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 raise in the transaction.  

Pony operates a fleet of 190 “robotrucks” in Beijing and Guangzhou and over 250 robotaxis in Beijing, Guangzhou, Shenzhen, and Shanghai. The company told TechCrunch it can charge for robotaxi fares in all four cities and is fully driverless in Beijing, Guangzhou, and Shenzhen. 

In a filing Thursday, the Chinese self-driving technology company said it plans to issue 15 million American Depository Shares, with the possibility of issuing 2.25 million more if demand is high, at an expected price range of between $11 and $13 per share. At $13, that would value the company at $4.48 billion, based on 344.9 million shares outstanding immediately following the offering.

Pony once hit a valuation of $8.5 billion following the close of a Series D round in 2022, in which Toyota participated.  

Based on the company’s expected share price range, Pony could expect to rake in up to $224 million from the transaction, which is well below its initial target of $425 million. But at minimum, the company would collect $165 million, which is also well below the $200 million minimum set in September.

Pony’s debut is the latest in a string of Chinese companies going public on the U.S. stock market after a multi-year ban from Beijing on offshore capital raising. U.S. investors appear to have a growing appetite for Chinese technology companies, despite growing geopolitical tensions and a looming tariff on all Chinese imports.

In the automotive sector, Pony follows Chinese EV startup Zeekr, which debuted on the New York Stock Exchange in May with $441 million in gross proceeds. 

WeRide, another autonomous vehicle startup, debuted on the Nasdaq in October, raising $440.5 million in its IPO and private placement.

Pony will list on the Nasdaq under the ticker “PONY.”