OnTime, the Chinese robotaxi and ride-hailing platform backed by a major automaker, reported a significant decline in net losses for the first half of the year. The company’s net loss shrank by 45.2% compared to the same period last year, largely due to enhanced operational efficiency, a streamlined cost structure, and increased demand for its technology services.
The company’s net loss for the six months ending June 30 was approximately 68.5 million Chinese yuan (about $9.6 million). Meanwhile, revenue experienced a substantial jump of 140.7%, reaching 4 billion yuan (around $600 million).
The surge in revenue was driven by a sharp rise in ride-hailing orders and transaction volumes. Ride-hailing transaction value soared by 149.2%, totaling 5 billion yuan (roughly $753 million), while the total number of orders increased by 150.6% to 184 million. The average value per transaction remained steady at roughly 27.60 yuan ($4.10), nearly unchanged from the previous year.
Ride-hailing services made up the majority, accounting for 97.1% of total revenue in the first half. Revenue from mobility services, which includes ride-hailing, climbed 139.5% to 3.9 billion yuan (about $580 million).
Revenue from technology-related services also saw explosive growth, rising 274.4% year over year to 100 million yuan (around $14.5 million), fueled by strategic investments in technology and increased marketing efforts.
Despite this positive growth, the company’s shares did not trade today.
An increasingly important segment for ride-hailing platforms is robotaxi services, which contributed significantly to overall revenue growth. Income from ancillary services, including robotaxi operations and promotional marketing activities, more than doubled, rising 108.9% to 1.1 million yuan (about $174,000).
While robotaxi services currently represent a small portion of total revenue, the company emphasized its plans to expand this segment aggressively. Over the next five years, it aims to deploy robotaxi fleets in 100 major cities and establish a fleet of over 10,000 vehicles through partnerships. Additionally, it will launch a multi-billion-yuan investment program to develop a comprehensive three-tier robotaxi network supporting 100 key cities, offering offline maintenance and support for up to 100,000 robotaxis annually.