Pony AI, a Chinese self-driving technology company, is gearing up for its initial public offering (IPO) in the US, but with a lower target than initially expected. In a recent filing, the company announced plans to issue 15 million American Depository Shares, with the possibility of issuing 2.25 million more, at an expected price range of $11 to $13 per share.

At the high end of the price range, Pony AI could raise up to $224 million, valuing the company at $4.48 billion. However, this is significantly lower than its initial target of $425 million and its previous valuation of $8.5 billion in 2022. The company has been operating a fleet of 190 "robotrucks" and over 250 robotaxis in several Chinese cities, with plans to expand its services.

Pony AI's IPO is the latest in a series of Chinese companies going public in the US, following Zeekr and WeRide, both of which debuted on the New York Stock Exchange and Nasdaq, respectively. The company's listing on the Nasdaq under the ticker "PONY" is expected to attract significant attention from US investors, despite growing geopolitical tensions and trade concerns.