Hesai Technology's Q1 2024 Financial Data and Developments
Hesai Technology announced its unaudited financial data for the first quarter of 2024 today on May 21st by TapTechNews. In the first quarter, Hesai achieved revenue of 360 million yuan ($51.74 million); the total delivery volume of lidar reached 59,101 units, a year-on-year increase of 69.7%; among them, the delivery volume of ADAS products was 52,462 units, a year-on-year increase of 86.1%. The combined gross margin of Robotaxi business and ADAS business is 38.8%.
This quarter, Hesai reached a lidar mass production fixed-point cooperation with two international automakers ranked in the top ten in global revenue, including a global mass production model of an international top automotive brand. Up to now, among the 10 international automakers with the highest global revenue in the Fortune Global 500 list, 6 automakers or their joint venture partners have reached a mass production fixed-point cooperation relationship with Hesai.
At present, Hesai has obtained nearly 70 model fixed-points from 18 OEMs and Tier-1 customers in the pre-installed mass production market.
TapTechNews noticed that Hesai recently released a compact high-performance long-range lidar - ATX. ATX is equipped with the fourth-generation chip architecture and comprehensively upgrades the optical-mechanical design and laser transceiver module. It has currently obtained pre-installed mass production project fixed-points from 4 global and domestic leading OEMs and is expected to start large-scale mass production in the first quarter of 2025.
Hesai co-founder and CEO Li Yifan said that the intelligent automotive industry continues to develop rapidly, and one of the notable features is that lidar is becoming a standard configuration for more and more models, not only being widely used in the mid-to-high-end model market, but also penetrating into the mass consumer market below 150,000 yuan ($21,500). In order to grasp this market trend, Hesai has formulated a two-track strategic development path for ADAS products: ultimate performance and ultimate cost. This is concentrated in the two latest long-range lidar products AT512 and ATX released by Hesai, providing more flexible and innovative solutions for global OEM customers' broader range of models, and making safety a standard configuration for more intelligent models with lidar technology.