Two leading autonomous driving companies—Pony AI Inc (PONY) and WeRide Inc. (WRD)—are extending their competition from the roads to the capital markets. Both firms have announced plans to list simultaneously on the Hong Kong Stock Exchange on November 6, initiating a race for the title of "HKEX's First Robotaxi Stock."

On October 28, WeRide filed its prospectus, proposing to issue 88.25 million shares (subject to over-allotment option) at a maximum price of HK$35 per share (unless otherwise announced), with trading expected to commence on November 6.

The same day, Pony AI disclosed its intention to offer 41.96 million shares (adjustable based on placement size and over-allotment option), capped at HK$180 per share (unless revised). Its shares are also slated to begin trading on November 6.

This marks another head-to-head confrontation between the two autonomous driving unicorns in the same capital market following their 2024 Nasdaq listings.

**Domestic Full Licensing vs. Global Multi-Licensing** While both operate in the Robotaxi sector, their strategies diverge. Pony AI focuses on China's domestic market as the only company holding all required regulatory permits for public autonomous ride-hailing services across Beijing, Guangzhou, Shenzhen, and Shanghai. It operates a fleet of 680+ self-driving taxis with 47.9 million cumulative autonomous kilometers.

In contrast, WeRide has expanded to 30+ cities across 11 countries, becoming the only tech firm with autonomous driving licenses in seven nations. Its 700+ vehicle fleet includes the largest autonomous taxi operation in Abu Dhabi.

**Revenue Breakdown** Pony AI currently derives 53% of its 2024 revenue ($40.4 million) from Robotruck operations through its joint venture with Sinotrans. Robotaxi services contributed 9.4%.

WeRide's Robotaxi revenue surged from 13.2% in 2024 to 31% in H1 2025, alongside commercialization in autonomous minibuses and sanitation vehicles. Both companies generate 30%-40% of income from technology licensing.

**CEO Perspectives on L4 Scaling** Pony AI co-founder/CEO James Peng described L4 autonomy as a "blue ocean" compared to the "red ocean" of L2 assistance. He highlighted China's automotive supply chain advantages, noting a 70% cost reduction in their seventh-gen autonomous hardware—key to scaling.

However, Peng acknowledged the "significant challenge" of achieving network effects, estimating 15 years may be needed to reach 10,000-100,000 vehicle fleets.

**Profitability Timeline** Industry observers remain cautious. Angel investor Guo Tao sees regulatory refinement enabling commercialization, while OuYou International chairman Zhang Yue predicts 5-10 years before stable Robotaxi profits. Peng concurred that scaling presents a major hurdle for the sector.