Pony.ai Inc. shares gained momentum in pre-market trading, climbing 2.4% to $8.02, after the company put an autonomous ride-hailing service into commercial operation in Zagreb, Croatia. The service allows passengers in the city to book self-driving vehicles via the Uber app, marking Pony.ai’s first live European deployment of its autonomous driving platform.
The Zagreb rollout, which is being conducted in collaboration with local partner Verne and runs on Pony.ai’s autonomous driving technology, turns a previously announced plan into an active, revenue-generating service. Market participants noted the move appears to have helped reverse some investor caution following a stretch of price weakness.
Investors have also been revisiting the company’s Q2 2026 financial report, issued on August 18, which showed total revenue rose 69% year-over-year to $36.2 million. Within that topline, robotaxi revenue surged 691% to $12.1 million. Pony.ai also reported a non-GAAP loss per share that was 33.3% narrower than analyst expectations, a metric that some market participants now view as initially underappreciated.
Adding to the favorable backdrop, BNP Paribas Exane upgraded its rating on Pony.ai from Neutral to Outperform. That action increased the tally of buy-type recommendations to 16 out of 18 covering analysts, and the consensus 12-month price target among analysts sits considerably above the current share price.
Macro and market conditions offered modest support for the move: the NASDAQ rose about 0.1% during the trading session, while the S&P 500 and the Dow Jones Industrial Average were essentially flat. There were no major central bank announcements or U.S. macroeconomic releases cited as material drivers for the session, leaving company-specific developments in focus.
Taken together, the combination of a landmark commercial launch in Europe, a strong second-quarter performance that some investors view as underpriced, and a fresh institutional upgrade contributed to renewed buying interest in PONY in the pre-market. That said, the stock remains well below its 52-week high of $24.92.
Summary
Pony.ai’s debut of an Uber-bookable autonomous ride-hailing service in Zagreb, supported by a strong Q2 2026 report and an upgrade from BNP Paribas Exane, has prompted pre-market gains for the stock despite its distance from prior highs.
Key points
- Pony.ai shares rose 2.4% pre-market to $8.02 after launching a commercial robotaxi service in Zagreb that can be booked through the Uber app.
- Q2 2026 results showed total revenue up 69% year-over-year to $36.2 million and robotaxi revenue up 691% to $12.1 million; non-GAAP loss per share was 33.3% narrower than analyst consensus.
- BNP Paribas Exane upgraded the stock to Outperform, increasing the number of buy ratings to 16 out of 18 covering analysts; the consensus 12-month price target remains well above the current share price.
Risks and uncertainties
- The stock has recently experienced a multi-session pullback, and despite the pre-market uptick it remains far below its 52-week high of $24.92 - an equity-market risk for investors.
- Market reaction appears driven largely by company-specific news rather than broad macroeconomic catalysts; the absence of major central bank or U.S. macro releases means investor sentiment could shift quickly if new sector or market data emerges.
- Analyst upgrades and improved quarterly metrics have influenced sentiment, but reliance on continued execution - including commercial rollouts and revenue growth in robotaxi operations - remains an operational risk for the company and for investors in transportation and autonomous-vehicle sectors.