Pony AI Inc. ( PONY ) shares are trading higher Tuesday after Bloomberg reported that Uber Technologies Inc ( UBER ) plans to invest in the company’s Hong Kong listing.

PONY is charging ahead with explosive momentum. Get the details here.

What To Know: Uber ( UBER ) is planning to invest about $100 million in Pony AI's share sale, according to a Bloomberg report, citing people familiar with the matter.

The report indicates that Pony AI, which went public in the U.S. last year, is looking to raise as much as $972 million in its Hong Kong listing, with an option to increase the size of the deal.

Uber ( UBER ) is also reportedly interested in the Hong Kong listing of WeRide Inc. ( WRD ) , another Chinese robotaxi firm, though no investment amount was disclosed. Uber ( UBER ) invested in both Pony AI and WeRide ( WRD ) when the companies listed in the U.S.

Pony AI reportedly plans to use proceeds from the Hong Kong listing to scale commercialization of its Level 4 autonomous driving technology for robotaxi and robotruck services, as well as for continued research and development. The Guangzhou-based company aims to turn profitable by 2028 or 2029.

PONY Price Action: At the time of writing, Pony AI shares are trading 11.02% higher at $21.85, according to data from Benzinga Pro.

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