Pony.ai has launched commercial Robotaxi operations in Doha, Qatar, and is conducting fully driverless test rides in Zagreb, Croatia, according to a Goldman Sachs research note1. The bank maintained a Buy rating on Pony.ai but cut its Hong Kong-listed share target price from HK$234 to HK$202.4 and its U.S.-listed ADR target from $30 to $25.82.
Goldman Sachs said Pony.ai continues to expand its Robotaxi fleet in China and overseas markets and is maintaining its target of 3,500 vehicles by the end of this year. The bank raised net loss projections for 2027 through 2029, widening the 2027 estimate to CNY 313 million from CNY 309 million, the 2028 estimate to CNY 292 million from CNY 288 million, and the 2029 estimate to CNY 12 million from CNY 2 million.
On the commercial vehicle side, Pony.ai's fourth-generation Robotruck, developed in partnership with GAC Commercial Vehicle on the T9 pure electric heavy-duty truck platform, features an autonomous driving kit with bill-of-materials costs reduced by 70% compared with the previous generation.
The Zagreb operations connect to a broader European push: Pony.ai and Uber announced plans on October 8 to begin testing Pony.ai's Gen-7 Robotaxis in London, building on the Zagreb deployment already underway[1].
ANALYSIS The simultaneous target-price cut and Buy-rating retention reflect a company still burning cash while scaling internationally, with Goldman Sachs betting that fleet growth and hardware cost reductions will eventually close the gap.