Why Shares of Pony AI Stock Were Up More Than 100% Last Month

Shares of Pony AI (NASDAQ: PONY) soared 112% in May, according to data from S&P Global Market Intelligence. The upstart is trying to bring self-driving and autonomous vehicle technology to the masses, with a focus on the Chinese market. It has a market cap of $4.67 billion but minimal sales and huge operating losses. However, investors are betting big on the potential future for this self-driving disrupter as it signs many partnerships with companies like Uber.Here's why Pony AI stock was flying high in May.Pony AI is developing autonomous vehicle technology to be deployed on robotaxis, trucks, and everyday owned vehicles. It is focused on large cities in China, such as Shenzhen and Beijing. Shares soared last month because of partnership announcements with Uber and Tencent Holdings. Uber is now a strategic partner with Pony AI and hopes to deploy the technology for ridesharing in a Middle East market shortly. The Tencent partnership is with Tencent Cloud.Continue readingWeiter zum vollständigen Artikel bei MotleyFool Weiter zum vollständigen Artikel bei MotleyFool