Pony AI is inching closer to its initial public offering in the U.S., but as it does so, it continues to drop its minimum target for what it hopes to

By Arasu Kannagi Basil (Reuters) -Pony AI is seeking a valuation of up to $4.48 billion in its U.S. initial public offering, it said on Thursday, as the Chinese self-driving firm moves ahead with its long-sought plan for a New York listing.

Pony’s proposed target is a climb-down from its $8.5bn valuation in a 2022 funding round. In September, its board slashed the minimum IPO valuation to $4bn from $8.5bn and proceeds to $200m from $425m.

Pony.ai is looking to raise as much as US$195 million from its US initial public offering (IPO) as automotive-related companies lead a modest pickup in Chinese listings. Read more at The Business Times.