Hesai and SAIC Volkswagen Sign New Partnership on Automotive Lidar Program

Rhea-AI Summary

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.

Positive

• Partnership with major automotive player SAIC Volkswagen
• 74% market share in robotic car lidar market globally
• Delivered over 470,000 lidar units to customers as of Q2 2024
• Strong patent portfolio with more than 1,700 patents and applications

Negative

• None.

SHANGHAI, Oct. 1, 2024 /PRNewswire/ -- Hesai Technology (Nasdaq: HSAI), the global leader in lidar technology, announced today the signing of a cooperation framework with SAIC Volkswagen.

The cooperation will establish a strong foundation for Hesai and SAIC Volkswagen to build a new ecosystem for the automotive industry, with Hesai's advanced lidar products and technology at the core.

SAIC Volkswagen Automobile Co., Ltd. is a Sino-German joint venture operated by SAIC Group and Volkswagen Group. Formed in October 1984, SAIC Volkswagen was one of the first automotive joint ventures in China and has maintained strong market competitiveness over the past 40 years. SAIC Volkswagen sold 1.2 million cars in 2023, and the cumulative car sales from January to August of this year is nearly 700,000.

Hesai Technology is the global leader in lidar products and technology. It integrates the manufacturing process of lidar into the R&D design process, ensuring high performance, high reliability and cost-effectiveness while promoting rapid product iteration. Hesai is also the industry leader in global patents and has accumulated more than 1,700 patents and patent applications worldwide to date.

According to the Lidar for Automotive 2024 report by Yole Intelligence, an international market research and strategy consulting firm, Hesai is ranked No. 1 in the robotic car lidar market globally, with a 74% market share. Among the top 10 autonomous driving companies in the world, nine use Hesai's 360° high-performance lidar. As of the second quarter of 2024, Hesai has delivered over 470,000 units to customers.

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SOURCE Hesai Technology

FAQ

What is the new partnership between Hesai Technology (HSAI) and SAIC Volkswagen?

Hesai Technology (HSAI) and SAIC Volkswagen have signed a cooperation framework to develop an automotive lidar program, aiming to create a new ecosystem for the automotive industry using Hesai's advanced lidar products and technology.

What is Hesai Technology's (HSAI) market share in the robotic car lidar market as of 2024?

According to the Lidar for Automotive 2024 report by Yole Intelligence, Hesai Technology (HSAI) holds a 74% market share in the global robotic car lidar market, ranking No. 1.

How many lidar units has Hesai Technology (HSAI) delivered to customers as of Q2 2024?

Hesai Technology (HSAI) has delivered over 470,000 lidar units to customers as of the second quarter of 2024.

What is SAIC Volkswagen's car sales performance in 2023 and 2024?

SAIC Volkswagen sold 1.2 million cars in 2023, and their cumulative car sales from January to August 2024 reached nearly 700,000 units.