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Hesai Group (NASDAQ: HSAI) is a global leader specializing in the development, manufacturing, and sales of three-dimensional light detection and ranging (LiDAR) solutions. The company’s advanced LiDAR products are pivotal in enabling a variety of applications in passenger and commercial vehicles equipped with Advanced Driver Assistance Systems (ADAS), autonomous vehicle fleets, and robotics applications such as last-mile delivery robots, street sweeping robots, and logistics robots in restricted areas.
Hesai operates primarily through two segments: the LiDAR segment and the gas detection segment, with the former generating the majority of the company's revenue. The company’s geographical presence spans North America, Mainland China, Europe, and other regions, enabling it to cater to a diverse and expansive market.
Recent developments highlight Hesai's commitment to innovation and strategic partnerships. On March 18, 2024, Hesai announced its strategic partnership with Leapmotor to enhance intelligent driving experiences by incorporating Hesai's next-generation high-performance automotive LiDAR products. This collaboration is expected to bolster safety technology and expand market reach significantly.
On April 2, 2024, Xiaomi launched its first mass-produced electric vehicle, the Xiaomi SU7, integrating Hesai’s AT128 long-range LiDAR. This underscores Hesai's growing influence in intelligent driving solutions and its capability to support high-performance automotive applications.
Further expanding its product offerings, Hesai introduced the ATX, a new ultra-wide field of view, long-range LiDAR, on April 22, 2024. This product promises improved 3D perception for intelligent vehicles, with enhanced detection range, higher resolution, and a compact design that fits various vehicle positions.
Hesai’s collaboration with Marelli, announced on April 24, 2024, aims to integrate the ATX LiDAR into Marelli’s headlamp design, offering advanced object detection and safety without compromising vehicle aesthetics or aerodynamics. This partnership exemplifies Hesai’s innovative approach and its commitment to enhancing vehicle safety through cutting-edge technology.
Despite the recent resignation of CFO Louis T. Hsieh on May 13, 2024, the company continues to demonstrate strong leadership and robust financial management under the interim oversight of Norman Fan.
Hesai remains dedicated to advancing intelligent driving technology and expanding its global footprint. With a focus on high performance, quality, and affordability, the company is well-positioned to lead the LiDAR industry and contribute to safer, more efficient automotive and robotics solutions.
Hesai Technology (NASDAQ: HSAI) has secured an exclusive production design win with Great Wall Motor for multiple vehicle models across two brands. The deal involves Hesai's ATX ultra-compact high-resolution long-range lidar, with mass production starting in 2025.
Great Wall Motor sold over 1.23 million vehicles in 2023, including 262,000 EVs. Their EV sales reached 195,000 in the first three quarters of 2024, showing a 57.2% year-over-year growth. The partnership, established in February 2024, has already resulted in the WEY Blue Mountain SUV equipped with Hesai's AT128 lidar entering mass production.
The ATX model features Hesai's proprietary technology that improves point cloud resolution while reducing volume, weight, and power consumption. Multiple automotive companies have selected ATX for their 2025 mass-production models.
Hesai (NASDAQ: HSAI) has secured an exclusive agreement with Changan Automobile to supply over 1.5 million ATX compact lidar units for their new intelligent driving platform. The partnership will cover more than 10 vehicle models across multiple Changan brands, with initial mass production scheduled for the second half of 2025.
This agreement builds upon their existing strategic partnership from 2022, which recently saw success with the Changan Nevo E07 launch in October 2023, featuring two Hesai AT128 lidars. The ATX model, introduced in April 2023, utilizes Hesai's proprietary technology to deliver enhanced point cloud resolution while reducing size, weight, and power consumption. Multiple automotive companies have already selected ATX for their 2025 mass-production models.
Hesai (Nasdaq: HSAI), the global leader in lidar technology, will showcase at CES 2025 in Las Vegas (January 7-10) and launch a new mini 3D lidar device. The company, which has delivered over 600,000 units globally as of Q3 2024, will unveil this compact lidar solution during a press conference on January 7.
The new device, no larger than a billiard ball, combines high resolution with low power consumption and is designed for AGVs, AMRs, delivery robots, autonomous lawnmowers, and agricultural machinery. Celebrating its 10th anniversary, Hesai serves customers in over 40 countries, holds more than 1,700 patents, and maintains operations across Europe, the US, and Asia.
