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    Evelyn Zhang

    Director and Senior Equity Analyst at Daiwa Capital Markets

    Evelyn Zhang is a Director and Senior Equity Analyst at Daiwa Capital Markets (Hong Kong) Ltd., specializing in coverage of the automotive and technology sectors, with particular attention to companies such as Pony AI and Geely Automobile. She has produced impactful stock recommendations including notable buy ratings and target price calls, with coverage referenced in industry outlets and investment note success. Zhang has advanced through roles at Daiwa since joining as an Associate Director in 2020, before being promoted to Director in 2025, and she previously held analyst positions within leading regional finance organizations. She holds recognized professional credentials and operates under financial regulatory frameworks relevant to Hong Kong equities research.

    Evelyn Zhang's questions to Pony AI (PONY) leadership

    Evelyn Zhang's questions to Pony AI (PONY) leadership • Q2 2025

    Question

    Evelyn Zhang from Daiwa Capital Markets requested details on the overseas expansion plan, the regulatory landscape, and the operational stage of its services in the Middle East, South Korea, and Europe.

    Answer

    CEO Jun Peng outlined a strategy focused on high-growth markets with supportive regulations, leveraging local partnerships. CFO Haojun Wang added that scaling commercial fully driverless services is most advanced in the U.S. and China. In other regions, regulations primarily permit testing with a safety driver, and commercialization is limited to pilot programs. He stressed that scaling from dozens to hundreds of vehicles is a significant operational leap that requires a higher level of safety and rigor.

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    Evelyn Zhang's questions to Pony AI (PONY) leadership • Q2 2025

    Question

    Evelyn Zhang from Daiwa Capital Markets requested more details on the overseas expansion plan and the regulatory status (testing vs. commercial) in markets like the Middle East, South Korea, and Europe.

    Answer

    CEO Jun Peng reiterated the strategy of targeting high-growth markets with supportive regulations and strong local partners. CFO Haojun Wang added that outside of the US and China, most countries are still in the safety-driver testing phase. He noted that a sustainable fare-charging model will take time to mature in these regions and that scaling from dozens to hundreds of vehicles is a complex operational leap that PonyAI is focused on mastering in its primary markets first before broad replication.

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    Evelyn Zhang's questions to Pony AI (PONY) leadership • Q2 2025

    Question

    Asked for details on the overseas expansion plan, the regulatory environment in those markets, and the current operational stage (testing vs. commercial) in the Middle East, South Korea, and Europe.

    Answer

    The strategy focuses on high-growth markets with local partners. While progress is being made in Dubai, South Korea, and Luxembourg, most countries outside the US and China only have regulations for testing with a safety driver. True commercial, fare-charging models in these regions will take time to mature. The company is focused on building the operational capability to scale from dozens to hundreds of vehicles, a complex step necessary before replicating the model globally.

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