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MarketScreener Homepage  >  Equities  >  Korea Stock Exchange  >  Hyundai Motor Company    A005380   KR7005380001

HYUNDAI MOTOR COMPANY

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Autonomous driving startup Pony.ai raises $462 million in Toyota-led funding

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02/25/2020 | 11:19pm EDT
Staff members are seen at the Halloween-decorated reception area of the Chinese self-driving startup Pony.ai headquarters in Guangzhou

Autonomous driving firm Pony.ai said on Wednesday it has raised $462 million in its latest funding round, led by an investment by Japan's largest automaker Toyota Motor Corp.

Toyota invested around $400 million in the round, Pony.ai said in a statement, marking its biggest investment in an autonomous driving company with a Chinese background.

The latest fundraising values the three-year-old firm, already backed by Sequoia Capital China and Beijing Kunlun Tech Co, at slightly more than $3 billion.

Reuters reported the funding earlier on Wednesday, citing people familiar with the matter. The sources added that some of Pony.ai's existing investors had joined the financing, but did not specify names.

The investment by Toyota comes at a time when global car makers, technology firms, start-ups and investors - including Tesla, Alphabet Inc's Waymo and Uber - are pouring capital into developing self-driving vehicles.

Over the past two years, 323 deals related to autonomous cars raised a total of $14.6 billion worldwide, according to data provider PitchBook, even amid concerns about the technology given its high cost and complexity.

The Silicon Valley-based startup Pony.ai - co-founded by CEO James Peng, a former executive at China's Baidu, and chief technology officer Lou Tiancheng, a former Google and Baidu engineer - is already testing autonomous vehicles in California, Beijing and Guangzhou.

The firm is focusing on achieving "Level 4", or fully autonomous standards, in which the car can handle all aspects of driving in most circumstances with no human intervention.

The latest funding will support Pony.ai's future robotaxi operations and technology development, one of the sources said.

Pony.ai, which has partnerships with automakers Hyundai and GAC, said it will explore "further possibilities on mobility services" with Toyota.

Pony.ai is not the first time that Toyota, which sold more than 10 million cars globally last year, has invested in firms focused on autonomous driving and mobility services.

Its autonomous vehicle partnerships include a venture with SoftBank Corp and an investment in robotaxi developer Uber ATG. Last year, it invested $600 million in Chinese ride-hailing giant Didi Chuxing and a new joint venture to develop mobility services.

However the Japanese car maker, which has researched into autonomous driving technologies mostly through in-house engineers and this year will launch its first vehicle with autonomous highway driving capabilities, has been lagging rivals in bringing self-driving cars to market.

It has taken a long view towards the technology, saying it will take decades for cars to drive themselves on roads.

(Reporting by Julie Zhu and Yilei Sun, additional reporting by Norihiko Shirouzu and Naomi Tajitsu; Editing by Himani Sarkar)

By Julie Zhu and Yilei Sun

Stocks mentioned in the article
ChangeLast1st jan.
ALPHABET INC. 2.07% 1207 Delayed Quote.-9.88%
BAIDU, INC. -4.38% 97.33 Delayed Quote.-23.00%
BEIJING KUNLUN TECH CO., LTD. 5.22% 18.95 End-of-day quote.2.43%
HYUNDAI MOTOR COMPANY 1.80% 90400 End-of-day quote.-1.85%
SOFTBANK CORP. -0.61% 1388 End-of-day quote.-0.86%
SOFTBANK GROUP CORP. 0.24% 4139 End-of-day quote.-0.77%
TESLA, INC. 0.62% 548.84 Delayed Quote.31.20%
TOYOTA INDUSTRIES CORPORATION 2.37% 5180 End-of-day quote.1.57%
TOYOTA MOTOR CORPORATION 2.04% 6753 End-of-day quote.1.69%
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Financials (KRW)
Sales 2020 104 387 B
EBIT 2020 3 927 B
Net income 2020 3 341 B
Debt 2020 64 003 B
Yield 2020 4,62%
P/E ratio 2020 6,65x
P/E ratio 2021 4,90x
EV / Sales2020 186x
EV / Sales2021 175x
Capitalization 19 392 B
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Number of Analysts 26
Average target price 136 269,23  KRW
Last Close Price 90 000,00  KRW
Spread / Highest target 106%
Spread / Average Target 51,4%
Spread / Lowest Target 10,0%
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Managers
NameTitle
Mong-Koo Chung Chairman & Co-Chief Executive Officer
Won-Hui Lee Co-President, Co-CEO & Director
José Munoz Global Chief Operating Officer
Byeong-Cheol Choi Chief Financial Officer
Moon-Sik Kwon Vice Chairman-Executive Board, Head-R&D
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