Hesai Technology (HSAI) will provide lidar sensors for smart cars that Mercedes-Benz is developing for sale in global markets, Reuters reported Tuesday, quoting an unnamed source with direct knowledge of the matter.
This would be the first time a non-Chinese automaker would use such Chinese-made technology for cars sold outside China, the report said, adding Mercedes picked Hesai for the project due to its lower costs and ability to produce at scale.
Hesai said Monday in a statement it got a multiyear contract with an unnamed European carmaker to provide automotive lidars.
Hesai said the lidars are for an upcoming global platform, including both internal combustion engine cars and electric vehicles.
Hesai and Mercedes didn't immediately respond to requests for comment by MT Newswires.
Hesai shares were rising past 16% in recent activity.
(Market Chatter news is derived from conversations with market professionals globally. This information is believed to be from reliable sources but may include rumor and speculation. Accuracy is not guaranteed.)
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