Pony AI Stock Jumps as Uber Partner Added to China-Tracking Nasdaq Index
U.S.-listed shares of robotaxi maker Pony AI (PONY) surged for a second straight session Wednesday after a prominent Nasdaq index tracking Chinese firms added the stock to its ranks.
The Nasdaq Golden Dragon China Index (HXC) on Monday added Pony AI to its ranks, now comprising 73 companies, the Guangzhou, China-based firm said. Other components include Alibaba Group (BABA), NetEase (NTES), JD.com (JD), electric vehicle maker NIO (NIO), offering traders exposure to China's economy through U.S.-listed stocks.
Pony AI's U.S.-listed shares rose 4% soon after markets opened Wednesday after jumping nearly 17% yesterday.
The autonomous driving company operates a fleet of roughly 300 vehicles and partnered with Uber (UBER) last month to add robotaxis to the ride-hailing giant's fleet. Pony AI reported nearly $14 million in revenue in the first quarter.
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Motor Trend
23 minutes ago
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It's tricky for Americans to appreciate the magnitude of the technology gap that has formed and continues growing between new Chinese cars and those being produced elsewhere in the developed world. That's because our market has effectively been walled off, at least from China's homegrown brands and global nameplate electric cars. MotorTrend has attempted to lead on American press coverage of this vital market, by producing a documentary on China's inroads to Mexico (and, therefore, North America), attending Chinese auto shows, and by testing more domestic-market Chinese cars than our peer publications. The West lags behind China's rapid car development due to slower innovation cycles and differing market priorities. To catch up, Western automakers must prioritize speed, adaptability, and cost-efficiency, targeting China as the main competitor, not traditional rivals. This summary was generated by AI using content from this MotorTrend article Read Next So we listened, nodded, and took lots of notes as Terry Woychowski—CEO of vehicle benchmarking firm Caresoft Global, addressed the Society of Automotive Analysts and the Automotive Press Association, shared his thoughts on what it might take for The West to begin closing the gap with the Chinese. The question to ask yourselves is, do we have the resolve to implement his suggestions? Speed is a Key Differentiator China seems to better appreciate that the one thing there's simply no getting any more of, whether by hard work, cunning, guile, or force: time. Once a minute's gone, there's no getting it back. Terry recounted many examples of the huge differences in vehicle development time, noting that China typically spends one and a half to two years developing a new platform, versus legacy OEMs' four to five years. 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Terry serves on the College of Engineering Advisory Board at Michigan Technological University, so he took time to visit ShanghaiTech University on a weekend day while in town for the auto show. He reported the library being jammed full. Speed of Innovation The days of Chinese R&D being jokingly referred to as 'receive and duplicate' instead of "research and development" are long gone. Terry reports BYD has filed as many as 45 patents per day . To date the Chinese giant holds 15 times as many patents as Tesla. Speed of Implementation Even when they don't think up a great idea on their own, the Chinese are way faster at implementing that idea once they see it. And they put up far less resistance to outside ideas. Some examples Woychowski provided: Tesla implemented its innovative integrated heat pump and EV thermal management 'Octovalve' on the Model Y in March 2020 and Huawei developed a similar 'super-manifold' with heat-pump capability for its AVATR models by mid-2022. 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Some suppliers are in tenuous financial shape, which the government is looking to shore up by forcing OEMs to pay suppliers more quickly. But western automakers will only catch up by accelerating their own efforts; not by waiting and hoping for internal troubles to slow China down.
Yahoo
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Klarna, Google join forces
This story was originally published on Payments Dive. To receive daily news and insights, subscribe to our free daily Payments Dive newsletter. Swedish buy now, pay later business Klarna has made its payment products available on the Google Pay digital wallet, according to a Monday press release. Google Pay users can use Klarna's services to split purchases of more than $35 into four interest-free payments, the company's release said. Longer-term financing options, some of which accrue interest, are also available for higher priced items via Google Pay, per the press release. Mountain View, California-based Google announced last year that it would integrate Klarna into the Google Pay digital wallet this year, but the release didn't make clear when the BNPL services were added. The service went live on Monday, a Klarna spokesperson said. The online search behemoth integrated Afterpay's buy now, pay later services into the Google Pay digital wallet last year. Afterpay is owned by Oakland, California-based payment company Block. Klarna, which was founded in Stockholm, has been expanding at a fast pace, making its BNPL services available at more merchants and reaching into new geographic regions. To fuel its growth, the company had planned to sell stock in the U.S. for the first time, but it put those plans on hold amid economic uncertainty. The BNPL firm announced in March that it would partner with Walmart to give the mega retailer's customers a buy now, pay later option at checkout. In that instance, Klarna was set to displace its U.S. rival Affirm. 'Integrating with Google Pay marks a meaningful step in Klarna's mission to bring flexible, transparent payment to where consumers already are,' Klarna Chief Commercial Officer David Sykes said in the news release. The collaboration between Klarna and Google is intended to give consumers more options and merchants another tool to drive growth, Ben Volk, vice president and general manager of Google Pay, said in the press release. Recommended Reading Klarna to displace Affirm as Walmart BNPL provider Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
