Pony AI Inc (PONY) 2026 Q1 法說會逐字稿

Ladies and gentlemen, thank you for standing by, and welcome to Pony AI Inc., first-quarter 2026 earnings conference call. (Operator Instructions) As a reminder, today's conference call is being recorded, and a webcast replay will be available on the company's Investor Relations website at ir.pony.ai.

各位女士、先生，感謝您稍候，歡迎參加小馬智行（Pony AI Inc.）2026 年第一季度業績電話會議。（接線員指示）提醒各位，今天的電話會議將被錄音，網路直播回放將於公司投資者關係網站 ir.pony.ai 提供。

I would now turn the call over to your host, George Shao, Head of Capital Markets and Investor Relations at Pony AI. Please go ahead, George.

現在我將把電話交給本次會議主持人——小馬智行資本市場與投資者關係負責人 George Shao。George，請開始。

Thank you, operator. Hello, everyone. We appreciate you joining us today for Pony AI's first-quarter 2026 earnings call. Earlier today, we issued a press release with our financial and operating results, which is available on our Investor Relations website, and earnings presentation, which we will refer to during the conference call can also be accessed and downloaded on our Investor Relations website. Joining me on the call are Dr. James Peng, Chairman of the Board and CEO; Dr. Tiancheng Lou, CTO; and Dr. Leo Wang, CFO of the company.

謝謝接線員。各位好，感謝大家參加小馬智行 2026 年第一季度業績電話會議。今天早些時候，我們已發布新聞稿，披露我們的財務及營運業績，並已上載至投資者關係網站；我們在本次電話會議中將引用的業績簡報亦可於投資者關係網站查閱及下載。與我一同參會的有公司董事會主席兼執行長彭軍博士、首席技術官樓天城博士，以及首席財務官王力歐博士。

They will provide prepared remarks followed by a Q&A session. Before we begin, please refer to the safe harbor statement in our earnings release, which applies to this call as we will be making forward-looking statements. Please also note that we will discuss non-GAAP measures today, which are more thoroughly explained and reconciled to the most comparable measures reported under GAAP in our earnings release available on the Investor Relations website and filings with the SEC and Hong Kong Stock Exchange.

他們將先發表準備好的發言，隨後進入問答環節。在開始之前，請參閱我們業績新聞稿中的「安全港」聲明；由於我們將在本次電話會議中作出前瞻性陳述，該聲明同樣適用。另請注意，我們今天將討論非 GAAP 指標；相關指標在我們投資者關係網站所載的業績新聞稿，以及向美國證券交易委員會（SEC）及香港聯合交易所提交的文件中，已作更詳盡的說明，並與最可比的 GAAP 指標進行對賬。

I will now hand it over to our Chairman and CEO, Dr. James Peng. Please go ahead.

現在我把電話交給我們的董事會主席兼執行長彭軍博士。彭博士，請開始。

Thank you, George. Hello, everyone. Thank you for joining our earnings call. We kicked off 2026 with an amazing first quarter. This strong start defines our growth momentum for the whole year.

謝謝 George。各位好，感謝大家參加我們的業績電話會議。我們以一個非常出色的第一季度開啟了 2026 年。這個強勁的開局奠定了我們全年成長動能。

Let me start with the highlights. I'm proud to report that in Q1 2026, our total revenue grew by [145%] year over year, and we also achieved record high quarterly Robotaxi revenue. Specifically, our Robotaxi revenues grew nearly 400%, powered by more than 50% surge in fair charging revenues.

我先分享重點亮點。我很自豪地報告，2026 年第一季度，我們總營收同比增長 [145%]，同時也創下單季 Robotaxi（自動駕駛出租車）營收新高。具體而言，我們的 Robotaxi 營收增長接近 400%，主要受益於車費收入同比提升超過 50%。

Our operational momentum is accelerating across the board. We have scaled our Robotaxi fleet to exceed 1,700 vehicles and amplified this expansion to a massive surge in user adoption. Now our registered users grew more than 200% year over year in China. In fact, our weekly average paid orders so far in May grew more than 100% compared to the beginning of the year.

我們的營運動能全面加速。我們已將 Robotaxi 車隊規模擴大至超過 1,700 輛，並將這一擴張轉化為用戶採用的大幅提升。目前，我們在中國的註冊用戶同比增長超過 200%。事實上，截至 5 月目前為止，我們每週平均付費訂單量較年初增長超過 100%。

Lastly, we continue to expand our operating area currently broadening our service footprint into an (inaudible). Globally, we have been advancing our operations in the capital of Croatia, totalizing Europe first commercial Robotaxi service.

最後，我們持續擴大營運區域，目前正將服務覆蓋範圍拓展至（聽不清）。在全球方面，我們一直在推進於克羅埃西亞首都的營運，實現歐洲首個商業化 Robotaxi 服務。

Looking at our overall Q1 results. I'm thrilled that our strategic and execution mode translated directly into our exponential growth in Robotaxi and fare charging revenues by scaling our fleet, user base and pay the order volume. We have achieved consistent month-over-month growth this year. This is a remarkable achievement as spring typically is a low season for ride hailing.

回顧我們第一季度整體業績。我非常振奮地看到，我們的策略與執行模式，透過擴大車隊規模、用戶基礎以及付費訂單量，直接轉化為 Robotaxi 與車費收入的指數級增長。今年以來我們實現了持續的環比增長。這是一項了不起的成就，因為春季通常是網約車的淡季。

Our dual-engine strategy that is focusing on both China and the global market and the joint deployment model started unlocking new and diversified revenue streams. China market remains our primary growth engine, where we have secured a dominant lead. We are steadily ramping up our domestic suite while simultaneously broadening our operational footprint.

我們聚焦中國與全球市場的「雙引擎」策略，以及聯合部署模式，開始釋放新的、多元化的收入來源。中國市場仍是我們的主要成長引擎，我們在此已確立領先優勢。我們正穩步提升國內業務規模，同時持續拓展營運版圖。

We expanded our operations in Guangzhou from (inaudible) districts into (inaudible) district, which is the heart of Guangzhou that covers high-demand areas like Canton Tower, the part CBD and the Canton complex. In Shenzhen, we have been continuously increasing the size and the density of our fleet in (inaudible) District, the city's two business areas. For key transportation hub, we are now providing comprehensive airport transfer services across Beijing, Shenzhen, and Guangzhou.

我們在廣州將營運範圍從（聽不清）區擴展至（聽不清）區，該區位於廣州核心地帶，覆蓋廣州塔、部分 CBD 以及廣交會展館等高需求區域。在深圳，我們持續提升（聽不清）區（該市兩大商業區）的車隊規模與密度。針對關鍵交通樞紐，我們目前已在北京、深圳與廣州提供全面的機場接送服務。

Our international expansion is also gaining traction. We have now established a presence in nine countries and started the services to the public in four overseas markets including Croatia, Qatar, Singapore, and South Korea. In the capital of Croatia Zagreb, we realized the first Robotaxi commercialization in Europe. In the Middle East, our footprint in Dubai and Qatar continues to expand, currently initiating driverless deployment in Dubai. These achievements serve as proof that our model can be applied smoothly across multiple regulatory and operational environment. Ultimately, creating solid revenue streams.

我們的國際擴張也在加速落地。目前我們已在 9 個國家建立業務佈局，並已在包括克羅埃西亞、卡達、新加坡與南韓在內的 4 個海外市場向公眾提供服務。在克羅埃西亞首都薩格勒布，我們實現了歐洲首個 Robotaxi 商業化。在中東地區，我們在杜拜與卡達的佈局持續擴大，目前正在杜拜啟動無人化部署。這些成果證明，我們的模式能夠在多種監管與營運環境中順利落地，最終形成穩健的收入來源。

As for the joint deployment model, we consistently make a significant stride because of our technology leadership, our operational success and our commercial maturity, partners increasingly recognize us as their preferred collaborator.

