Temasek invests $13.7m in WeRide, Pony.ai as others pull back

Temasek Holdings invested about US$13.7 million in WeRide and Pony.ai in Q3 2025.

It acquired around 1.4 million WeRide shares and 14,500 Pony.ai shares.

The firm also increased its stakes in PDD Holdings, KE Holdings, and Trip.com Group, while maintaining positions in Xpeng and Alibaba.

Temasek held US$29 billion in US securities at the end of September, including roughly US$2 billion in US-listed Chinese stocks.

Meanwhile, Saudi Arabia’s Public Investment Fund exited all its Chinese holdings in Q3 2025, and major US fund managers also reduced exposure to Chinese equities.

🔗 Source: South China Morning Post

🧠 Food for thought

Implications, context, and why it matters.

Temasek faces unproven profits as fleets grow

WeRide’s robotaxi (driverless ride-hailing) revenue jumped 836.7% in Q2 2025 1. Q2 revenue hit $17.8 million 1 with cumulative net losses of Renminbi (RMB) 5.8 billion from 2022 to 2024, plus RMB791 million in H1 2025 2.
Pony.ai booked $75 million in 2024 sales with a $275 million net loss 3. Its seventh-generation system cut hardware costs by over 70% 3.
Pony.ai runs over 720 robotaxis and targets 1,000 by year end 4. Utilization is 15 rides per vehicle per day 5. Those volumes do not yet line up with valuations of $3.10 billion for WeRide and $6.70 billion for Pony.ai 2.

Suppliers look to wider permit zones in China

Shanghai plans to expand robotaxi geofences, mapped service areas with set boundaries, from 300 to 2,000 square kilometers by 2027 with a goal of 6 million rides 5. Pony.ai received Shenzhen’s first citywide permit, approval to operate across the city 6.
Cloud compute and edge AI providers, AI that runs on devices like vehicles rather than only in the cloud, see rising training demand 3 2. Pony.ai’s PonyWorld simulation platform, a virtual testing environment for autonomous driving 3, and WeRide’s testing in ten countries 2 help drive it.
Pony.ai cut commercial insurance costs to almost half of traditional taxis through safety gains 3. That could lift demand for safety validation startups and insurance tech vendors as more citywide permits expand, such as Shanghai’s approvals for Pudong, a major district of Shanghai 7.