小马智行（PONY）：海外Robotaxi扩张采用联合部署模式；2026年第二季度Robotaxi收入同比增长691%；买入

研报英文原文证据摘录

Equity Research

19 August 2026 | 12:42AM HKT

Pony AI Inc. (PONY): Overseas Robotaxi expansion with joint

deployment model; 2Q26 Robotaxi rev +691% YoY; Buy

Pony AI’s 2Q26 revenues remained strong with growth of 69% YoY to US$36m, or

11%/ 1% higher than our estimates and consensus, supported by Robotaxi revenues

growth of 691% YoY to US$12m and fare-charging revenues up 849% YoY. 2Q OP

loss was largely in line at US$66m, and management expects company’s PonyWorld

2.0 to improve R&D efficiency. The company’s Robotaxi fleet had reached 1,975

vehicles by end-2Q26 (vs. 1,700 vehicles by end-1Q26), and management maintains

guidance for 3,500 vehicles by the end of 2026E. The company has expanded

Robotaxi operations across all Gen-7 models (BAIC/ GAC/ Toyota) and we are

positive on company’s expanding high-density urban coverage in Guangzhou/

Shenzhen to drive passenger adoption. Maintain Buy.

Allen Chang

+852-2978-2930 |

Goldman Sachs (Asia) L.L.C.

Verena Jeng

Goldman Sachs (Asia) L.L.C.

Ting Song

Goldman Sachs (Asia) L.L.C.

Overseas Robotaxi expansion with joint deployment model: In addtion to the

China Robotaxi market, we see Pony AI continuing its overseas market expansion

across Europe, Middle East, SEA regions etc. The company mainly adopts the joint

deployment model in overseas market, and has secured contract deployment for

over 2,000 Robotaxis in Europe, with key partners including Uber, and 4,000+

vehicles in overseas market under agreements in negotiation. Overseas revenues

take time to ramp up, while we are positive on the long-term growth ahead driven by

both vehicle revenues and recurring revenues with higher margin.

2Q26 results by sub-segment

n

Robotaxi revenues in 2Q26 were up 691% YoY to US$12.1m, supported by

strong growth of fare-charging revenues at 849% YoY with the Robotaxi fleet

expansion, Gen-7 ramp up, and enhanced operation in multiple cities.

n

Robotruck revenues in 2Q26 were up 40% YoY at US$13.3m, with scaling of

the company’s commercial Robotruck operations.

n

Intelligent solutions revenues overall remained flattish in 2Q26 at US$10.8m,

due to delivery fluctuations with ADC (Autonomous domain controllers).

…