就聯合部署模式而言，憑藉我們的技術領先、營運成果與商業成熟度，我們持續取得重大進展，合作夥伴也日益將我們視為首選合作方。

We have seen more partners from both domestic and the international markets join forces with us starting to contribute sizable revenue in Q1. Our Robotaxis success is continuously driven by our innovation and execution, which helps us to achieve a large-scale fleet excellent technology and operation and a superior user experience.

我們看到更多來自國內與國際市場的合作夥伴與我們攜手，並在第一季度開始貢獻可觀收入。我們的 Robotaxi 成功持續由創新與執行力驅動，幫助我們打造大規模車隊、卓越的技術與營運能力，以及更優的用戶體驗。

Moving forward, we will focus on reinforcing these areas to expand market share and cement our industry leadership. Operating scale fleet with consistent stability is a powerful testament to our technology and operational maturity. As we scale, we are supercharging our growth engine. We continue to build competitive barriers and trust from policymakers and fortify our brand position at the forefront of user main share.

展望未來，我們將聚焦強化上述領域，以擴大市佔並鞏固行業領導地位。在保持穩定性的前提下擴大車隊營運規模，是我們技術與營運成熟度的有力證明。隨著規模擴張，我們正在為成長引擎加速。我們將持續構築競爭壁壘、贏得政策制定者的信任，並強化我們在用戶心智中的品牌領先地位。

Currently, we are accelerating the rollout of Gen 7 vehicles across Toyota, Beijing Auto and Guangzhou Auto, exceeding 1,700 Robotaxi vehicles. At the Beijing Auto Show last month, we debuted our 2027 version of the Robotaxi for domestic market. This upgraded version will achieve further BOM cost optimization to less than RMB230,000. This competitive pricing facilitates rapid scaling of the Robotaxi fleet for the years to follow.

目前，我們正在加速於豐田、北汽與廣汽平台上推進第七代（Gen 7）車輛的投放，使 Robotaxi 車輛總數超過 1,700 輛。在上月的北京車展上，我們發布了面向國內市場的 2027 版 Robotaxi。該升級版本將進一步優化 BOM 成本至低於人民幣 23 萬元。這一具競爭力的定價將有助於未來數年 Robotaxi 車隊的快速擴張。

Safety has always been the foundation of our company, which is ensured by our technological and operational advantages. Our industry-leading L4 technology vehicle level intelligence and resilient fleet management help us to maintain an unpremised safety. This proven mastery of highly complex scenarios enable our Robotaxis to navigate, pick rush hour sense urban areas and bad weather conditions, satisfying surgeon user demand. We have moved beyond a novo experience into a go-to daily transportation choice.

安全始終是我們公司的基石，並由我們的技術與營運優勢所保障。我們行業領先的 L4 技術、車端智能能力以及韌性的車隊管理，幫助我們維持無可妥協的安全水準。對高度複雜場景的成熟掌控，使我們的 Robotaxi 能夠在高峰時段的密集城市區域與惡劣天氣條件下完成行駛與接駁，滿足用戶需求。我們已從「新奇體驗」走向日常出行的首選方案。

The results speak for themselves, our robotic taxi fares maintain a premium over the entry-level ride-hailing services. Despite this premium service pricing, demand remains exceptionally robust, particularly during peak hours.

結果不言自明：我們的 Robotaxi 車費相較入門級網約車服務保持溢價。儘管採用溢價定價，需求仍然極為強勁，尤其是在高峰時段。

Notably, our weekly average paid orders so far in May increased by more than 100% compared to the beginning of the year. significantly outpacing industry-wide growth. Beyond that, we are continuously optimizing ground operations from charging efficiency to dispatching agri This, in turn, boosts our fleet utilization and reduced operational costs.

值得注意的是，截至 5 月目前為止，我們每週平均付費訂單量較年初增長超過 100%，顯著跑贏行業整體增速。此外，我們持續優化地面營運，從充電效率到派單（聽不清）。這反過來提升了車隊利用率並降低了營運成本。

Now let me move to our [Robotruck] business. Our Gen 4 Robotruck is slated for mass production in the second half of the year with preproduction vehicles currently rolling off the production line. I'm also pleased to share that in Q1, Robotruck revenues were up 31% year over year. This was driven by scaling up long-haul operations. We also strive to expand our addressable market across multiple fronts, particularly into city urban logistics.

接下來我談談我們的 [Robotruck]（自動駕駛卡車）業務。我們第四代（Gen 4）Robotruck 計畫於今年下半年量產，目前預量產車輛已陸續下線。我也很高興分享，第一季度 Robotruck 營收同比增長 31%，主要由長途幹線營運規模擴大所帶動。我們也致力於從多個面向擴大可服務市場，特別是切入城市城配物流。

To this end, we launched our L4 autonomous light truck in April, leveraging our fully automotive grade and fully redundant Level 4 Robotaxi architecture. In terms of Intelligent Solutions, our business we recently renamed from licensing and applications to better reflect our expanding business in this segment. Q1, the ADC, essentially the autonomous domain controller shipments in this segment surged by over 500% year over year. This was mainly driven by domain controller deployment in low-speed delivery application.

為此，我們於 4 月推出 L4 自動駕駛輕卡，沿用我們完全車規級、全冗餘的 L4 Robotaxi 架構。在智能解決方案（Intelligent Solutions）方面，我們近期將該業務從「授權與應用」更名，以更好反映我們在此細分領域不斷擴張的業務版圖。第一季度，該板塊的 ADC（即自動駕駛域控制器）出貨量同比激增超過 500%，主要由低速配送場景的域控制器部署所帶動。

2026 is off to a strong start for Pony. We have achieved supercharged revenue growth in all 3 business lines without any compromise in safety. Since the first day of our funding, we have been committed to provide safe and reliable autonomous driving services. It is our deepest moat, as it's now the perfect stage for Pony to demonstrate what a decade of rigorous engineering looks like. Our fourfold global taxi revenue growth fueled by accelerated user adoption in domestic Tier 1 cities and revenue contributions from our joint deployment model, both domestically and globally.

2026 年對小馬智行而言開局強勁。我們在不牺牲安全的前提下，三大業務線均實現了加速的營收增長。自融資第一天起，我們就致力於提供安全、可靠的自動駕駛服務；這是我們最深的護城河。如今正是小馬展示十年嚴謹工程能力的最佳舞台。我們全球 Robotaxi 營收的四倍增長，得益於國內一線城市用戶採用加速，以及我們聯合部署模式在國內與全球的收入貢獻。

Reflecting its powerful commercial momentum, I am now raising our 2026 annual targets that we forecasted earlier this year. First, upgraded fleet target. We are now on a clear path to surpass a fleet size of 3,500 vehicles. which is an upward revision from our initial 3,000 targets. Second, accelerated revenue growth.

反映出我們強勁的商業動能，我現在上調我們在今年稍早所預測的 2026 年度目標。第一，提升車隊目標。我們目前已明確朝著超過 3,500 輛車的車隊規模邁進，較我們最初 3,000 輛的目標上修。第二，加速營收成長。

We are now lifting our Robotaxi revenue target higher to more than 3.5 times from our previous target of triple. Third, scaling our domestic and overseas process as we continue to accelerate the scaling up in our existing markets, we are firmly confident to expand our footprint to over 20 cities, both domestically and globally.

我們現在將 Robotaxi 的營收目標上調至超過先前「三倍」目標的 3.5 倍以上。第三，推進國內與海外的擴張進程：在持續加速既有市場擴張的同時，我們對於將版圖擴展至國內與全球合計超過 20 座城市充滿信心。

As an industry leader, our mission goes beyond our own growth. We are here to lead the development of autonomous driving that has sustainable societal benefit. By providing a safe driverless technology that is safe and profitable at scale. We are building the future of mobility that the world can trust.

作為產業領導者，我們的使命不僅止於自身成長。我們致力於引領自動駕駛的發展，並帶來可持續的社會效益。透過提供可在規模化下同時安全且具獲利能力的無人駕駛技術，我們正在打造一個世界可以信賴的未來移動方式。

With that, I'll hand it over to our CTO, Tiancheng Lou, to go over the technology that's powering our leadership. Tiancheng, please go ahead.

