Shares of Chinese self-driving car startup Pony.ai fell 7.7% below their issuance price following the company’s debut on the Nasdaq stock exchange on Wednesday, as it notched a valuation of $5.25 billion in its long-awaited US initial public offering (IPO). It is backed by Toyota, the Canadian pension fund Ontario Teachers, and HongShan, Sequoia Capital’s former China unit. By comparison, rival WeRide’s US IPO and private placement raised $440.5 million and shares rose 6.8% to close at $16.55 apiece on Oct. 25. The autonomous ride-hailing service accounted for only 11.9% of Pony.ai’s total revenue of $39.5 million earned as of September this year. Cheaper options are in the pipeline however—a lidar unit could start at less than $200 next year, representing a 50% cut from this year, founder of Chinese lidar supplier Hesai recently told Reuters.