Hesai Announces Design Wins with Three Top Global Automakers JV Brands

Rhea-AI Summary

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.

Positive

• Secured three automotive lidar design wins with top global automakers' JVs in China
• Mass production of new models integrating Hesai's lidar expected to begin as early as 2025
• Secured ADAS design wins with 18 OEMs and Tier 1 suppliers globally
• Holds mass production agreements with six of the top ten Fortune 500 automakers
• Maintains highest global market share in the automotive lidar industry

Negative

• None.

PALO ALTO, Calif., July 30, 2024 /PRNewswire/ -- 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.

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. Mass production of these models is expected to begin as early as 2025.

"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. "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 major design wins did Hesai Technology (HSAI) announce in July 2024?

Hesai Technology announced three automotive lidar design wins with top global automakers' joint ventures in China: General Motors (GM), Ford, and a prominent European automotive brand.

When is mass production expected to begin for the vehicles integrating Hesai's (HSAI) lidar technology?

Mass production of the vehicles integrating Hesai's automotive-grade, long-range lidar is expected to begin as early as 2025.

How many OEMs and Tier 1 suppliers has Hesai (HSAI) secured ADAS design wins with as of Q1 2024?

As of Q1 2024, Hesai 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 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.