A：The year 2022 was defined by multiple remarkable milestones for the company including significantly accelerated top line growth with 160% year-over-year increase in robot taxi revenues and over 500% growth in fair charging revenues in Q4. The company's robot taxi fleet surpassed 1,400 units through mass production and commercial deployment following the global taxi debut in April. The company expanded its footprint by launching services in new cities in China and globally, crossing the one million user mark in China alone. Additionally, the company proved its business model by achieving U.E. break-even in Guangzhou and Shenzhen, with plans to replicate this success into more markets.

A：The company is riding a wave of industry momentum built on five pillars: full driverless technology, supportive policy, mass production, large-scale operations, and ecosystem maturity. Specifically, the company used China's tier one cities as a strategic blueprint to deploy its robot taxis, achieving regulatory validation, rigorous testing, and fully driverless operations within six months.

A：By the end of the year, the company plans to deploy robot taxis in over 20 global cities, with strategic alliances formed with industry leaders like Tencent and Uber. These partnerships will propel global expansion and accelerate top-line growth, aiming to more than triple the company's robot taxi revenues in 2026.

A：The company's 'do engine' strategy involves a focus on both the China and global markets. The proven business model in China provides a solid foundation for international replication. The company has established leadership in tier one cities and is further pushing into busy downtown areas, successfully meeting surging demand during events like Chinese New Year. In overseas markets, the company has a presence in Europe, the Middle East, East Asia, and Southeast Asia, covering a population of 100 million, aiming for nearly half of its 2026 target to come from overseas. The company is working with partners such as Uber and Tern to enter new markets and launch commercial robot taxi services.

A：Ecosystem maturity is a critical pillar in the company's 'do engine' strategy. The company's successful business model makes it a preferred partner for joint deployment, funding vehicles, and sharing success. Partners are lining up to join the company's joint deployment model, which will enable fleet acceleration, cost reduction, and capital efficiency. Business partners like Toyota, Beijing Auto, and Guangzhou Auto have joined the company's efforts to deploy robot taxis. The collaboration with Toyota includes manufacturing 1,000 units of the X Gen 7 robot taxi. The company has also partnered with Tencent, Time Mobility, and ATBB to accelerate the adoption of the joint deployment model. Global partnerships with RUIBAI and other auto manufacturers in Europe strengthen the company's market penetration with platforms like Right Healing.

A：The planned targets include expanding over robotics operation to more than twenty cities globally by the end of the year and delivering faster revenue growth, with a goal to over triple robot taxi revenue from 2022.

A：Robot taxi revenues surged 160% to $6.7 million U.S. dollars in the fourth quarter of 2025, and global taxi revenues reached $16.6 million U.S. dollars, growing more than doubled at 129% for the full year.

A：The two key factors that drove the remarkable acceleration in robot taxi revenue growth were the exceptional performance of the fair charging service, with a q four fair charging revenue increase of 510%, and nearly four hundred percent full year growth, and the robot taxi launch in January which resulted in consecutive positive user experience (UE) in Guangzhou and Shenzhen.

A：The two unique pillars supporting the robot taxi business's success are cost advantages in vehicle and robot taxi operations, and exceptional AI driving capabilities, allowing navigation in highly complex urban environments.

A：The robot taxi business's user demand has grown significantly, with users nearly tripling year over year to reach one million. The average daily orders in Shenzhen are 23,308 RMB, and the average daily net revenue per vehicle is 380 RMB.

A：The projected growth for the robot taxi business includes revenues at least tripling this year, supported by strategies to add high-margin recurring revenue streams through robot taxi joint deployment with partners like OnTime Mobility, and continuing technology advancements and cost reduction initiatives.

A：The advanced AI driver capability directly empowers a premium user experience, providing safe, reliable, smooth, and efficient rides for passengers. This superior experience strengthens the company's pricing power and user mind share, further boosting top-line growth.

A：The robo truck has achieved a 70% cost reduction, and the transition to electric vehicles (EV) will continue to drive down per-kilometer operating costs. The company expects accelerated revenue growth from the robo truck starting in the second half of 2026, as mass production is enabled by shared expertise from the robot taxi business.

A：In 2025, the licensing and application business saw impressive growth with a sixfold increase in the volume of Autumn Domain Controller (ADC) products. The company has a solid order pipeline from existing customers and is actively expanding into new use cases.

A：The company achieved its first quarterly GAAP level net profit in the fourth quarter, driven by gains from strategic equity investments. Investments are being made to accelerate mass production, expand into new cities, and strengthen the tax tag, which are expected to drive strong top-line growth and support future profitability.

A：The company expects revenue growth to outpace the growth of operating expenses as the fleet scale increases and captures the virtuous cycle of positive user experience. To optimize capital efficiency, the company is pursuing a joint deployment model that allows rapid fleet scaling while maintaining a lean balance sheet.

A：The strategic priorities include tripling robot taxi revenue, expanding the fleet to over 3,000 vehicles, and deploying global taxi to more than 20 cities by 2026. The investment outlook indicates a substantial cash reserve following the successful Hong Kong IPO, which will fuel decisive investment into R&D, sales, support, and go-to-market capabilities for further growth.

A：The break-even event is seen as a significant achievement not only for the company but also for the entire industry, validating that the technology works in the real world and proving that robot taxis are not only feasible but also profitable at scale. The achievement of break-even in Guangzhou and subsequent events in Shenzhen demonstrates the replicability of the business model.

