.
- Toyota previously invested $400 million in Pony.ai in 2020 and plans to provide the company with an unspecified number of its EVs for autonomous-driving tech and robotaxi network platform development.
- Pony.ai has faced challenges, including a suspended permit for driverless-vehicle testing in California, a recall of its autonomous-driving software, and a lawsuit against two former employees for allegedly stealing trade secrets.
- The autonomous vehicle industry has seen a consolidation, with many startups disappearing, especially in the United States. The remaining companies, which are either publicly traded or owned by large corporations, are beginning to scale up commercial operations, albeit at a slower pace than initially predicted.