Has China’s Robotaxi become profitable? Xiaoma and Wenyuan’s earnings reports signal commercialization progress

After years of development, China’s Robotaxi industry seems to be ushering in a true commercialization turning point. Recently, WeRide and Pony.ai released their financial reports for the fourth quarter and the entire year of 2025, both sending a clear signal: Robotaxi is no longer just a “future concept,” but is forming a scalable and sustainable business model.

**Rapid Revenue Growth **User Base Soars Year-on-Year

According to data, Pony.ai’s total revenue for 2025 reached 629 million yuan, a year-on-year increase of 20%; Robotaxi business revenue was 116 million yuan, a year-on-year increase of 129%. Notably, its passenger fare revenue surged nearly 400% year-on-year, and in the fourth quarter, this metric grew over 500% compared to the previous year—indicating a rapid increase in willingness to pay and actual usage frequency.

Pony.ai Financial Report Chart

In terms of user scale, Pony.ai currently has over one million users, nearly three times that of the same period last year. Although this number does not clearly distinguish between active users and registered users, the order volume data suggests high-quality growth. For example, from January 1 to February 16, 2026, its paid order volume in Shenzhen exceeded the total for the entire year of 2025.

WeRide also performed strongly: its total revenue for 2025 reached 690 million yuan, a year-on-year increase of 90%, setting a historical high; of which, Robotaxi business revenue was 150 million yuan, with a year-on-year increase of an impressive 209.6%. Even more noteworthy is that its domestic Robotaxi registered users skyrocketed over 900% year-on-year in a single quarter, reflecting a surge in market demand.

WeRide Financial Report Chart

Guangzhou-Shenzhen Dual City UE Turns Positive

Cost Reduction in Technology Builds Competitive Barriers

More significant than revenue growth is the shift to a positive unit economic model (Unit Economics, UE). Pony.ai disclosed that its seventh-generation Robotaxi achieved single-vehicle operational profitability in Guangzhou in November 2025 and reached the same goal in Shenzhen in February 2026. In Shenzhen, the average net income per vehicle per day reached 338 yuan in February, with an average of 23 orders per day; on March 22, the average net income per vehicle on a single day even set a new high of 394 yuan, with the order volume reaching 25.

Pony.ai Financial Report Chart

This means that in specific high-density urban areas, Robotaxi can cover all operational costs, including vehicle depreciation, charging, maintenance, insurance, remote assistance, and ground personnel, while generating positive cash flow. Although currently limited to Guangzhou and Shenzhen, this breakthrough provides a replicable model for the industry.

Currently, WeRide has not disclosed its single-vehicle profitability situation, but its overall gross profit margin reached 30%, with a gross profit of 210 million yuan, and a net loss narrowed by 34.2% year-on-year, indicating continuous improvement in overall operational efficiency. By the end of 2025, its Robotaxi fleet size was 1,125 vehicles, with plans to expand to 2,600 vehicles by the end of 2026 and tens of thousands by 2030.

WeRide Financial Report Chart

In terms of expansion, Pony.ai aims to have a fleet of over 3,000 vehicles by the end of 2026 and has already initiated new city expansions in Hangzhou, Changsha, and Zagreb, Croatia. The seventh-generation Toyota Bot智4X Robotaxi has rolled off the production line in February 2026, with an additional 1,000 vehicles expected to be added within the year.

Meanwhile, both companies emphasize the cost reductions brought about by technological iterations. Pony.ai’s seventh-generation system BOM costs were reduced by approximately 70% compared to the previous generation; although WeRide did not disclose specific figures, its improved gross profit margin indirectly confirms the effectiveness of cost control.

Additionally, ecosystem collaboration has become a key driving force. Pony.ai recently announced the launch of Europe’s first commercial Robotaxi service in Croatia in partnership with Uber and Verne, attempting to leverage global platforms and local operators for rapid overseas expansion. WeRide emphasizes its “widest global business coverage”—having established operations in 12 countries and over 40 cities.

The Industry Enters the Second Half

From Technological Competition to Commercial Realization

Industry professionals believe that in the past decade, the autonomous driving sector has evaluated success based on testing mileage, algorithm capabilities, and financing scale; now, the focus is shifting towards revenue structure, UE model, capital efficiency, and scalability. In 2025, both leading companies not only achieved more than double growth in Robotaxi revenue but also validated economic feasibility in core markets.

While similar companies in Europe and the U.S. still primarily focus on pilot operations, China’s Robotaxi commercialization progress is at a globally leading level, with the competitive landscape shifting from “diversification” to “concentration of leading players.” Companies with mass-production models, fully autonomous driving, urban operating capabilities, and financial reserves will quickly widen the gap.

However, challenges remain. Profitability is still limited to a few high-demand areas, and large-scale expansion must confront complex variables such as city adaptability, regulatory differences, and responses to extreme weather. Additionally, the current high growth is benefiting from a low base effect— the overall market size for Robotaxi in 2024 remains limited.

In this context, going global has become the second growth curve. Chinese companies are leveraging low costs, high reliability, and rapid deployment advantages to cooperate with global platforms like Uber and local operators in Europe, replicating the “technology + ecosystem” path of new energy vehicles.

Pony.ai Financial Report Chart

The capital market’s attitude is also becoming more rational. Although Pony.ai achieved a net profit of 528 million yuan for the first time in Q4 2025 due to strategic investment returns, whether its main business has long-term profitability remains to be seen. WeRide, while not yet profitable, has 7.1 billion yuan in cash reserves to provide ample buffer.

Some capital analysts believe that the “golden age” of Robotaxi may not have arrived yet, but the “bronze age” has already begun. When users are willing to pay, single vehicles can make a profit, and fleets can be rapidly replicated, the industry has truly moved out of the laboratory and policy greenhouse.

Written by: Nandu · Bay Finance Society Reporter Hu Wenwen