接下來，我把時間交給我們的 CTO 樓天城，請他說明支撐我們領先地位的技術。天城，請開始。

Thank you, James. Hello, everyone. This is Tiancheng. Our strong start in 2026 fully proves our solid technology foundation. Looking at our scale, our (inaudible) fleet now surpasses 1,700 vehicles.

謝謝你，James。各位好，我是天城。我們在 2026 年的強勁開局充分證明了我們扎實的技術基礎。從規模來看，我們的（聽不清）車隊目前已超過 1,700 輛車。

and the Q1 Robotaxi revenues skyrocketed by nearly 400% year over year, hitting all-time high. Building on this robust growth momentum, we are raising our full year target to over 3,500 vehicles and revenue grows to 3.5 times from the level of last year. This scaling up is driven by our proven capability to expand rapidly in high-value markets. But the factory interdowntown core of Guangzhou Hydro District and launching Europe's first commercial Robotaxi service. We demonstrated our true technology leadership.

而第一季 Robotaxi 營收年增近 400%，創下歷史新高。在這股強勁成長動能之上，我們將全年目標上調至超過 3,500 輛車，並將營收提升至去年水準的 3.5 倍。這一輪擴張來自我們在高價值市場快速拓展的已驗證能力。透過在廣州（聽不清）市中心核心區域落地，以及在歐洲推出首個商業化 Robotaxi 服務，我們展現了真正的技術領導力。

Only a tech leader can deploy feed so quickly into these high-value ultra-complex urban areas. Because our technology navigate this environment safely, more users choose to call our Robotaxi and more partners want to collaborate with us. It is this demonstrates the capabilities that give us the confidence to upsize over scale. Another clear testament was our performance during a series of concerts called in Guangzhou earlier this month. This event attracts tens of thousand attendees around the stadium.

只有技術領先者才能如此快速地在這些高價值、超高複雜度的城市區域部署車隊。因為我們的技術能在此類環境中安全行駛，更多用戶選擇呼叫我們的 Robotaxi，也有更多合作夥伴希望與我們合作。正是這些能力的展現，讓我們有信心擴大規模。另一個明確的佐證，是我們在本月稍早於廣州舉辦的一系列演唱會期間的表現。該活動在體育場周邊吸引了數以萬計的觀眾。

I'm very proud that Pony's Robotaxi officially become a government-recommended transportation choice for the peak post concerted cloud. We put this out because we can master this level of extreme localized demand seamlessly, being integrated into official local traffic plan, proves that the authorities highly trust our cities and operational capability. So ultimately, mastering this stands high-traffic environment demand that sleep in engineering by orders of magnitude.

我非常自豪，Pony 的 Robotaxi 正式成為政府推薦的交通選擇，用於演唱會散場後的尖峰人潮。我們之所以能做到，是因為我們可以無縫掌握這種極端的在地化需求；並且能被納入官方的在地交通方案，證明主管機關高度信任我們的技術與營運能力。歸根結底，要掌握這種高流量環境下的需求，對工程能力的要求是數量級的提升。

It comes down to three core technical pillars, an exceptional training paragraph, robust operational redundancy as well as safe and efficient fleet management. Many years ago, we realized a critical truth. The public demand a much higher safety standards for L4 drives Robotaxis than procurement drivers. This means when human drivers make mistake to try to accept as a normal part of daily life. But if an AI driver makes a mistake, the public trust will be negatively impacted.

這背後取決於三大核心技術支柱：卓越的訓練範式、強健的營運冗餘，以及安全且高效率的車隊管理。多年前，我們就意識到一個關鍵事實：大眾對 L4 級 Robotaxi 的安全標準要求，遠高於對一般人類駕駛的要求。這意味著，人類駕駛犯錯時，社會往往會把它視為日常生活的一部分而勉強接受；但如果 AI 駕駛犯錯，公眾信任將受到負面影響。

This understanding shipped over years ago, we could not achieve true L4 by simply learning from human driving data. More importantly, knew we could not sell L4 through a simply scaling law like that large language model, meaning just increasing parameter size and data win.

基於這個理解，我們多年前就確信：僅僅從人類駕駛數據學習，無法實現真正的 L4。更重要的是，我們也知道不能用類似大型語言模型那種單純的「縮放定律」來做 L4——也就是只靠增加參數規模與數據量就能取勝。

Turning from human driving data and scaling up parameters can give you a decent L2 driving system, but that level of AI is only good enough for L2 assistant driving when a human acts as the backup. It can never work for large-scale L4 Robotaxis because they cannot significantly beat human safety level. Driving is very different from AI coding. In coding, the AI does not need to make decisions without a low latency and the first output does not need to be perfect.

依賴人類駕駛數據並擴大參數規模，確實可以做出不錯的 L2 駕駛系統，但那種 AI 只足以用於 L2 輔助駕駛，因為仍需要人類作為備援。它永遠無法支撐大規模的 L4 Robotaxi，因為它無法顯著超越人類的安全水準。駕駛與 AI 寫程式非常不同。在寫程式時，AI 不需要在低延遲下做決策，而且第一次輸出也不必完美。

The AI can try, fail and stitched errors multiple times during our agent freemwork competitors and test environment. Human expect to see a final result except the must run of trial and error. But for AI lever, the model output must be instant and correct on the first track. Therefore, we started using reinforced learning and word model years ago.

AI 可以在我們的代理框架、競賽與測試環境中反覆嘗試、失敗並多次修正錯誤。人類期待看到的是最終結果，而不是必須經歷反覆試錯的過程。但對於 AI 駕駛而言，模型輸出必須即時，且第一次就要正確。因此，我們多年前就開始採用強化學習與世界模型。

Today, this approach allows our Robotaxi to drive much safer than humans, especially in complex areas. This early gives us a massive first move advantage allowing us to rapidly deploy our Robotaxi in high-value market globally.

今天，這一方法讓我們的 Robotaxi 在駕駛安全性上顯著優於人類，尤其是在複雜場景中。這也為我們帶來巨大的先發優勢，使我們能在全球高價值市場快速部署 Robotaxi。

However, for true L4 vehicle, achieving safety just at the algorithmic level is not enough. It system downgrade and cost accident or simply stop that on a high-speed road to wait for rescue the public will not accept it. That is why every single pony's Robotaxi features a full-stack multilayer redundancy architecture for both software and hardware.

然而，對真正的 L4 車輛而言，僅在演算法層面達到安全仍不夠。如果系統降級而導致事故，或只是因故在高速道路上停下等待救援，公眾都無法接受。這就是為什麼每一台 Pony 的 Robotaxi 都具備軟硬體全棧、多層級的冗餘架構。

This gives us through operational capability, if any component fell during that trip, the season stay fully functional, the car will continue to drive safely to the secure spot and over avoiding traffic conjection and rare and crashes.

這讓我們具備強大的營運能力：若行程中任何元件失效，系統仍可保持完整功能，車輛會持續安全行駛至安全地點，從而避免交通壅塞以及罕見但嚴重的碰撞。

Furthermore, overcut can drive normally even when there is no network or GPS signal both of which can in drop in urban environment. We also do not rely on high-definition map. For example, even when road layout or markings change significantly or even if we need to drive in the opposite lane our system adapt and navigate safely based on real-time load detection.

此外，即使沒有網路或 GPS 訊號（兩者在城市環境中都可能中斷），我們的車輛仍可正常行駛。我們也不依賴高精地圖。舉例來說，即使道路布局或標線發生明顯變化，甚至需要在對向車道行駛，我們的系統也能基於即時路況偵測進行適應並安全導航。

We also take any event instantly over cars encrypted with impact sensors to the system note immediately if collision occurs or stop the vehicle right away. We also detect hardware for software failures and network instability instantly to ensure driving safety. We even have specialized water waiting sensors to make sure our costs do not enter the part that could cause damage. At over operation expense, keeping the entire fleet stay becomes just as critical as a single (inaudible).

