Shares of autonomous driving firm Pony AI Inc PONY are trading lower Tuesday, bucking positive operational news. The company announced Monday it secured a landmark permit for fully driverless commercial robotaxi services in Shanghai’s Pudong financial district.
What To Know: This approval makes Pony AI the only company with permits for fully driverless commercial operations across all four of China’s tier-one cities: Beijing, Shanghai, Guangzhou and Shenzhen.
The company will initially launch its service in the strategic areas of Jinqiao and Huamu, near the Lujiazui financial hub, targeting a premium user base.
The stock may be weighed down in recent sessions by a July short-seller report from Grizzly Research, which accused the firm of falsifying autonomous driving data, using misleading marketing and falling behind competitors.
The report also questioned Pony AI’s financial health and its reliance on Chinese state support. In…
