Hesai braces for 10-fold profit jump as it eyes Europe’s smart EVs for self-driving lidar
Hesai Group, the world's most valuable lidar producer, anticipates a tenfold increase in profit this year as it expands into the European market. The Shanghai-based company, which recently secured a deal to supply Mercedes-Benz with lidar sensors, is in talks with other global automakers, potentially generating significant business by 2027.
Hesai's CFO, Andrew Fan, highlighted that European carmakers view lidar sensors as crucial for both petrol and electric vehicles, leading to substantial revenue through supply contracts. This international expansion mirrors the strategy of Chinese EV manufacturers like BYD and Xpeng, who are seeking growth opportunities overseas amidst intense domestic competition. Hesai's success is attributed to its cost advantage and technological advancements honed in the competitive Chinese market.
via SCMP Full Text Feed
Hesai Group, the world's most valuable lidar producer, anticipates a tenfold increase in profit this year as it expands into the European market. The Shanghai-based company, which recently secured a deal to supply Mercedes-Benz with lidar sensors, is in talks with other global automakers, potentially generating significant business by 2027.
Hesai's CFO, Andrew Fan, highlighted that European carmakers view lidar sensors as crucial for both petrol and electric vehicles, leading to substantial revenue through supply contracts. This international expansion mirrors the strategy of Chinese EV manufacturers like BYD and Xpeng, who are seeking growth opportunities overseas amidst intense domestic competition. Hesai's success is attributed to its cost advantage and technological advancements honed in the competitive Chinese market.
via SCMP Full Text Feed
