Shares of Pony AI (PONY) are jumping in premarket trading Tuesday after the Chinese autonomous vehicle maker posted a surge in first-quarter sales on the back of gains in its robotaxi service.

The Chinese firm had struck a deal earlier this month with Uber Technologies (UBER) to put its robotaxis in the U.S. ride-hailing firm’s platform.

First-quarter revenue rose 11.6% year-over-year to $13.98 million, up from $12.52 million. Its loss per share narrowed to $0.12 from $0.23 in Q1 2024. Pony AI's net loss attributed to the company more than doubled to $42.99 million from $20.60 million a year ago. The company attributed the bigger loss partly to its mass production of its seventh-generation autonomous vehicles.

“2025 is the year of scalin👍g up for Pony.ai and we embraced it with strong growth momentum,” Pony AI CEO James Peng said. “Our robust total revenues in the first quarter were fueled by a 200% year-over-year rise in Robotaxi services, with fare-charging revenues achieving approximately 800% growth rate.”

Pony AI, which was founded in 2016, went public on Nasdaq in November at $13 per share. Its shares are up 5% in𒀰 premarket trading and have soared 18% so far this year entering Tuesday, closing Monday at  $16.91 each. 

 UPDATE—This article has been updated with the latest share price and additional information.