According to Reuters, self-driving startup Pony.ai has put on hold its plans to go public in the U.S. through SPAC at a valuation of $12 billion, people familiar with the matter said.

The Toyota-backed startup will seek to raise funds through a private placement at a valuation of $12 billion. The person familiar with the matter added that the company still wants to go public in the U.S.

Pony.ai has operations in both the United States and China. It maintains a significant industry presence in cities including Beijing and Guangzhou, where the company launched commuter pilot programs and signed partnership agreements with Chinese state-owned auto groups.

Pony.ai had been in exclusive talks to go public through a merger with VectoIQ Acquisition II. According to the sources, the deal would have been financed with a private placement from investors of roughly $1.2 billion, and the company had aimed to list by October.

VectoIQ II is the second SPAC(Special Purpose Acquisition Company) led by former General Motors Vice Chairman Steve Girsky, whose first SPAC struck a deal with electric truck maker Nikola Corp.

A spokeswoman for Pony.ai said the company currently has no specific plans or timeline for the IPO and declined to comment on the talks.