Shares of Hesai Group (HSAI), a leading automotive lidar technology provider, surged 5.39% in Tuesday's trading session, driven by a positive development in securing a major new customer.
Hesai announced that it has secured design wins for multiple vehicle models from Chery Automobile, a prominent Chinese automaker. The models are expected to enter mass production in the second half of 2025 and will be equipped with Hesai's latest generation of ultra-compact high-performance ATX lidar sensors.
Chery reported impressive sales growth in 2024, with a 38% year-over-year increase to 2.6 million vehicles sold globally. The company forecasts over 3 million deliveries for this year and aims to capitalize on the growing demand for advanced driver-assistance systems (ADAS) and autonomous driving technologies, where Hesai's lidar sensors play a crucial role.
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