- This is the first time a foreign automaker has sought to apply this Chinese-made technology to models sold outside China, according to Reuters.
- Hesai said it entered into a multi-year, long-term partnership spanning 2030, without mentioning the carmaker by name.
German luxury carmaker Mercedes-Benz will use Hesai Group's (NASDAQ: HSAI) LiDAR sensors to develop smart-driving cars for global markets, Reuters said in a report overnight, citing a person familiar with the matter.
This is the first time a foreign automaker has sought to apply this Chinese-made technology to models sold outside China, the report noted.
Mercedes has been deliberating on the decision for months, citing legal and geopolitical risks, according to Reuters.
The company ultimately chose Hesai, China's largest LiDAR maker, because of its lower costs and mass production capabilities, the person familiar with the matter added, according to the report.
Hesai said in a statement today that it had entered into a landmark multi-year exclusive supply partnership with a top European automotive OEM (Original Equipment Manufacturer), without naming the automaker.
The LiDAR maker will supply high-performance, ultra-long-range LiDARs for the automaker's next-generation vehicle platforms, covering a variety of models in its fuel and new energy vehicle (NEV) lineups, according to the statement.
This is a multi-year, long-term partnership spanning 2030 and is the largest order in the front-loaded mass-production LiDAR segment to date in overseas markets, Hesai said.
As of February, Hesai had partnered with 22 domestic and foreign automakers to supply LiDARs to 120 models, according to the company.
Hesai saw non-GAAP net income of about RMB 13.7 million ($1.9 million) and operating cash flow of RMB 63 million in 2024, making it the world's first publicly traded LiDAR maker to post a full-year profitability and positive operating cash flow, according to its financial results announced on March 10 after US trading hours.
The company's revenue in 2024 was RMB 2.08 billion, up 10.7 percent year-on-year.
Hesai's LiDAR deliveries reached 501,900 units in 2024, up 126 percent year-on-year.
The company amis to ship 1.2 million to 1.5 million LiDARs in 2025, up 139 percent to 200 percent year-on-year.
Of these, ADAS (Advanced Driver Assistance System) LiDARs will account for more than 80 percent, with robotic LiDAR shipments targeted at 200,000 units.
Hesai guided for 2025 revenue of RMB 3 billion to RMB 3.5 billion, representing year-on-year growth of 44 percent to 49 percent.
Shares of Hesai traded on Nasdaq jumped 50.41 percent to $24.08 at the close on March 11, the highest since its IPO in February 2023.
($1 = RMB 7.2241)
Related posts on CnEVPost
