Pony AI Stock Spikes as Uber, Kalanick Circle Potential Deal
Pony AI (PONY) stock surged yesterday following reports that Uber Technologies (UBER) and its former CEO, Travis Kalanick, are in early discussions to acquire the U.S. arm of the autonomous driving company. The news has sparked investor excitement, signaling a possible comeback for Kalanick in the self-driving space and a strategic move by Uber to deepen its presence in AI-powered mobility.
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Following the news, PONY stock soared by nearly 12% on Thursday. Meanwhile, UBER stock gained over 2%.
Uber and Kalanick Reunite?
According to market reports, Kalanick is working with investors to finance the acquisition of Pony AI's U.S. operations, and Uber may assist in making the deal happen. Pony.ai, which went public last year, had already begun preparing its U.S. unit for a sale or spinoff in 2022.
If the acquisition proceeds, it would mark Kalanick's return to the autonomous vehicle space after his exit from Uber in 2017. He is expected to manage Pony.ai while continuing to lead his ghost kitchen venture, CloudKitchens.
According to Bloomberg Intelligence, any potential deal involving Kalanick would likely be valued at under $500 million, as Pony.ai currently generates no U.S. revenue.
Uber to Deepen Push Into Self-Driving Tech
For Uber, backing the Pony AI deal could signal a return to a more aggressive approach to autonomous vehicle development. During Kalanick's tenure, Uber focused on building in-house self-driving technology. But after his departure, the company shifted toward partnerships, now collaborating with over a dozen autonomous tech firms, including Alphabet's (GOOGL) Waymo. Earlier this week, Uber and Waymo expanded their partnership to Atlanta, boosting Uber's stock.
Meanwhile, Pony AI's rival Tesla (TSLA) launched its long- awaited robotaxi service in Austin last weekend, intensifying the autonomous vehicle race.
Is Pony AI a Good Stock to Buy?
On TipRanks, PONY stock Pony AI share price target is $23.50, which implies an upside potential of over 60% from current levels.
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