NEW YORK — As of 1:14 p.m. ET on Friday, December 26, 2025, Pony AI Inc. (Nasdaq: PONY) was trading around $14.99, down about $0.70 (roughly 4.4%) from its previous close, with the day’s range spanning approximately $14.22 to $15.71.
That drop is landing on a quirky day for market history. December 26 is widely discussed as part of the thinly traded “Santa Claus rally” window, and seasonal data watchers (including Bespoke Investment Group) often point out that this date has historically skewed positive for the S&P 500 when markets are open. [1]
Today, though, broad U.S. markets are basically mixed-to-flat in early afternoon trading—one more reminder that seasonality is a tendency, not a law of physics. Reuters described the post-Christmas session as light trading with Wall Street hovering near record highs, while AI headlines continue to shape risk appetite. [2]
Where PONY stock stands right now
Pony AI’s move lower stands out against the broader tape: the S&P 500 proxy ETF (SPY) was near flat, while the Nasdaq-100 proxy (QQQ) was slightly positive around the same time.
For PONY specifically, trading activity remains active for a holiday week session, with intraday volume already above 4 million shares early afternoon. On Yahoo Finance, PONY’s average volume is listed near 5.9 million shares, offering some context for whether the day is turning into an “ordinary” session or an outsized one by the close. [3]
Also worth keeping in your mental model: PONY’s 52-week range has been wide (roughly $4 to $25), which is what volatility looks like when a company sits at the intersection of frontier tech, capital intensity, and regulatory uncertainty. [4]
Quick primer: what Pony AI is, and why the stock trades like a lightning bolt in a jar
Pony AI is an autonomous mobility company best known for robotaxi development and commercialization (and related autonomous driving systems). Its U.S.-listed shares trade as American Depositary Shares, and the company’s investor materials state its Nasdaq listing began in late 2024 under the symbol “PONY.” [5]
In 2025, the company also pushed deeper into Hong Kong’s capital markets—an important detail for global investors tracking liquidity, fundraising, and regional sentiment around China-linked autonomous driving names. Reuters reported Pony AI raised roughly $863 million in its Hong Kong debut, though shares slid alongside peer WeRide amid a crowded IPO pipeline and weak new-listing momentum. [6]
What’s moving Pony AI shares today
In today’s session, there isn’t a single blockbuster Pony AI headline dominating the news cycle the way an earnings beat or major regulatory approval would. Instead, the stock appears to be reacting to a familiar cocktail for high-beta, “future-of-transport” names:
- Holiday-week liquidity (moves can look sharper when participation is thinner)
- Rotation and risk calibration as markets digest macro headlines and AI-driven positioning
- Execution questions that never really leave the room for robotaxi companies: safety, utilization, cost curves, and the pace of regulatory green lights
A number of market write-ups today focus on PONY’s decline as part of normal volatility for the name, while noting that Wall Street coverage has been active recently (more on that below). [7]
The biggest Pony AI storylines investors are tracking in late 2025
Here are the developments that matter most for the investment narrative—the stuff that tends to feed analyst models, institutional positioning, and retail attention.
1) Regulatory traction in China: Shenzhen’s citywide permit
One of the most concrete “commercialization” signals in robotaxis is permission to operate broadly without a safety driver. Reuters reported Pony.ai received what it described as the first citywide permit for driverless commercial robotaxi services in Shenzhen, initially launching operations in specific districts with plans to expand. [8]
Regulatory permissions don’t automatically equal profits, but they can unlock:
- more operating area (more potential rides),
- more data,
- and—in theory—better unit economics as fleets scale.
2) Partnerships as distribution: Uber and international rollout ambitions
Robotaxi companies don’t just need autonomy software—they need demand. In May, Reuters reported Uber partnered with Pony AI to deploy Pony.ai vehicles onto Uber’s platform, starting in a key Middle East market and then expanding to other international markets. [9] Uber’s own investor release also described the partnership in similar terms. [10]
Strategically, this matters because “robotaxi adoption” is partly a consumer habit problem. Piggybacking on a mature rideshare marketplace can reduce the friction of building a customer base city-by-city.
3) Europe angle: Stellantis deal for Level 4 development and testing
Robotaxis get the headlines, but autonomous delivery and commercial vehicles are a parallel commercialization path. Reuters reported Stellantis and Pony.ai agreed to work together on self-driving vehicles in Europe, with testing in Luxembourg using a Stellantis battery-electric van platform tailored for Level 4 autonomy. [11]
4) The global robotaxi race is accelerating (and crowding)
If you want the “zoomed out” picture: Reuters recently summarized how robotaxi deployments and trials are expanding globally—spanning the U.S., China, the Middle East, and Europe—with players including Waymo, Baidu, WeRide, Zoox, and others, alongside Pony.ai. [12]
Translation: even if robotaxis are inevitable-ish, market share is not.