我們也會即時處理任何事件：車輛配備加密的碰撞感測器，一旦發生碰撞，系統會立即記錄並立刻讓車輛停下。我們也會即時偵測硬體或軟體故障以及網路不穩定，以確保行車安全。我們甚至配備專用的涉水感測器，確保車輛不會進入可能造成損害的積水區域。在營運層面，讓整個車隊保持穩定運作，與單一（聽不清）同樣關鍵。

To achieve this, with scale or intelligence into citywide (inaudible), protecting our larger operations through three strong lines of defects. The first line of prevention. We have a dedicated safety team to systematically eliminate risk from the very beginning, we technical design to stop safety issues before they happen, including risks from human errors of cyber attacks.

為了達成這點，隨著規模擴大，我們將智慧能力延伸到全市範圍的（聽不清），並透過三道強而有力的防線來保護更大規模的營運。第一道防線：預防。我們有專職安全團隊，從一開始就系統性地消除風險；我們在技術設計上就把安全問題阻斷在發生之前，包括來自人為失誤或網路攻擊的風險。

For example, over remote season only provide high-level guidance, they do not control the car. The onboard module on the vehicle responsible for any conditional accident avoidance. This ensures our remote assistant cannot call the accent through wrong input or network delay.

例如，我們的遠端協助僅提供高層級指引，並不直接控制車輛。車上模組負責任何情境下的事故避免。這可確保遠端協助不會因錯誤輸入或網路延遲而引發事故。

The second line detection. If demand expects and our vehicles end up heading in the same direction. Our smart dispatching system ensure they don't arrive at the same section or one, but rather ride one after another. If I love this block are conducted, over system will also detected it instantly and notify the whole fleet to avoid making the traffic worse.

第二道防線：偵測。當需求暴增、車輛可能朝同一方向集中時，我們的智慧派遣系統會確保它們不會同時抵達同一區段，而是前後錯開行駛。若出現道路封閉等情況，我們的系統也會即時偵測並通知全車隊避開，避免讓交通變得更糟。

The third line is response. We established dedicated ground sport team. If a vehicle encounter any issue on the road, overrate personnel will arrive at the same within minutes to handle the situation immediately. Being short, our technology makes our operations safe and this last operate build over ultimate mode because we choose the right foundation from day one and we now have a unique capability and a first mover advantage to rapidly expand in high-value markets.

第三道防線：應對。我們建立了專職的地面支援團隊。若車輛在路上遇到任何問題，我們的現場人員會在數分鐘內抵達並立即處理。總之，我們的技術讓營運更安全，而這些營運能力構築了我們的護城河，因為我們從第一天就選擇了正確的基礎；如今我們具備獨特能力與先發優勢，能在高價值市場快速擴張。

By the end of this year, we target to expand our fleet to over 500 vehicles across more than 20 cities. This massive scale will allow us to unlock even greater commercial value while continuing to deliver the first most trusted alpha-rated service both domestically and globally.

在今年年底前，我們的目標是將車隊擴展至超過 500 輛車，覆蓋超過 20 座城市。如此龐大的規模將使我們能釋放更高的商業價值，同時持續在國內與全球提供最值得信賴、評級領先的服務。

This concludes my prepared remarks. I will now pass the call to our CFO, Dr. Leo Wang. Leo, please go ahead.

以上是我事先準備的發言。接下來我把電話會議交給我們的 CFO 王博士（Leo Wang）。Leo，請開始。

Thank you, Tiancheng. Hello, everyone. This is Leo. I will focus on year-over-year comparisons for the first quarter of 2026, unless otherwise noted. For detailed financials, please refer to our earnings release.

謝謝你，天城。各位好，我是 Leo。除非另有說明，我將聚焦於 2026 年第一季的年對年比較。更詳細的財務資訊，請參閱我們的財報新聞稿。

2026 is the year where our commercialization strategy translates into remarkable financial performance. This quarter total revenues reached a record of USD34.3 million, representing a 145% increase from USD14 million in the same quarter last year. The triple-digit top-line growth was driven by Robotaxi revenue growth of 395% and intelligent solutions growth of 246%.

2026 年是我們商業化策略轉化為卓越財務表現的一年。本季總營收達到創紀錄的 3,430 萬美元，較去年同期的 1,400 萬美元成長 145%。這種三位數的營收成長主要由 Robotaxi 營收成長 395% 以及智慧解決方案成長 246% 所帶動。

We are also capturing compounding benefits as we extend our Atom driving technology from Robotaxi into robo truck and other partners along the value chain. Diving deeper into Robotaxis. This segment continues to serve as our core growth engine. This quarter, we reached a record high Robotaxi revenue of USD8.6 million grew by nearly 400% compared with USD1.7 million in the first quarter of 2025.

隨著我們將 Atom 自動駕駛技術從 Robotaxi 延伸至自動駕駛卡車（robo truck）以及價值鏈上的其他合作夥伴，我們也正在獲得複利式的效益。更深入看 Robotaxi：該業務板塊仍然是我們的核心成長引擎。本季我們的 Robotaxi 營收創下 860 萬美元新高，較 2025 年第一季的 170 萬美元成長近 400%。

As James mentioned, three key elements have helped the Pony to achieve a leadership mode in Robotaxi operation. These are still fleet, excellent technology and operations as well as superior user experience. one's Robotaxi has become a popular service that has captured user mind share. And this is now reflected in our financial numbers. Specifically, our fare charging revenues delivered an exceptional growth of 46%.

如 James 所提到的，有三個關鍵要素幫助 Pony 在 Robotaxi 營運方面達到領先地位：規模化車隊、卓越的技術與營運，以及優異的使用者體驗。Pony 的 Robotaxi 已成為廣受歡迎的服務，成功占據使用者心智，而這也反映在我們的財務數據上。具體而言，我們的車資收費收入實現了 46% 的亮眼成長。

This impressive increase was driven by several compounding factors. We continue to add more vehicles and expanding into more regions, especially to core downtown areas with higher economic value.

這一令人印象深刻的增長由多個疊加因素所驅動。我們持續增加車輛並擴展至更多區域，特別是經濟價值更高的核心市中心區域。

Operating metrics reflect our growing capacity and strong user demand. For example, our weekly average paid order so far in May grew more than 100% compared to January, registered users increased more than 200% year over year, and our daily order growth rate continued to outpace the industry average. We'll make this strong growth trajectory even more remarkable is our pricing power. Even after this comp, our effective sale rate per kilometer remains above entry-level pricing on wide heading platforms and is on par with the standard (inaudible).

營運指標反映了我們不斷提升的運力與強勁的使用者需求。例如，截至 5 月，我們每週平均付費訂單量較 1 月成長超過 100%；註冊用戶數年增超過 200%；每日訂單成長率也持續快於行業平均。讓這一強勁成長軌跡更為突出的，是我們的定價能力。即使在本次對比之後，我們每公里的有效售價仍高於主流叫車平台的入門級定價，並與標準（inaudible）相當。

Our demand remains robust and is growing at a very fast piece. We believe this is a clear reflection of the superior ride experience and the robust technology we deliver, especially during peak hours and in traffic have downtown areas. On the cost side, we continue to make good progress on both operating costs and the bond cost front. Pony's combined depreciation and operating costs per vehicle are already among the most competitive globally.

我們的需求依然強勁，且以非常快的速度成長。我們認為，這清楚反映了我們所提供的優質乘車體驗與穩健技術，尤其是在尖峰時段以及市中心擁堵路況下。在成本端，我們在營運成本與整車成本（bond cost）兩方面都持續取得良好進展。Pony 每車的折舊與營運成本合計已位居全球最具競爭力之列。

And this is achieved while operating in the business downtown area during the morning and the evening peak hours and their under most demanding traffic conditions. By leveraging operational efficiency, we continue to drive operating costs even lower, and are also on track to bring Robotaxi bond costs below RUB 230,000 by mid-2021 in the domestic market. Together, these two levers, declining operating costs and the lowering bond costs will further enhance our Robotaxi margins as we scale the fleet.

