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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), 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.
Hesai Group (NASDAQ: HSAI), a global leader in 3D lidar solutions, has released its first Environmental, Social and Governance (ESG) Report for 2023. The report highlights Hesai's ESG strategy, achievements, and progress towards sustainable development goals.
CEO Yifan 'David' Li emphasized the company's commitment to its mission of 'Empower Robotics, Elevate Lives' through advanced lidar solutions. Hesai aims to drive the future of robotics for a safer, more efficient world. The report covers Hesai's efforts in innovation, product quality, talent development, safety management, and sustainability.
Hesai plans to further integrate ESG principles into its business operations and development decisions, enhancing its sustainable development capabilities. The full 2023 ESG Report is available on Hesai's Investor Relations website.
Hesai Group (NASDAQ: HSAI), the global leader in 3D lidar solutions, has announced its second quarter 2024 earnings report will be released on August 19, 2024, after U.S. markets close. The company will host an earnings conference call at 9:00 PM ET on the same day. Hesai, known for its advanced lidar technology used in ADAS, autonomous vehicles, and robotics, serves over 40 countries. The company integrates lidar design with in-house manufacturing, enabling rapid development of high-performance, quality, and affordable products. Investors can access the call via pre-registration and join the live webcast on Hesai's investor relations website.
Hesai Technology (Nasdaq: HSAI), a global leader in lidar solutions, has announced three significant automotive lidar design wins with top global automakers' joint ventures in China. These include General Motors (GM), Ford, and a prominent European automotive brand. The OEM joint ventures plan to integrate Hesai's automotive-grade, long-range lidar into their next-generation series production vehicles, 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.
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.
Hesai Technology (Nasdaq: HSAI), a global leader in lidar solutions, has announced a strategic partnership with Westwell, a provider of autonomous driving solutions. This collaboration aims to accelerate global expansion in autonomous driving for logistics. Westwell's autonomous driving solutions will be equipped with Hesai's advanced lidar products, serving over 200 corporate clients across 20 countries.
Hesai's lidars are already integrated into several of Westwell's solutions, including their new energy-efficient autonomous driving Q-Trucks and Q-Tractors. These vehicles are deployed in various locations, including Felixstowe Port in the UK and Hong Kong Air Cargo Terminals Westwell's R&D team uses a multi-sensor approach, equipping multiple Hesai XT32 and AT128 lidars for each vehicle, ensuring precise operations across various scenarios.
Hesai Technology (Nasdaq: HSAI), a global leader in lidar safety technology, has been chosen by Baidu (NASDAQ: BIDU) as the exclusive long-range lidar supplier for its next-generation robotaxi platform Yichi 06. This deal, estimated at $200-300 million, is based on Baidu's plans to deploy 100,000 robotaxi vehicles in China. The Chinese robotaxi market is projected to reach $162.6 billion in 2025 and $403.6 billion in 2030.
Hesai dominated the global robotaxi lidar market in 2023 with a 74% share of the $124 million market. The company's total lidar shipment volume has exceeded 380,000 units as of Q1 2024. Hesai's success is attributed to its high-performance lidar technology, which is used by nine of the top ten L4 autonomous driving companies globally.
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