Hesai Group (HSAI, Financials) shares surged 40.5% to $22.50 as of 12:02 PM GMT-4 on Tuesday, building on a rally fueled by strong fourth-quarter earnings and a major partnership with Mercedes-Benz.
LiDAR, a Shanghai-based firm, attained record full-year income and showed a 28.3% year-over-year growth in fourth-quarter sales. It became the first publicly traded LiDAR firm to show both good operational and net cash flow along with full-year profitability. The annual delivery volume of the corporation doubled for the fourth running.
Hesai validated a multi-year exclusive design victory with a prominent European automakerprobably Mercedes-Benz. Approved and spanning the next 10 years, the deal is the biggest LiDAR deployment in the automobile industry worldwide. LiDAR integration into both internal combustion engine and electric car platforms is part of the agreement.
This alliance is important as it is the first time a foreign manufacturer would use LiDAR sensors produced in China elsewhere. Mercedes-Benz reportedly gave legal and geopolitical concerns great thought before deciding on the deal. The declaration establishes Hesai's competitive advantage in autonomous driving technology and places it as a major participant in the worldwide LiDAR industry.
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