而這是在早晚尖峰時段、於商業市中心區域並在最嚴苛的交通條件下營運所達成的。透過提升營運效率，我們持續將營運成本進一步降低，同時也正按計畫在國內市場於 2021 年年中前將 Robotaxi 的整車成本降至 23 萬盧布以下。這兩個槓桿——營運成本下降與整車成本降低——將在我們擴大車隊規模時進一步提升 Robotaxi 的利潤率。

Aside from their charging revenues, our joint deployment model has started to contribute meaningful revenues with both domestic and overseas partners. Such a model will enable more efficient use of capital in fleet deployment, specifically as a global technology enabler. We successfully launched the first commercial Robotaxi service in the city center of (inaudible) with our local partners, combined with our expanding operations in China, this is a strong testament to the execution of our dual-engine strategy.

除車資收費收入之外，我們的聯合部署模式也已開始與國內及海外合作夥伴貢獻可觀收入。該模式將使車隊部署的資本使用更有效率，尤其是作為全球技術賦能者。我們與本地合作夥伴在（inaudible）市中心成功推出首個商業化 Robotaxi 服務；結合我們在中國持續擴張的營運，這有力證明了我們雙引擎策略的落地執行。

Turning to robotruck. Robotruck services revenue grew 31% to USD10.2 million this quarter. up from USD7.8 million in the first quarter of 2025. This growth was driven by the addition of more trucks and the expansion of our diversified client base, reflecting increasing demand from downstream logistics clients in the long-haul business. We continue to see our industry-leading auto driving technology, expanding into wider use cases.

接著看自動駕駛卡車（robotruck）。本季 robotruck 服務營收成長 31% 至 1,020 萬美元，高於 2025 年第一季的 780 萬美元。此成長主要由新增更多卡車以及擴大多元化客戶基礎所帶動，反映長途運輸業務中下游物流客戶需求的提升。我們持續看到我們行業領先的自動駕駛技術拓展至更廣泛的使用場景。

for example, long haul trucking and intracity logistics. Looking ahead with the launch of Level 4 atoms light truck and again for robotruck we are firmly on track to deliver even better auto driving trucks with lower cost, superior driving performance and wider use cases, expanding into a wider addressable market.

例如長途幹線運輸與城際物流。展望未來，隨著 L4 Atom 輕卡的推出，以及在 robotruck 方面的持續推進，我們正穩步朝著提供成本更低、駕駛表現更優、適用場景更廣的自動駕駛卡車邁進，並進一步拓展可服務市場規模。

Our Intelligent Solutions segment, formally the Licensing and Applications segment delivered a remarkable growth of 246% and reaching USD15.5 million in the first quarter of 2026, up from USD4.5 million in the first quarter last year. This exceptional performance was mainly fueled by strong sales of atoms domain controllers. Such strong growth is yet another testament to the opportunities of our account driving technology. as we empower other customers along the value chain.

我們的智慧解決方案業務（原「授權與應用」業務）在 2026 年第一季實現 246% 的顯著成長，營收達 1,550 萬美元，較去年同期第一季的 450 萬美元大幅提升。這一卓越表現主要由 Atom 域控制器的強勁銷售所驅動。如此強勁的成長再次印證了我們自動駕駛技術的機會空間，因為我們正在賦能價值鏈上的其他客戶。

Moving to cost and margin. Total cost of revenue was USD28.7 million, translating to a gross margin of 16.2%. Total operating expenses were USD63.9 million, increase of 9.5%. On a non-GAAP basis, operating expense were USD59.3 million, representing a 20.2% increase. Such commitment, especially in R&D, have helped us to maintain our technology leadership and will effectively drive down our bond costs.

接著看成本與毛利。營收成本合計為 2,870 萬美元，對應毛利率 16.2%。營運費用合計為 6,390 萬美元，增加 9.5%。在非 GAAP 口徑下，營運費用為 5,930 萬美元，成長 20.2%。這樣的投入，尤其是在研發方面，幫助我們維持技術領先，並將有效推動整車成本（bond costs）下降。

Loss from operations was USD58.3 million, remaining relatively flat compared to USD56 million in the first quarter last year. Net loss was USD53.5 million compared to USD37.4 million in the first quarter last year. The increase was mainly attributable to the realization of investment income that occurred in Q1 2025, coupled with the modest increase in operating expenses excluding the impact from this investment realization, the underlying loss amount remained broadly stable.

營運虧損為 5,830 萬美元，與去年第一季的 5,600 萬美元相比基本持平。淨虧損為 5,350 萬美元，去年第一季為 3,740 萬美元。增加主要歸因於 2025 年第一季發生的投資收益實現，以及營運費用的小幅上升；若剔除該投資收益實現的影響，基礎虧損金額整體仍大致穩定。

It's worth noting that the loss from operation margin nallowed drastically, from negative 401% in the first quarter of 2025 to negative 170% this quarter. Similarly, our net loss margin narrowed from negative 267% to negative 156% year over year. The narrowing loss margin trends demonstrate our operating leverage driven by the rapid revenue growth and the gradual realization of commercial scale benefits.

值得注意的是，營運虧損率大幅收窄，從 2025 年第一季的 -401% 收窄至本季的 -170%。同樣地，我們的淨虧損率也從年同比的 -267% 收窄至 -156%。虧損率收窄的趨勢顯示，在營收快速成長以及商業規模效益逐步顯現的帶動下，我們的營運槓桿正在提升。

Turning to our balance sheet. Cash and cash equivalents, short-term investments restricted cash and long-term debt instruments for wealth management stood at USD1.4 billion as of March 31, 2026, this compares to USD1.5 billion as of December 31, 2025. We continue to maintain an exceptionally robust financial position with ample dry powder to execute our strategy.

接著看資產負債表。截至 2026 年 3 月 31 日，現金及約當現金、短期投資、受限制現金以及用於理財的長期債務工具合計為 14 億美元；相比之下，截至 2025 年 12 月 31 日為 15 億美元。我們持續維持極為穩健的財務狀況，擁有充足的資金彈藥以執行我們的策略。

Net cash used in operating activities was USD74.2 million this quarter compared to USD54.2 million in the first quarter of 2025, the increase was primarily due to an increase in the accounts receivable resulting from substantial sales revenue increase of auto-driving domain controller, along with the increase of non-GAAP loss from operations.

本季經營活動使用的淨現金為 7,420 萬美元，較 2025 年第一季的 5,420 萬美元增加；增加主要由應收帳款上升所致，原因是自動駕駛域控制器銷售收入大幅增加，以及非 GAAP 營運虧損的上升。

Capital expenditures were USD12.5 million this quarter, compared to USD4.9 million in the first quarter last year. The increase was primarily due to Gen 7 vehicle production for the quarter. and the procurement of vehicle components for future manufacturing and investments in data centers and servers. We believe 2026 will prove to be a defining year for the industry. and we are confident in our ability to outperform the industry in operational and financial execution.

本季資本支出為 1,250 萬美元，去年第一季為 490 萬美元。增加主要由本季第七代車型（Gen 7）生產所致，以及為未來製造採購車輛零組件，並投資於資料中心與伺服器。我們相信 2026 年將成為行業的關鍵定義之年，並且我們有信心在營運與財務執行上跑贏行業。

With our solid Robotaxi operational excellence, continued strong cost optimization, increasing partner interest and a strong cash reserve. We are highly confident in accelerating our path towards sustainable profitable growth for our shareholders.

憑藉我們在 Robotaxi 營運上的扎實卓越表現、持續強勁的成本優化、合作夥伴興趣的提升以及充足的現金儲備，我們對加速邁向可持續的獲利性成長、為股東創造價值充滿信心。

I will now turn the call over to the operator to begin our Q&A session. Thank you.

我現在把電話交給主持人，開始我們的問答環節。謝謝。

(Operator Instructions) Xiaoyi Lei, Jefferies.

（主持人指示）Xiaoyi Lei，Jefferies。

Congrats on the strong quarter. Just one from me. I'd like to ask about the regulatory environment. We've seen quite a bit of movement on the policy side for the Robotaxi sector, both in China and overseas. So I was hoping you could share your perspective on how this evolving regulatory landscape is shaping up.

