Hesai Technology posts 4.2% YoY rise in Q2 2024 revenue

Beijing (Gasgoo)- On August 20, Hesai Technology, a leading developer and manufacturer of LiDAR systems, announced its unaudited financial results for the second quarter of 2024, during which, the company reported revenue of 460 million yuan, marking a 4.2% year-on-year increase.

In the second quarter of this year, Hesai achieved a global LiDAR delivery volume of 86,526 units, representing a 66.1% year-on-year surge. Of these, 80,773 units were for ADAS (Advanced Driver Assistance Systems), shooting up 76.8% from a year ago. The combined gross margin for its ADAS and Robotaxi businesses was 45.1%, contributing to an overall gross profit of approximately 210 million yuan.

In the first half of 2024, Hesai's global LiDAR deliveries totaled 145,627 units, zooming up 67.5% from the previous year. ADAS-used LiDAR products accounted for 133,235 units, reflecting an 80.3% year-on-year soar. By the end of June 2024, Hesai had secured mass production orders with 19 Chinese and international automakers across over 70 vehicle models.

Hesai has also expanded its presence in the international market, collaborating with four major global automakers, including their three joint ventures in China. Additionally, the company is advancing towards mass production with a global top-tier automotive brand and has initiated two new proof-of-concept projects with leading European automakers, including a renowned luxury sports car manufacturer.

In China, Hesai has established exclusive long-range LiDAR supply agreements with the top five Robotaxi companies. The company has also secured production agreements for new models set to launch from 2025, ensuring robust growth through 2026. Notably, Hesai signed an exclusive agreement with a leading Chinese EV manufacturer to supply its next-generation L3 ultra-high-definition, long-range LiDAR for all new models starting in 2025