Why These 10 Companies Were Heavily Sold Down

6. Pony AI Inc. (NASDAQ:PONY)

Pony AI dropped its share prices by 6.49 percent to end at $9.65 apiece as investors resorted to profit-taking following Monday’s surge, supported by news that it was entering the robotaxi industry and nearing profitability.

According to reports quoting PONY’s chief technology officer, Lou Tiancheng, the company was already nearing profitability after clearing significant challenges on the costs of materials.

In a report by the Wall Street Journal, Tiancheng said that Pony AI Inc. (NASDAQ:PONY) can now build its autonomous driving system for 70 percent less.

PONY is an autonomous driving technology company that supports carmakers in making vehicles to become autonomous.

However, the company announced last week that it will start to develop an autonomous driving technology and offer robotaxi services soon.

In an interview with CNBC on Friday, Pony AI Inc. (NASDAQ:PONY) CEO James Peng said that the firm is in talks with Tencent Cloud to offer robotaxi services on the latter’s WeChat and other applications.

Peng said both firms will benefit from the latter’s huge user base and cloud offerings.