恭喜本季表現強勁。我只有一個問題，想請教監管環境。我們看到 Robotaxi 產業在中國與海外的政策面都有不少動向，因此希望你們能分享一下，對於這個不斷演變的監管格局，你們的看法是什麼。

And more importantly, how you see it impacting Pony AI's business or your competitive positioning going forward?

更重要的是，你們認為這將如何影響 Pony AI 未來的業務或競爭定位？

This is James, and I'll take this question. So as far as I know, most of the policy discussions, both domestically and globally, are actually centered on the safety operation of Robotaxi. As you all know, safety is the cornerstone of the (inaudible) driving industry. Therefore, I would consider the safety discussion and the result of standardized safety or even higher safety measures are beneficial for the long-term stable development of the industry.

我是 James，我來回答這個問題。就我所知，無論在國內還是全球，大多數政策討論其實都聚焦在 Robotaxi 的安全營運上。大家都知道，安全是（inaudible）自動駕駛產業的基石。因此，我認為圍繞安全的討論，以及標準化安全要求甚至更高安全措施的落地，將有利於行業長期且穩定的發展。

As Pony, we have had many years of experience of successfully operating a large fleet and have the experience working with regulators to have a healthy, more transparent environment. especially in China, we have built a deep trust with regulatory authorities, and we consider that we will continue to work hand-hand with the regulators to safely bring autonomous driving to the public. Back to the safety sales.

作為 Pony，我們在成功營運大型車隊方面累積了多年的經驗，也具備與監管機構合作、共同打造更健全且更透明環境的經驗。特別是在中國，我們與監管主管機關建立了深厚的信任；我們認為未來也將持續與監管機構攜手合作，安全地將自動駕駛帶給大眾。回到安全相關的問題。

As Tim mentioned, we have established a full life cycle safety management for both autonomous driving vehicle itself and also the fleet operation. Every vehicle features a fully redundant architecture with fail operational capability, that is our vehicles actually will always sit pro over even during an extreme case of system failure.

如 Tim 所提到的，我們已針對自動駕駛車輛本體以及車隊營運建立了全生命週期的安全管理體系。每一輛車都採用具備失效可運行能力（fail-operational）的全冗餘架構，也就是說，即使在極端的系統故障情況下，我們的車輛實際上也能始終保持可接管/可運行的狀態。

Additionally, our fleet management has the capability to detect and respond to any unforeseen issues on the road. The whole system actually serves as a city-wide CTNet to prevent traffic jams and handle real-time road changes. This is actually how we ensure safety and scale. This highly sophisticated and robust safety system and also the safety track record have given us confidence to scale our business quickly. The current policy discussions and policy updates do not have any direct impact on our business.

此外，我們的車隊管理具備偵測並回應道路上任何不可預見問題的能力。整個系統實際上可作為城市級的 CTNet，用於預防交通壅塞並處理即時道路變化。這正是我們確保安全與規模化的方式。這套高度精密且強韌的安全系統，以及我們的安全紀錄，讓我們有信心快速擴張業務。目前的政策討論與政策更新對我們的業務沒有任何直接影響。

In contrary, we are, as you see, during the prepared remarks, I have actually raised our business targets for the whole year of 2026. We are continuing to push forward with our Gen 7 deployment, and we are making smooth progress towards our target in fleet size, revenue and operational area expansion. So as I mentioned, there's no immediate impact.

相反地，正如你在我們的準備發言中所看到的，我其實上調了我們 2026 全年的業務目標。我們持續推進 Gen 7 的部署，並在車隊規模、營收以及營運區域擴張等目標上取得平穩進展。所以如我所說，沒有立即性的影響。

And I believe that in the mid- to long term, actually, the trends standardized regulatory environment will play directly to our advantage as we already established as the industry leader. It highlights once again that the complexity of operating Robotaxis at scale in dense uber environment, which is exactly we have proven our capability.

我相信從中長期來看，趨勢走向標準化的監管環境其實會直接成為我們的優勢，因為我們已經確立為產業領導者。這也再次凸顯在高密度、類似 Uber 的營運環境中大規模運行 Robotaxi 的複雜性，而這正是我們已經證明自身能力的領域。

I think ultimately, these high standards will consolidate the market, filter out the unqualified players and further read entry barrier for the new players. And as a result, it will help the long-term growth of the industry.

我認為最終，這些高標準將促使市場整合，淘汰不合格的參與者，並進一步提高新進者的進入門檻。因此，這將有助於產業的長期成長。

With this, I will hand over to the operator.

接下來我把時間交給主持人。

Ming Hsun Lee, Bank of America.

美國銀行，Ming Hsun Lee。

Given you raised your Robotaxi fleet size to 3,500 by the end of the year and also you raised revenue. Could you elaborate more on the key drivers behind your upward revision for these two numbers?

鑑於你們將今年年底的 Robotaxi 車隊規模上調至 3,500 輛，同時也上調了營收預期。能否更進一步說明，推動這兩項數字上修的關鍵驅動因素是什麼？

This is Leo. I'll take this one. So the upward revision is definitely showing that we are encouraged by our strong commercial momentum and especially the result of Q1. To be honest, this is actually moving faster than we expected, and it's reflecting many all areas in our Robotaxi business. For example, we are seeing our domestic operations are accelerating.

我是 Leo，我來回答這題。這次上修確實顯示我們受到強勁商業動能的鼓舞，尤其是第一季的表現。坦白說，進展其實比我們預期更快，並且反映在 Robotaxi 業務的多個面向。例如，我們看到國內營運正在加速。

We are seeing the pickup in revenue in paid order volume and also in the user basis in all Tier 1 cities in China. This is really a reflection that we are providing a qualified service nonstop in Shenzhen and in Guangzhou, and we are attracting more and more repeated users because we can provide a service even during peak hours with consistency even during complex scenarios and that eventually translates into more revenues.

我們看到在中國所有一線城市，付費訂單量帶動的營收以及用戶基礎都在提升。這充分反映我們在深圳與廣州提供的是不間斷的高品質服務；我們吸引了越來越多的回流用戶，因為即使在尖峰時段、即使在複雜場景下，我們也能以一致性提供服務，最終轉化為更高的營收。

And the other point is how we make the UE breakeven milestone in Guangzhou and Shenzhen. This also serves as a proven case for future possibility. And that's why we are seeing many of the potential partners. Now they have the real interest domestically and internationally to really participate in our joint deployment business model. this could be more efficient use of our capital, but it also means we could deploy more vehicles in different markets.

另一點是我們如何在廣州與深圳達成 UE 損益兩平的里程碑。這也成為未來可行性的驗證案例。因此我們看到許多潛在合作夥伴，無論在國內或海外，都對參與我們的聯合部署商業模式展現出真正的興趣。這可能讓我們的資本使用更有效率，同時也意味著我們可以在不同市場部署更多車輛。

So given all these facts and encouragement, that's why we have the confidence to push our Robotaxi revenue growth target even higher to be 3.5 times of 2025 and also our (inaudible) to be 3,500 vehicles by this year end. And now I'll go back to the operator.

綜合以上事實與正向訊號，這就是我們有信心把 Robotaxi 的營收成長目標進一步上調至 2025 年的 3.5 倍，同時把我們的（聽不清）上調至今年年底 3,500 輛車的原因。接下來我把時間交回主持人。

Bin Wang, Deutsche Bank.

德意志銀行，Bin Wang。

So I have a question on (inaudible) recently lost or electric, the resin over show, and we'll explain the strategic considerations for launching this platform in the commentation for (inaudible).

我有一個關於（聽不清）最近失去或電動的、樹脂超過展示的問題，並請你們說明在（聽不清）的評論中推出這個平台的策略考量。

This is James, and I'll take this question. As you consider the company vision since our founding has always been autonomous mobility everywhere. And to us, the work everywhere actually has two implications. One, expanding our presence across both domestic and overseas markets. And the other is scaling our technology across different vehicle platforms for both the passengers and the fleet transportation.

