The major Chinese mobile transportation service provider Ontime will leverage its past successful experiences to expand ride-hailing and robotaxi services internationally, according its annual financial report for 2024.
The company, which is based in Guangzhou, the capital of Guangdong province, continued its growth momentum, with total annual revenue reaching 2.46 billion yuan ($338.77 million) in 2024, marking a 24 percent year-on-year increase, according to the report, which was released on Thursday.
The company’s main business segments, including ride-hailing and robotaxi services, experienced growth of 21.2 percent in 2024, compared to the previous year.
It was the company’s first full-year financial report since it was listed in Hong Kong in July.
Ontime continued to increase investment in 2024 in areas of its business, including its robotaxi services, with research and development expenses reaching 140 million yuan, an 18.8 percent year-on-year increase.
The company’s robotaxi service continued to show positive development last year, with its operational scope expanding gradually from Nansha district in Guangzhou to Bao’an and Nanshan in Shenzhen and the Guangdong-Macao In-Depth Cooperation Zone, in Zhuhai, Guangdong.
The company became one of the first cooperative enterprises to be mutually recognized as smart connected vehicle demonstration application pilot companies in the Guangdong-Hong Kong-Macao Greater Bay Area.
In June, it also became one of the first platforms to be given permission to conduct Level 3 autonomous driving on-road trial operations.
The company is exploring low-altitude travel service scenarios, based on its operational advantages and is aiming to create a comprehensive intelligent travel platform to cater to various transportation needs.
