/C O R R E C T I O N -- Hesai Technology/

Rhea-AI Summary

Hesai Technology (Nasdaq: HSAI), a global leader in lidar solutions, has announced automotive lidar design wins with three leading global OEM's joint ventures (JV) in China, including two U.S. automotive companies and one European automotive brand. These JVs plan to integrate Hesai's automotive-grade, long-range lidar in their next-generation series production vehicles for the China market, with mass production expected to begin as early as 2025.

Hesai has secured ADAS design wins with 18 OEMs and Tier 1 suppliers globally, covering approximately 70 vehicle models as of Q1 2024. The company also holds mass production agreements with six of the top ten Fortune 500 automakers directly or through entities in their group, maintaining the highest global market share in the automotive lidar industry.

In the news release, Hesai Announces Design Wins with Three Top Global Automakers JV Brands, issued 30-Jul-2024 by Hesai Technology over PR Newswire, we are advised by the company that the 1st paragraph should read "Hesai Technology (Nasdaq: HSAI), the global leader in lidar solutions, today announced automotive lidar design wins with three leading global OEM's joint ventures (JV) in China. The ventures include two U.S. automotive companies and one European automotive brand." rather than "Hesai Technology (Nasdaq: HSAI), the global leader in lidar solutions, announced today three automotive lidar design wins with top global automakers' joint ventures (JV) in China: General Motors (GM), Ford and a prominent European automotive brand."; the 2nd paragraph, 1st sentence, should read "These joint venture companies plan to integrate Hesai's automotive-grade, long-range lidar in their next-generation series production vehicles in the China market to advance the development and adoption of intelligent driving. " rather than "These global OEM JVs plan to integrate Hesai's automotive-grade, long-range lidar in their next-generation series production vehicles to advance the development and adoption of intelligent driving."; and the 3rd paragraph, 1st sentence, should read ""We are thrilled to partner with these prestigious customers as they integrate advanced safety technology into their vehicles," said David Li, CEO & Co-Founder of Hesai." rather than ""We are thrilled to partner with these prestigious global OEMs as they integrate advanced safety technology into their vehicles," said David Li, CEO & Co-Founder of Hesai." as originally issued inadvertently. The complete, corrected release follows:

Hesai Announces Design Wins with Three Top Global Automakers JV Brands

PALO ALTO, Calif., July 31, 2024 /PRNewswire/ -- Hesai Technology (Nasdaq: HSAI), the global leader in lidar solutions, today announced automotive lidar design wins with three leading global OEM's joint ventures (JV) in China. The ventures include two U.S. automotive companies and one European automotive brand.

These joint venture companies plan to integrate Hesai's automotive-grade, long-range lidar in their next-generation series production vehicles in the China market to advance the development and adoption of intelligent driving. Mass production of these models is expected to begin as early as 2025.

"We are thrilled to partner with these prestigious customers as they integrate advanced safety technology into their vehicles," said David Li, CEO & Co-Founder of Hesai. "This is just the start of our large-scale implementation of lidar in popular vehicle models to enhance safety, save lives and create a more intelligent global transportation system."

Building on this momentum, Hesai has secured ADAS design wins with 18 OEMs and Tier 1 suppliers globally, covering approximately 70 vehicle models as of Q1 2024.The companyalso holds mass production agreements with six of the top ten Fortune 500 automakers directly or through entities in their group, maintaining the highest global market share in the automotive lidar industry.

Hesai has already established a strong global business presence in the U.S., Europe and Asia, with customers spanning over 40 countries. By extending support and engineering resources across the globe, Hesai facilitates close collaboration with customers. The company will continue to collaborate with global OEMs to integrate advanced lidar technology into new vehicles, bringing higher quality and more intelligent driving solutions to consumers around the world.

View original content:https://www.prnewswire.com/news-releases/hesai-announces-design-wins-with-three-top-global-automakers-jv-brands-302209698.html

SOURCE Hesai Technology

FAQ

What recent design wins has Hesai Technology (HSAI) announced?

Hesai Technology (HSAI) has announced automotive lidar design wins with three leading global OEM's joint ventures in China, including two U.S. automotive companies and one European automotive brand.

When is mass production expected to begin for Hesai's (HSAI) lidar-equipped vehicles?

Mass production of the vehicles equipped with Hesai's (HSAI) automotive-grade, long-range lidar is expected to begin as early as 2025.

How many ADAS design wins has Hesai Technology (HSAI) secured globally?

As of Q1 2024, Hesai Technology (HSAI) has secured ADAS design wins with 18 OEMs and Tier 1 suppliers globally, covering approximately 70 vehicle models.

What is Hesai's (HSAI) market position in the automotive lidar industry?

Hesai Technology (HSAI) maintains the highest global market share in the automotive lidar industry and holds mass production agreements with six of the top ten Fortune 500 automakers.