我是 James，我來回答這題。從公司願景來看，我們自創立以來一直以「自動化移動無所不在」為目標。對我們而言，「無所不在」其實有兩層含義：第一，擴大我們在國內與海外市場的布局；第二，將我們的技術擴展到不同的車輛平台，涵蓋乘用與車隊運輸。

So the launch of our L4 autonomous light truck actually aligns perfectly with our vision and our ambition. In the logistics sector, the value chain actually sends long-haul trucking, urban logistics, and the last mile delivery.

因此，我們推出 L4 自動駕駛輕型卡車，與我們的願景與企圖心完全一致。在物流領域，價值鏈涵蓋長途幹線運輸、城市物流以及最後一哩配送。

We already established a robotruck division that working on the long-haul logistics. And for the last mile delivery, we are not directly working on it, but we actually have already becoming the leading ADC provider. So the current -- the recent launch of Level 4 light truck is actually serves the purpose of completing one key segment in our full logistics portfolio.

我們已經成立 robotruck 事業部，專注於長途幹線物流。至於最後一哩配送，我們並未直接投入，但我們其實已成為領先的 ADC 供應商。因此，近期推出的 L4 輕型卡車，實際上是為了補齊我們完整物流版圖中的一個關鍵環節。

The platform for the Level 4 light truck also shares a nearly identical software stack as our Robotaxi. It can also fully utilize our existing operational infrastructure, such as remote assistance, the ground support networks and even the cleaning charging facilities. This unified architecture creates a powerful synergy, it can actually further flesh out our light truck operating cost by half compared with the human-driven light truck fleet.

L4 輕型卡車的平台也與我們 Robotaxi 幾乎採用相同的軟體堆疊。它也能充分利用我們既有的營運基礎設施，例如遠端協助、地面支援網路，甚至清潔與充電設施。這種統一架構帶來強大的協同效應，實際上可使我們的輕型卡車營運成本相較於有人駕駛的輕型卡車車隊降低一半。

Also, we can actually lower the operational overhead of our Robotaxi service because we can share a lot of their background support. In terms of the current status, we are developing the level for light trucks, and it's already well underway. For example, we codeveloped this level electric light truck with CATL, and we are establishing a solid pipeline with some of the leading logistics companies for the future application of those trucks.

同時，因為可以共享大量後台支援，我們也能降低 Robotaxi 服務的營運間接成本。就目前進度而言，我們正在開發 L4 輕型卡車，且已經進展順利。例如，我們與寧德時代（CATL）共同開發這款 L4 純電輕型卡車，並且正與一些領先的物流公司建立穩健的合作管線，以利未來導入應用。

In addition, we all started discussing with the regulators on the licensing front and also on the fleet management. So we expect the Auto Light truck to begin scaled operation early next year.

此外，我們也已開始就牌照許可與車隊管理等面向與監管機構展開討論。因此，我們預期自動駕駛輕型卡車將在明年初開始規模化營運。

With this, I'll get back to the operator.

接下來我把時間交回主持人。

Ting Song, Goldman Sachs.

高盛，Ting Song。

My question is on the technology part. So regarding the VLA visual language action model in autonomous driving, could you please share more on Pony's strategy and your future expansion technology path. Do you think the language part is still necessary as we recently noted some supply chain there start to remove the language from their models.

我的問題與技術相關。關於自動駕駛中的 VLA（視覺-語言-動作）模型，能否分享更多 Pony 的策略以及未來的技術擴展路徑？你們認為語言部分是否仍有必要？因為我們最近注意到供應鏈中有些公司開始把語言從模型中移除。

This is Tiancheng. I will take this one. Let me start from saying that the core of driving its understanding of the intention of other road users and respond appropriately. By (inaudible) our intention layer into our onboard model training, we generate different intention combinations, and we evaluate the possibility of all other traffic participants. This design ensure our onboard model always like the (inaudible) and have a plan ready for any event, even for low possibility [adjucators].

我是 Tiancheng，我來回答這題。我先從一點開始：駕駛的核心在於理解其他道路使用者的意圖，並做出恰當回應。透過將（聽不清）的意圖層納入我們的車載模型訓練中，我們生成不同的意圖組合，並評估所有其他交通參與者的各種可能性。這樣的設計可確保我們的車載模型始終像（聽不清）一樣，並且對任何事件都預先準備好方案，即使是低概率的（聽不清）。

We believe the language is not the essence of driving. Also language models take too much computer power for a car. Instead, we believe intention is the real core for driving. When human drives they think about the intention of other cars, not natural language. Crucially, this intention data is hard to get from simple road testing we make generate it by one model.

我們認為語言並不是駕駛的本質。而且語言模型對車端而言需要太多算力。相反地，我們相信「意圖」才是駕駛真正的核心。人類開車時思考的是其他車輛的意圖，而不是自然語言。關鍵在於，這類意圖資料很難透過單純的道路測試取得；我們會透過一個模型來生成它。

We believe large language models or language layers do not help on the (inaudible) side, where old model and the generative data essential for training. In fact, top driving and large link models to very different tasks.

我們認為大型語言模型或語言層對（聽不清）端幫助不大；在那一端，舊模型與生成式資料對訓練至關重要。事實上，頂尖駕駛與大型（聽不清）模型是兩種非常不同的任務。

Our large language model agent like a coding tool does not need to have very low latency. It does not need to be perfect on the first trial. It works in a low-cost environment where it can try fail and fix mistakes inside the testing box. But the driving has the room for mistakes. If you make a mistake, it is an accident.

我們的大型語言模型代理更像是一個程式碼工具，不需要非常低的延遲，也不需要第一次嘗試就完美。它在低成本環境中運作，可以在測試沙盒內反覆嘗試、失敗並修正錯誤。但駕駛沒有犯錯的空間；一旦犯錯，就是事故。

Therefore, our tolerance for air health nation is zero. To solve this, we build a virtual driving environment in our model. This allows the system to try and fail during the training stage. not on real load. During the real-world inference stage on the car, our model does not pick the single highest possibility paths. Instead, it chooses actions that ensure safety under any our ability.

因此，我們對於行車安全風險的容忍度為零。為了解決這個問題，我們在模型中建立了一個虛擬駕駛環境。這讓系統可以在訓練階段進行嘗試與失敗，而不是在真實道路上。在車端進行真實世界推理階段時，我們的模型不會只選擇單一最高機率的路徑；相反地，它會選擇在我們能力範圍內、在任何情況下都能確保安全的動作。

With this, back to the operator.

有了這些，我把時間交回給主持人。

Jeff Chung, Citi.

Jeff Chung，花旗。

How should we think about the balance between sustaining its high-growth trajectory and your increasing strategic investments, especially when you are revising of the full year target.

我們應該如何看待在維持高成長軌跡與你們日益增加的策略性投資之間的平衡，特別是在你們正在修訂全年目標的情況下？

Jeff. This is Leo. I'll take this question. Yes, we have a very good Q1 results. which prove that our Robotaxi commercialization strategy dual engine strategy is translating into accelerated top-line growth.

Jeff，我是Leo。我來回答這個問題。是的，我們第一季的業績非常好，這證明我們的Robotaxi商業化策略、雙引擎策略正在轉化為加速的營收成長。

And as you can see that our top-line growth is actually outpacing our expenditure, which resulted in our operating loss margin narrowed quite a lot this quarter. Given all this momentum, we are confident to raise our full year business target so that we can achieve even higher growth trajectory, which I think is really important for any growth company.

而且如你所見，我們的營收成長其實跑贏了支出，這使得本季的營運虧損率明顯收窄。基於這些動能，我們有信心上調全年業務目標，以實現更高的成長軌跡，我認為這對任何成長型公司都非常重要。

In the meanwhile, we need to make strategic increased investment in certain areas, tends to keep our advantages in the industry. using example is we are actually on track to decrease our total bond cost to be less than RMB20,000 in the domestic market by mid-next year.

同時，我們也需要在某些領域進行策略性加大投資，以維持我們在產業中的優勢。舉例來說，我們正按計畫在明年年中前，將國內市場的單車總成本降至低於人民幣20,000元。

Through our R&D works and deepen collaboration with our OEMs. And we think this definitely will be a payback for our future deployment and will attract more joint deployment business model partners. So I think that this is a balancing regarding, again, the expenditure and also investment versus the trajectory of our growth. We are definitely putting the growth trajectory as our highest top priority. But we will always follow a value-driven and disciplined approach for these front-loaded expenditures.

