Pony AI Inc.

Hello ladies and gentlemen, thank you for standing by and welcome to Pony AI Inc's second quarter 2025 earnings conference call. At this time, all participants are in listen-only mode. After the management's prepared remarks, there will be a question and answer session. 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 under the news and events section. I will now turn the conference over to your host, George Hsiao, head of capital markets and investor relations at Pony AI. Please go ahead, sir.

Thank you, operator. And hello, everyone. We appreciate you joining us today for PonyEd's second quarter 2025 earnings call. Earlier today, we issued a press release with our financial and operating results, which is available on our Investor Relations website. An earnings presentation, which we will refer to during this conference call, can also be accessed and downloaded on our Investor Relations website. Joining me today on today's call are Dr. James Peng, Chairman of the Board and Chief Executive Officer, Dr. Tiancheng Luo, Chief Technology Officer, and Dr. Liu Wang, Chief Financial Officer of the company. 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 our website and filings with the SEC. I will now hand it over to our Chairman and CEO, Dr. James Peng. Please go ahead.

Thank you, George. Hello, everyone. Thank you for joining our innings call. We have actually had a very exciting quarter. Let me walk you through three achievements that define our success this quarter. First, in June, we finished building assembly lines for our seventh-generation global taxi vehicles. In the last two months, we ramped up production capacity with more than 200 Gen 7 vehicles rolled off the assembly line. This puts us firmly on track to hit our target of 1,000 plus vehicles by year end of 2025. We have operated Gen 7 robotaxis in all our four tier one cities in China with over 2 million kilometers of open road autonomous driving. The path towards positive unit economics is also very clear. as we made substantial reductions in key cost items, such as remote assistance and vehicle insurance. Second, we continued to expand our Robotaxi service areas and our user reach. The registered users surged by 136% year-over-year in Q2. In addition, we secured Shanghai's first fully driverless commercial license and expanded presence globally in cities such as Dubai, Seoul, and Luxembourg. Third, our strong operational momentum has translated into outstanding financial results. On a year-over-year basis, our total revenues surged by a remarkable 76%. Robotaxi revenues have more than doubled, with their charging revenues growing more than 300%.