A：The regulatory environment is supportive of the robot taxi industry in China, with coordinated efforts between central and local governments to bring such services to multiple cities. This includes policies that facilitate larger fleets through the issuance of small licenses. Internationally, many countries are learning from China's progress and implementing regulations to support the accelerated deployment of robot taxis, which has given confidence to replicate success in additional markets.

A：The deployment plan involves ramping up production with the focus on service value and not discounting. Plans include launching robot taxis in many more markets, with production of the Toyota Prius and continuous production with Beijing Auto and Guangzhou Auto. The company is confident in hitting over 3,000 units by the end of the year. The strategy involves expanding into the downtown hub and new cities like Hangzhou and Changsha, as well as cities across the Greater Bay Area.

A：Nearly half of the 20 cities targeted for expansion this year are expected to be overseas, with a focus on regions such as Asia, Europe, and the Middle East. The company is using its success in China as a blueprint for global expansion, leveraging a proven technology and business model that can be quickly and broadly replicated in international markets.

A：The technology is designed to adapt to different global environments due to its ability to interact and negotiate with the digital environment, regardless of the specific city or country. Challenges vary by location but fundamentally the technology tackles similar scenarios with adjusted probabilities. The growth model plays a role in accelerating the process by enabling the company to model interactions and dynamics between the vehicle and surrounding agents, and to simulate large-scale scenarios using reinforcement learning. This helps in validating and fine-tuning the driving policy without requiring extensive data collection in new cities.

A：The achievement of a break-even in Guangzhou and Shenzhen indicates a significant milestone for the company, demonstrating strong confidence in achieving the target of deploying robot tech service in over twenty cities worldwide by 2026.

A：The joint deployment model involves partners covering vehicle capital expenditures and entering the robot taxi value chain, including ground operations, vehicle maintenance, and charging. It is a win-win situation as partners gain revenue from deployed vehicles while the company expands its fleet rapidly in an asset-light model. This model is anticipated to lead to nearly half of the new vehicles being added in the year, with companies like Toyota, OTime Mobility, and ATBB participating. The revenue streams from this model, combined with self-owned fleet and fair charging revenues, are expected to drive more than triple revenue growth in robot taxi revenues by 2026.

A：The one thousand robot taxis contracted with Toyota are being deployed through a joint deployment model where Toyota funds the fleet to scale up capital efficiently. This partnership reflects Toyota's confidence in Pony, and together they are rolling out the taxis from China's top-tier cities. Toyota's role extends beyond vehicle development; they are also adopting the joint deployment model, which validates the long-term potential of the industry and creates a larger ecosystem.

A：The competitive dynamics in the robot taxi sector are shifting towards scaling with many new entrants, including automakers, ride-sharing companies, technology giants, and startups entering or planning to enter the business. The entry of new players is seen as validating the long-term potential of the industry. However, the robot taxi business requires an integrated solution across technology, policy, mass production, operations, and partnerships. The company believes its unique advantage, developed over the years across these pillars, contributes to its competitive edge.

A：The company's competitive advantage in the robot taxi business is differentiated through long-term investment in a world model and an alpha native virtual driver training approach. This is crucial because level four (L4) autonomy requires significantly safer systems than human drivers, which cannot simply imitate human driving behavior. The need for continuous improvement through large-scale trials and errors in a virtual environment underscores the importance of a world model. Additionally, the company's real road taxi fleet helps identify differences between the real world and the world model, focusing on handling rare and safety-critical corner cases that require understanding vehicle and pedestrian behavior across various intentions.

A：Fully driverless robotics can continuously observe and understand actual behavior patterns of vehicles and pedestrians in real-world scenarios where human driving data may not cover, thereby helping to narrow the gap between the model and the real world.

A：Level 4 robot taxis have unique advantages that come from having a world model and real robotics that continuously improve it, creating a Cruise Loop that propels both the model and product forward.

A：There are significant gaps between an AI driving model and a real robot taxi deployment, including the gap in commercial deployment, safety proofing, governing, operating scale, and more.

A：Overdrive's advantage lies in its full-stack development experience, real L4 deployment at scale, and comprehensive system integration, sensor redundancy design, domain controller, validation, and commercialization capability.

A：Progress from NVIDIA is relevant as it helps move the ecosystem forward, but the company views the real barrier to entry as very high.

A：The company has ample cash reserve from its previous IPO, which ensures long-term capital for multiple-year growth. It strategically plans to invest in business development, operations, marketing, and expand its robot taxi fleet through joint deployment models and investing in self-owned vehicles.

A：The company will continue to invest in AI talent and AI infrastructure to improve its virtual travel capability, and expand its robot taxi fleet through joint deployment models and investing in self-owned vehicles. These investments are viewed as a value-driven trade-off to secure long-term market leadership.

A：The company's resilience against the impact of inflation on production costs is driven by a proactive supply chain strategy and inventory synergies with its ADAS domain controller business. They executed memory supply before market price inflation and shortages, and are confident in meeting their production target of over 3,000 units for the year.

A：The company remains on track to achieve a twenty percent reduction in ADAS costs for 2026 compared to 2025 levels, through ongoing hardware and software optimization which will further reduce overall costs.