CaoCao Mobility released its interim results for the six months ended June 30, 2026, on August 27. Its ride-hailing business continued to grow in the first half, while the company stepped up investment in autonomous driving and artificial intelligence through its RoboX strategy.
Mobility services revenue rose 13.9% year-on-year to RMB 9.8 billion (USD 1.46 billion), while total revenue increased 9% to RMB 10.3 billion (USD 1.53 billion). As of June 30, CaoCao operated in 215 cities across China, including 20 added during the first half.
Average monthly active users reached 44.6 million, up 17.1% year-on-year, while average monthly active drivers increased 36.8% to 758,000.
Profitability also improved. Gross margin rose to 9.0% from 8.7% a year earlier. The company attributed the increase partly to greater operating scale and said it continued to use AI to improve the algorithms behind CaoCao Brain, its transaction and dispatch system.
In June, CaoCao unveiled its RoboX strategy and announced a broader push into AI-powered mobility. The company said it plans to combine purpose-built vehicles, autonomous driving technology, and fleet operations as it develops services including robotaxis and autonomous delivery vans.
CaoCao is building on capabilities it has developed in vehicle management, ride dispatch, safety operations, and customer service, with plans to apply them to a wider range of autonomous mobility services.
As of June 30, the company had deployed 140 second-generation robotaxis. It plans to expand its robotaxi fleet in China and overseas in the second half while also exploring mobility services that combine autonomous vehicles with low-altitude aircraft.
CaoCao is also working with Geely and other partners on Eva Cab, its third-generation vehicle designed specifically for robotaxi services. The vehicle was unveiled in the first half and is scheduled to enter mass production in 2027.
The company is also experimenting with AI-based customer interfaces. In June, CaoCao began a limited pilot of an AI ride-hailing service developed with Doubao after joining the AI platform’s mobility ecosystem.
Overseas expansion is another part of the strategy, with Hong Kong and the UAE among CaoCao’s initial target markets.
In Hong Kong, the company plans to establish a joint venture with Octopus to develop technology-enabled mobility services.
In June, CaoCao also signed a cooperation agreement with Abu Dhabi-based K2 to advance the deployment and operation of robotaxi projects in the UAE.
This article was adapted based on a feature originally written by Stone Jin and published on IPO Zaozhidao. KrASIA is authorized to translate, adapt, and publish its contents.
Note: RMB figures are converted to USD at rates of RMB 6.74 = USD 1 based on estimates as of August 31, 2026, unless otherwise stated. USD conversions are presented for ease of reference and may not fully match prevailing exchange rates.