這將透過我們的研發工作以及與OEM更深度的合作來實現。我們認為這一定會在未來部署中帶來回報，並吸引更多聯合部署商業模式的合作夥伴。所以我認為，這就是在支出與投資、以及成長軌跡之間的平衡。我們毫無疑問把成長軌跡作為最高優先事項；但對於這些前置投入的支出，我們也會始終遵循以價值為導向且紀律嚴明的方法。

Thank you. I'll go back to the operator.

謝謝。我把時間交回給主持人。

Purdy Ho, Huatai Securities.

Purdy Ho，華泰證券。

Management, congratulations on the solid results. I'd like to focus on your international expansion strategy given the recent commercial traction we are seeing overseas. Could you provide more colors on your road map for global fleet expansion? Specifically, as you are evaluating different markets such as the Middle East, Europe and Asia, what it takes your prioritization across this region.

管理層，恭喜取得穩健的業績。我想聚焦在你們的國際擴張策略，因為我們看到近期海外商業進展不錯。能否提供更多你們全球車隊擴張路線圖的細節？具體而言，在評估中東、歐洲與亞洲等不同市場時，你們如何在這些地區之間進行優先順序的取捨？

This is James. Let me take this one. as my answer to the last question, our company vision is autonomous mobility everywhere. And you can see that global expansion has always been part of our strategic efforts. Our dual-engine strategy is rapidly accelerating our global expansion.

我是James。我來回答這題。正如我對上一題的回答，我們公司的願景是「自動駕駛移動服務無處不在」。你也可以看到，全球擴張一直是我們策略努力的一部分。我們的雙引擎策略正在快速加速我們的全球擴張。

As more international countries introduce regulations in supporting autonomous driving and also there's many more partners who want to work with us. Because of these two factors, we are seeing actually tremendous growth opportunities abroad.

隨著更多國家推出支持自動駕駛的法規，同時也有更多合作夥伴希望與我們合作。基於這兩個因素，我們確實看到海外有巨大的成長機會。

In fact, several international markets have already started contributing to our -- contributing sizable revenues to us in Q1. So it's actually, we're capitalizing on this window because our technology and commercial operations in China's Tier 1 cities have already given us extensive experience in handling the most complex urban environments, and also we have already achieved UE breakeven in Shenzhen and Guangzhou. So this proven technical capability and cost advantage. Also because of the overseas policy opening. This is actually the underlying driving force for our accelerated global efforts.

事實上，若干國際市場在第一季已開始為我們貢獻——貢獻可觀的收入。因此我們正在把握這個窗口期，因為我們在中國一線城市的技術與商業營運，已讓我們累積了處理最複雜城市環境的豐富經驗；同時我們也已在深圳與廣州實現UE損益兩平。這些經驗證明了我們的技術能力與成本優勢。再加上海外政策的開放，這正是推動我們加速全球布局的底層驅動力。

In terms of our international footprint, we are actually, as you mentioned, scaling quickly across all these key regions. We have now established our presence in nine countries and started local taxi services to the public in 4 overseas markets, including Croatia, Qatar, Singapore and South Korea.

就我們的國際布局而言，正如你提到的，我們正在這些關鍵地區快速擴張。我們目前已在九個國家建立據點，並在四個海外市場向公眾推出本地計程車服務，包括克羅埃西亞、卡達、新加坡與南韓。

In Europe, we partnered with Uber and [Vern] to launch the region's first commercial Robotaxi in (inaudible). In the Middle East, where advancing fare charging services in Doha and initiating fully driverless operations in Dubai.

在歐洲，我們與Uber及[Vern]合作，在（聽不清）推出該地區首個商業化Robotaxi。在中東，我們正在杜哈推進收費服務，並在杜拜啟動完全無人駕駛營運。

In Asia, we have deployed public Robotaxi services in Singapore and currently are conducting robust testing in South Korea. So certainly, moving forward, we'll continue to collaborate closely with all the local regulators and our trusted partners to accelerate our commercialization. We'll certainly double down on our investment and fully committed to expand our footprint to over 20 cities worldwide by this year. With this, get back to the operator.

在亞洲，我們已在新加坡部署面向公眾的Robotaxi服務，目前也正在南韓進行強健的測試。因此，展望未來，我們將持續與各地監管機構及可信賴的合作夥伴緊密合作，加速商業化。我們也將加大投資，並全力承諾在今年把我們的足跡擴展到全球超過20座城市。以上，交回給主持人。

Eugene Hsiao, Macquarie Capital.

Eugene Hsiao，麥格理資本。

In the earnings release, some of the CapEx in Q1 was for stock building of (inaudible) I'm wondering if you could please update us on if there's any material input cost impact for rising component costs. And I think Neil mentioned earlier that we're still on track for the (inaudible) cost reduction to reach 230,000 by next year. So what areas are we targeting to reach this target?

在財報新聞稿中，第一季部分資本支出是用於（聽不清）的備貨。我想請問，若元件成本上升，是否會對投入成本造成任何重大影響？另外，我記得Neil先前提到，我們仍按計畫在明年把（聽不清）成本降至230,000。那麼我們將聚焦哪些領域來達成這個目標？

Yes, I'll take this question. This is Leo. Thank you for asking this question. In terms of bond cost reduction, we have always been using a holistic approach, meaning we are looking into all aspects regarding the base vehicle regarding the auto-driving hardware to get the overall bond costs down along the road. So I think several factors will drive down our future bond costs.

好的，我來回答這個問題。我是Leo。謝謝你的提問。就單車成本降低而言，我們一直採取整體性的做法，也就是我們會從基礎車輛到自動駕駛硬體等各個面向著手，沿途把整體單車成本降下來。所以我認為，有幾個因素將推動我們未來的單車成本下降。

First of all, we are deploying more and more vehicles. Our vehicle total fleet size will increase with a larger volume, especially with more and more deployment partnership coming in, we could give a more quantity order to our suppliers definitely they'll help us to negotiate with the pricing from our suppliers. Second is now we already have our Gen 7 vehicle on the street and accumulating millions of kilometers giving us real data showing where we can refine our system where we can simplify our system where we can optimize our system.

首先，我們正在部署越來越多的車輛。隨著更多部署合作夥伴加入，我們的車隊總規模將隨著更大的量而增加；我們也能向供應商下更大數量的訂單，這肯定有助於我們與供應商談判價格。第二，我們的第七代車輛已在路上運行並累積了數百萬公里，為我們提供真實數據，顯示我們可以在哪些地方精煉系統、簡化系統、以及優化系統。

Based on these real data, definitely we can do our R&D work to further cut down our bond cost. Of course, the supply chain itself has a certain uncertainty. However, Pony has been dealing this uncertainty along the years. So for this year, for example, the memory, of course, there is certain shortage. However, we act quickly last year to secure the supply for memories.

基於這些真實數據，我們當然可以透過研發工作進一步降低單車成本。當然，供應鏈本身存在一定不確定性。不過，Pony多年來一直在應對這種不確定性。以今年為例，記憶體確實有一定短缺；但我們去年就迅速採取行動，確保了記憶體供應。

So again, this is showing our capability on handling these shortages. That's why we are very confident to hit that bond cost target by mid-next year. Thank you.

所以再次說明了我們處理這些短缺的能力。這也是為什麼我們非常有信心在明年年中達成那個單車成本目標。謝謝。

As there are no further questions, I'd like to turn the call back over to the host for closing remarks.

由於沒有進一步的問題，我想把電話會議交回給主持人作結語。

Thank you once again for joining us today. If you have any further questions, please feel free to contact our Investor Relations team. We look forward to speaking with you in the next quarter.

再次感謝各位今天參與。如果您還有任何問題，歡迎隨時聯繫我們的投資者關係團隊。我們期待在下個季度與各位交流。

This concludes today's conference call. You may now disconnect your lines. Thank you.

今天的電話會議到此結束。您現在可以掛線。謝謝。