CITIC CLSA released a report initiating coverage of Pony.ai (PONY.O) with an “Outperform” rating and a U.S. share price target of $22. The firm expects the group to reach breakeven in adjusted operating profit by 2029, with short-term share price drivers likely to center on commercialization progress. The firm anticipates that the commercialization of autonomous taxis will experience exponential growth starting in 2026, driven primarily by the maturity of Level 4 technology, the economic viability of vehicle and hardware costs, and increased user acceptance.