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Pony.ai and WeRide IPO in Hong Kong, Shares Drop Over 10%

November 6, 2025 – Chinese L4 autonomous driving leaders Pony.ai (2418.HK) and WeRide (2417.HK) listed on the Hong Kong Stock Exchange today. Both saw shares fall over 10% shortly after debut.

IPO Details

• Pony.ai: Raised HK$1.86B (~US$239M) at HK$100/share; opened at HK$98.50, hit HK$88.

• WeRide: Raised HK$1.03B (~US$132M) at HK$99.80/share; opened at HK$98, fell to HK$87.50.

By midday: Pony.ai ~HK$89 (-11%), WeRide ~HK$88 (-12%).

Market Reaction

• Offerings moderately oversubscribed.

• Decline amid Hang Seng drop (1.8%), U.S. election uncertainty, and valuation concerns.

• Post-IPO valuations: Pony.ai HK$41.5B (US$5.3B), WeRide HK$23.3B (US$3B).

Company Highlights

Both operate robotaxis in Beijing, Guangzhou, and Shenzhen; full L4 rollout awaits broader approval.

Outlook

CEOs remain bullish on commercialization. Hong Kong solidifies role as tech IPO hub despite cautious global sentiment on autonomous driving.

Xpeng's 2025 AI Day: Ushering in the Era of Physical AI and Embodied Intelligence

   On November 5, 2025, Xpeng Inc., the innovative Chinese smart electric vehicle (EV) maker, lit up its Guangzhou headquarters with the theme "Emergence." The 2025 Xpeng AI Day was more than a tech showcase; it was a bold declaration of the company's evolution from an EV pioneer to a global leader in embodied intelligence. Chairman and CEO He Xiaopeng took the stage to unveil groundbreaking advancements in AI, robotics, autonomous driving, and even aerial mobility. Drawing inspiration from visionaries like Tesla, Xpeng positioned itself as a multifaceted "AI-defined" powerhouse, blending artificial intelligence with physical products to redefine human-machine interaction. With live streams on platforms like YouTube, X, and TikTok, the event captivated a global audience, signaling China's accelerating dominance in the AI race.

At the heart of the proceedings was the introduction of Xpeng VLA 2.0, a second-generation Vision-Language-Action (VLA) model hailed as the "operating system for the physical AI world." This massive, vision-centered AI framework represents a paradigm shift in physical modeling, enabling seamless integration of perception, language understanding, and real-world actions. Unlike traditional AI models confined to digital realms, VLA 2.0 empowers devices to navigate complex physical environments with human-like intuition. He Xiaopeng emphasized "Physical AI"—the fusion of AI into tangible products like vehicles and robots—as the event's core narrative, promising to merge virtual intelligence with the physical world for unprecedented efficiency and adaptability.

Powering this leap is Xpeng's in-house Turing-series AI chips, which deliver staggering computational might. The Ultra-level driver assistance system boasts 2,250 TOPS (tera operations per second) of compute power— an order of magnitude beyond typical automotive AI setups—allowing real-time processing for complex scenarios. This reengineered stack ensures VLA 2.0 runs efficiently on production vehicles, enhancing everything from highway navigation to urban maneuvering. For EV owners, this translates to safer, smarter rides, with Xpeng's full-stack advanced driver-assistance system (ADAS) evolving into a true "neural network" for mobility. The company's Kunpeng Super Electric System, first teased last year, received further refinements, integrating these AI capabilities with high-efficiency powertrains for extended ranges and rapid charging.

No AI Day would be complete without a nod to autonomy's holy grail: robotaxis. Building on the 2024 unveiling of the Canghai Platform—a Level 4 autonomous driving neural system—Xpeng previewed its robotaxi ambitions just days before the event. Powered by VLA 2.0 and Turing chips, these self-driving fleets promise to transform urban transport. He Xiaopeng showcased demos of fluid obstacle avoidance and passenger interactions, hinting at commercial rollouts as early as 2026. While specifics on fleet size or partnerships remain under wraps, the emphasis was clear: Xpeng aims to deploy robotaxis in controlled environments, scaling to broader applications as AI matures. This aligns with Xpeng's roadmap to leverage its Zhaoqing and Guangzhou manufacturing plants for high-volume production, potentially undercutting rivals like Waymo or Cruise with cost-effective, AI-native designs.

The event's star, however, was the next-generation Iron humanoid robot, a mesmerizing blend of biomechanics and intelligence that stole the show. Unveiled with a fluid catwalk strut, the upgraded Iron boasts a hyper-realistic design: a bionic spine, artificial muscles, flexible skin, and 82 degrees of freedom for eerily human-like movements. Standing at 5 feet 8 inches and weighing 154 pounds, it features over 60 joints and 200 degrees of freedom in its hands alone, enabling dexterous tasks from assembly to caregiving. Equipped with three Turing chips for 2,250 TOPS of onboard processing, Iron runs on VLA 2.0 to interpret environments, process natural language, and execute actions autonomously. Xpeng envisions initial deployments in industrial and commercial settings—think warehouses or eldercare facilities—before consumer homes, with mass production slated for late 2026. This acceleration from prior timelines underscores the company's five-year R&D sprint, positioning Iron as a contender against Tesla's Optimus or Boston Dynamics' Atlas.

Venturing skyward, Xpeng spotlighted its ARIDGE brand of "flying cars," modular eVTOL (electric vertical takeoff and landing) vehicles that embody Physical AI in aerial form. These autonomous air taxis, also fueled by VLA 2.0, promise urban air mobility with seamless ground-to-air transitions. While prototypes have been in testing, the AI Day hinted at regulatory milestones and partnerships to enable short-hop flights in congested cities. He Xiaopeng's vision? A unified ecosystem where EVs, robotaxis, humanoids, and flying cars communicate via shared AI intelligence, creating a "mobility mesh" for the future.

Complementing the high-tech reveals, Xpeng teased the X9 extended-range MPV, a seven-seater hybrid beast with a staggering 1,602 km CLTC range (452 km pure electric). Built on the Kunpeng system with AI compute rivaling nine Nvidia Orin-X chips, the X9 targets families and fleets, blending luxury with practicality. Retail traders on platforms like StockTwits buzzed about it as "better than Tesla," fueling a 94% stock surge year-to-date.

Strategically, He Xiaopeng announced Xpeng's rebranding as a "Global Embodied Intelligence Company," shifting focus from EVs alone to a broader AI empire. This pivot addresses intensifying competition in China's premium EV market, where safety concerns and price wars have dented rivals like Li Auto and Xiaomi. By owning its AI stack—from chips to models—Xpeng reduces dependency on suppliers like Nvidia, echoing Tesla's vertical integration playbook. The event's global replay in English at 4:30 PM Beijing Time ensured accessibility, with He declaring, "Technology changes the world," underscoring Xpeng's mission to foster trusted, user-loved innovations.

As the curtains closed on AI Day 2025, Xpeng left attendees pondering a future where AI doesn't just assist but embodies our world. With robotaxis zipping through streets, Irons collaborating in factories, and flying cars easing commutes, the "Emergence" theme rang true. Challenges remain—regulatory hurdles, ethical AI deployment, and scaling production—but Xpeng's ambitious roadmap positions it as a frontrunner. In a landscape dominated by giants, this event wasn't just a reveal; it was a revolution in motion, propelling us toward an intelligently embodied tomorrow.