Both Guangzhou and Shenzhen allow 24 hour a day service. The average robotaxi fair price is $7. Pony expects 25 fares per day. The translates to $175/day for 365 days a year = $63,875. The estimated Pony BOM cost is about $31,000 for a Toyota bZ4X and the PONY hardware stack is about $12,000. That means per vehicle hardware costs is approximately $43,000. Not including operational costs (people costs), that means EVERY PONY vehicle is paid for in about 8 months. So, PONY has cracked the per unit cost. Now it is a pure scaling operational limitation.

Regardless of estimated stock value, they have enough money to scale. And their safety first orientation will get them there. Check my math.

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