In the first quarter, Hesai Technology achieved revenue of 360 million yuan; the total delivery volume of lidars reached 59,101 units, an increase of 69.7% over the previous year; of these, the number of ADAS products delivered was 52,462 units, an increase of 86.1% over the previous year.
Zhitong Finance App learned that on May 21, HSAI.US (HSAI.US) released unaudited financial data for the first quarter of 2024. The core business was steady this quarter, and global front-end mass production cooperation ushered in a new breakthrough.
In the first quarter, Hesai Technology achieved revenue of 360 million yuan; the total delivery volume of lidars reached 59,101 units, an increase of 69.7% over the previous year; of these, the number of ADAS products delivered was 52,462 units, an increase of 86.1% over the previous year. The combined gross margin of the RoboTaxi business and ADAS business was 38.8%, showing excellent operating efficiency and commercialization capabilities. According to the relevant person in charge of Hesai, “The company expects to be profitable in Q4.”
Since the first quarter of 2022, Hesai has achieved three consecutive year-on-year increases in total quarterly delivery volume and ADAS product delivery volume, which not only reflects Hesai's leading technical strength and market competitiveness, but also proves the rapid development of the intelligent driving industry and the trend of advanced smart driving becoming the core competitiveness of automobile manufacturers. At the same time, as consumers' demand for smart driving safety and comfort becomes more prominent, the growth opportunities in the global lidar market will continue to expand, providing broad prospects for the future development of Hesai Technology.
This quarter, Hesai reached targeted lidar mass production cooperation with two of the top ten global automobile manufacturers by global revenue, including global mass-produced models from a top international car brand. Among them, there is no shortage of international customers who have previously cooperated with other peers in the industry to choose Hesai.
Up to now, among the 10 international car manufacturers with the highest global revenue in the “Fortune” World 500 list, 6 automobile manufacturers or their joint venture partners have reached targeted mass-production partnerships with Hesai.
Domestically, Hesai and GAC Group have reached cooperation. Based on Hesai's new next-generation lidar products, the two sides are deeply collaborating in the field of automotive intelligence to jointly create highly competitive smart driving products.
At this stage, Hesai has received a total of nearly 70 models from 18 OEMs and Tier-1 customers in the front-end mass production market.
In addition, Hesai has formed a partnership with Marelli, a leading mobile technology supplier in the automotive industry, to seamlessly integrate Hesai's latest ATX lidar into Marelli's high-end automotive lighting solutions, providing excellent environmental sensing capabilities without affecting vehicle appearance and aerodynamic performance, while also reducing costs.
Recently, Hesai released a compact and high-performance long-range lidar ATX. ATX is equipped with a fourth-generation chip architecture, and the optical design and laser transceiver module have been completely upgraded to achieve the perfect combination of compact size and strong performance.
According to Hesai's public information, ATX has received pre-assembly mass production projects from 4 leading global and domestic OEMs, and mass production is expected to begin on a large scale in Q1 2025.