Pony AI, the Chinese autonomous vehicle startup that's looking to go public on the Nasdaq stock exchange, now wants to raise around $260 million, according to a new regulatory filing.

That's up from its previous target of around $224 million. To meet the goal, Pony will sell as many as 20 million American depository shares. That's still down from the much higher target of $425 million, which Pony was aiming for earlier this year before its board approved a reduction of its minimum valuation from around $8 billion to $4 billion.

Pony has had its struggles with early testing in the United States, including losing its permit to test AVs in 2022. Meanwhile, it maintains a fleet of 190 "robotrucks" in Beijing and Guangzhou, plus 250 robotaxis in Beijing, Guangzhou, Shenzhen, and Shanghai.

This has led some, including former Waymo CEO john Krafcik to question why Pony is gunning for a U.S. IPO? There is still demand for Chinese AV companies on U.S. exchanges. But the shifting financial target suggests Pony is still crafting the exact answer to that question.