(Yicai Global) Nov. 17 -- China’s Pony.ai has dismissed rumors that the autonomous driving startup will start manufacturing cars, saying that it will still focus on self-driving systems instead of designing entire vehicles.

Pony.ai’s two core businesses are the application of autonomous driving technology in passenger vehicles and commercial vehicles, the Toyota Motor-backed company said via its WeChat account today, adding that it will also continue to boost investment in research and development for autonomous trucks and smart logistics.

Technology media outlet 36Kr reported today that Pony.ai’s car manufacturing project is stagnating and that the team assembled for the project in Jiading, Shanghai will be adjusted.

Established in late 2016, Pony.ai has set up research and development centers in Silicon Valley, Guangzhou, Beijing, and Shanghai. The firm has secured self-driving test and operation qualifications and licenses in China and the United States. As of this February, it had received funding of USD1.1 billion for a valuation of USD5.3 billion.

Pony.ai has always said that its ultimate goal is to make autonomous vehicles a reality. The industry has now entered its second phase, Chief Executive Peng Jun has said on various occasions, and how to achieve mass production and commercialization is the focus at this stage.

Editor: Tom Litting