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<Research>Citi: PONY-W Expected to Hike Fare Charging Per Robotaxi, Cut Unit Costs
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In November 2025, PONY-W (02026.HK)'s daily net income had reached RMB299 per Robotaxi in Guangzhou, with a daily average orders per vehicle of 23 and a fare charging of approx. RMB2.6 per kilometer, Citi Research issued a research report saying. The management expected that, as its Robotaxi fleet expands, the fare charging per Robotaxi is likely to increase. Given that the service experience is comparable to DiDi Comfort, future fare charging could reach RMB4.5 per kilometer. Regarding unit costs, the broker estimated that the annual operating cost for each seventh-generation Robotaxi will be about RMB90,000, with depreciation expenses reaching RMB45,000, making depreciation a key factor in further unit cost reduction. Citi Research anticipated that, from April 2026, the cost of the bill of materials for the seventh-generation autonomous driving kit could be reduced by another 20%, estimated at around RMB26,000. The potential launch of the eighth-generation Robotaxi in 2028 could further drop the full vehicle cost. Therefore, Citi Research currently rated PONY-W's H-shares/ US stock at Buy, with target prices of $190.9/ US$24.5. AASTOCKS Financial News Website: www.aastocks.com |
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