Pony.ai, an autonomous driving startup from China supported by Toyota and Nio Capital, has received approval from the China Securities Regulatory Commission (CSRC) for a US stock market debut. The company aims to offer 98.2 million shares on the Nasdaq or the New York Stock Exchange.

The approval from the CSRC follows its recent announcement to facilitate overseas listings for Chinese tech firms to help them secure financing, marking a significant policy shift from the restrictive stance taken in recent years.

Analyst QuickTake: Pony.ai, established in 2016, operates R&D centers across several locations, including Silicon Valley and major Chinese cities. The company also runs local robotaxi services in China. Furthermore, recently, Pony.ai also received USD 100 million from Saudi Arabia's Neom. The company also plans to develop a joint venture in Saudi Arabia and expand with a new R&D center in Luxembourg.