Earnings and operating progress: what the numbers have been saying
Pony AI’s latest big financial checkpoint in public coverage has been its Q3 2025 reporting. An earnings call transcript hosted by Yahoo Finance lists revenue of $25.4 million, up 72% year over year, alongside improving gross margin—while the company still posts sizeable losses (common for the sector). [13]
The company has also been pushing a specific operational milestone that investors obsess over because it’s the bridge between “cool demo” and “business”:
- Pony AI announced its Gen-7 robotaxi achieved city-wide unit economics breakeven (UE breakeven) in Guangzhou, and discussed plans to exceed a 2025 fleet target and expand to 3,000+ vehicles by the end of the following year. [14]
That “unit economics” phrase is doing a lot of work. Robotaxi businesses don’t need a profitable car; they need a model where scaling the fleet doesn’t scale losses faster than revenue.
Reuters Breakingviews has also highlighted how falling hardware costs and operational monitoring improvements are reshaping the broader robotaxi profit debate—while still emphasizing that scaling, regulation, and public trust remain real constraints. [15]
Wall Street forecasts and analyst takes: bullish long-term, messy near-term
Coverage initiation is one of the quieter catalysts for young public companies: it expands the audience, creates model-driven narratives, and can add a “gravity field” around certain price targets.
Here’s the current shape of the Street conversation around PONY:
- Macquarie initiated coverage with an optimistic stance, framing 2026 as a potential turning point as fleets scale and hardware costs decline. [16]
- Barclays initiated coverage with a more cautious posture, described in Yahoo Finance coverage as a Hold rating with a $15 price target. [17]
- Jefferies initiated coverage with a Buy rating and a higher target (reported at $32.80). [18]
On consensus numbers, forecasts vary depending on the data source and analyst set. For example, Investing.com lists a “Strong Buy” consensus and an average 12‑month target around the mid‑$20s, with a low estimate near $15 and a high estimate above $30. [19] Nasdaq.com also published a roundup-style report showing an average one-year target in the low‑to‑mid $20s with a wide forecast range. [20]
The key takeaway for readers: the Street is pricing “massive upside if commercialization scales,” but it’s not pricing that upside uniformly—because execution, regulation, and the cost curve are still moving targets.
Risks that matter (because robotaxis are not a bedtime story)
Robotaxi investing tends to break people into two camps: “this changes everything” and “this will never work.” Reality is meaner and more interesting: it can work, scale, and still be a brutally competitive, margin-squeezed business.
The main risk categories investors continue to watch:
- Safety and regulatory risk: one incident can slow approvals and chill demand.
- Profitability timing: even bullish takes often push meaningful profitability out several years. The Wall Street Journal has reported Pony AI aims to scale its fleet with a goal of turning profitable by 2029. [21]
- Competitive pressure: Waymo, Baidu, WeRide, and others are scaling too, and Reuters notes the global race is intensifying. [22]
- Capital intensity and dilution: autonomous fleets, sensors, compute, insurance, and operations are expensive—especially while utilization is still maturing.
- Short interest and positioning: MarketBeat listed short interest around 5% of float as of mid-December, which can amplify moves in either direction when sentiment shifts. [23]
If you want one sober framing, Reuters Breakingviews put it bluntly this year: robotaxis may be moving from hype toward “maybe, possibly, profit,” but scaling and regulation remain the boss fights. [24]
What investors should know before the next trading session
At the time of writing, U.S. markets are open (it’s early afternoon in New York), and the regular NYSE close is 4:00 p.m. ET. [25]
Whether you’re trading into today’s close or simply doing weekend prep, here’s a practical checklist:
1) Expect holiday-thin conditions through year-end.
Reuters described today’s session as “thin” post-Christmas trading near record highs—conditions where single-name volatility can feel exaggerated. [26]
2) Watch filings—especially Form 6‑K and Form 144 notices.
Pony AI, as a foreign private issuer, files updates via Form 6‑K (including a December 2025 filing visible on SEC EDGAR). [27]
Separately, multiple Form 144 filings dated December 23, 2025 appear on SEC EDGAR for Pony AI, which are notices of proposed sales of securities under Rule 144 (often linked to liquidity or tax/vesting mechanics, but still worth tracking). [28]
3) Keep one eye on the sector tape, not just the ticker.
Robotaxi stocks frequently move on peer news: regulatory wins, safety incidents, and partnership announcements across the space. Reuters’ late-December overview is a good reminder that this is a fast-moving competitive landscape. [29]
4) Know the next obvious catalyst window: earnings.
Some market calendars currently project Pony AI’s next earnings timing in mid-February 2026, though dates can shift until the company confirms. [30]
References
1. www.marketwatch.com, 2. www.reuters.com, 3. finance.yahoo.com, 4. www.marketwatch.com, 5. ir.pony.ai, 6. www.reuters.com, 7. www.marketbeat.com, 8. www.reuters.com, 9. www.reuters.com, 10. investor.uber.com, 11. www.reuters.com, 12. www.reuters.com, 13. finance.yahoo.com, 14. finance.yahoo.com, 15. www.reuters.com, 16. www.investing.com, 17. finance.yahoo.com, 18. finance.yahoo.com, 19. www.investing.com, 20. www.nasdaq.com, 21. www.wsj.com, 22. www.reuters.com, 23. www.marketbeat.com, 24. www.reuters.com, 25. www.nyse.com, 26. www.reuters.com, 27. www.sec.gov, 28. www.sec.gov, 29. www.reuters.com, 30. marketchameleon.com