Hesai Group (NASDAQ: HSAI) reported Q3 2024 financial results with net revenues of RMB539.4 million (US$76.9 million), up 21.1% year-over-year. Total lidar shipments reached 134,208 units, a 182.9% increase from Q3 2023. ADAS lidar shipments grew 220% to 129,913 units. The company achieved a gross margin of 47.7%, up from 30.6% in Q3 2023. For Q4 2024, Hesai expects net revenues to approach US$100 million and projects 200,000 unit shipments. The company anticipates achieving full-year profitability on a non-GAAP basis for 2024, positioning it as the first automotive lidar company worldwide to reach this milestone.
Hesai Group (NASDAQ: HSAI), a global leader in 3D lidar solutions, announced it will release its Q3 2024 unaudited financial results on Monday, November 25, 2024, after U.S. markets close. The company will host an earnings conference call at 8:00 PM ET on November 25, 2024 (9:00 AM Beijing/Hong Kong Time on November 26, 2024). A live and archived webcast will be available on the company's investor relations website, with a replay accessible until December 3, 2024.
Hesai Technology (NASDAQ: HSAI), a global leader in lidar solutions, has been announced as the exclusive provider of automotive long-range lidar for Leapmotor's next-generation vehicle platform. The first model on this platform is expected to enter mass production in 2025. This exclusive partnership builds upon their existing collaboration in intelligent driving, with Hesai already supplying its AT128 lidar for Leapmotor's C-series intelligent driving edition models.
Leapmotor has begun sales in Europe, with over 200 dealers across 13 countries, and plans to expand to 500 sales points in Europe by the end of 2025. The partnership aims to accelerate Leapmotor's leadership in Advanced Driver-Assistance Systems (ADAS) and its global application.
Hesai Technology (Nasdaq: HSAI), the global leader in lidar technology, has announced a new partnership with SAIC Volkswagen to develop an automotive lidar program. This cooperation aims to create a new ecosystem for the automotive industry, leveraging Hesai's advanced lidar products and technology.
SAIC Volkswagen, a Sino-German joint venture between SAIC Group and Volkswagen Group, sold 1.2 million cars in 2023 and nearly 700,000 in the first eight months of this year. Hesai Technology, known for its integrated lidar manufacturing and R&D process, has delivered over 470,000 units to customers as of Q2 2024 and holds more than 1,700 patents and patent applications worldwide.
According to Yole Intelligence's Lidar for Automotive 2024 report, Hesai commands a 74% market share in the robotic car lidar market globally, with nine out of the top ten autonomous driving companies using Hesai's 360° high-performance lidar.
Hesai Technology (Nasdaq: HSAI) has unveiled its new lidar solution, OT128, at the IAA Transportation fair in Hannover. The OT128 is a 360° long-range lidar designed for Level 4 autonomous driving and high-precision applications. Key features include:
- Detection range up to 200 meters at 10% reflectivity
- Angular resolution of 0.1° x 0.125°
- Over 3.45 million data points per second
- 95% reduction in production time per unit
- Automotive-grade reliability with ASIL B certification
- Design life exceeding 30,000 hours
The OT128 has already gained traction with European partners like Embotech and EasyMile for various autonomous vehicle applications. Hesai leads the global robotic car lidar market with a 74% market share.
Hesai Technology, a global lidar industry leader, has become the first in the industry to obtain ISO 21448 Safety of the Intended Functionality (SOTIF) certification. This achievement, based on ISO 26262 functional safety and a QMS framework, underscores Hesai's advanced safety process system and integration of best practices in R&D. Since 2021, Hesai has developed a '3-in-1' safety system combining functional safety, SOTIF, and cybersecurity in lidar product design.
Hesai's innovations include a scenario library dimension table for testing perception features, proprietary active interference rejection technology, and the world's first Intelligent Point Cloud Engine (IPE). These advancements enhance lidar safety and stability in various conditions, effectively filtering out environmental noise and reducing misidentifications. The SOTIF certification significantly expands the operational design domain for intelligent driving systems, improving both user safety and driving experience.
Hesai Group reported Q2 2024 results with net revenues of RMB458.9 million (US$63.1 million), up 4.2% year-over-year. Total lidar shipments increased 66.1% to 86,526 units. Gross margin improved to 45.1% from 29.8% in Q2 2023. The company narrowed its net loss to RMB72.1 million (US$9.9 million).
Hesai secured design wins with four global OEMs and was selected as the exclusive long-range lidar supplier by the top 5 robotaxi companies in China. The company expects Q3 2024 revenues between RMB450-500 million, representing 1.0-12.2% year-over-year growth.
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