LiDAR drives the popularization and implementation of intelligent driving technology
On March 12, Hesai Technology (Nasdaq: HSAI) , a Chinese company specializing in the research, development, and manufacturing of LiDAR, announced a multi-year exclusive designated cooperation agreement with a top European OEM that spans until 2030. Hesai will supply high-performance ultra-long-range LiDAR for the OEM's next-generation vehicle platform, covering multiple models of its fuel-powered and new energy vehicles. Hesai said that this is the largest order in the field of overseas front-end mass-production LiDAR to date.
In the domestic market, Hesai is accelerating the popularization and implementation of intelligent driving technology with its Hesai ATX (compact ultra-high-definition long-range LiDAR). Currently, the ATX has obtained designated cooperation for multiple models from 11 leading domestic automakers such as BYD, Chery, Great Wall, Changan, and VOYAH. Mass production is scheduled to start in 2025, and it has been planned as a standard feature for the mass-production models of numerous OEM customers in 2025.
On March 11, Hesai Technology released its full-year performance for 2024. Data shows that Hesai Technology's total LiDAR deliveries in 2024 reached 501,889 units, a year-on-year increase of 126.0%; among them, the fourth-quarter deliveries reached 222,054 units, a significant year-on-year increase of 153.1%.
Driven by the significant growth in LiDAR product shipments, Hesai Technology achieved an annual revenue of CNY 2.08 billion in 2024, with Q4 revenue reaching CNY 720 million; the company turned losses into profits for the whole year, with non-GAAP net profit of approximately CNY 13.7 million; becoming one of the earliest listed LiDAR companies in the world to achieve annual profitability and one of the earliest to have positive annual net cash flow.
As of February 2025, Hesai has reached mass-production designated cooperation agreements for 120 models with 22 domestic and foreign automotive manufacturers. In December 2024, Hesai's monthly shipments exceeded 100,000 units, making it the first LiDAR company in the world to achieve monthly deliveries of over 100,000 units.