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.
Disclaimer: Investing carries risk. This is not financial advice. The above content should not be regarded as an offer, recommendation, or solicitation on acquiring or disposing of any financial products, any associated discussions, comments, or posts by author or other users should not be considered as such either. It is solely for general information purpose only, which does not consider your own investment objectives, financial situations or needs. TTM assumes no responsibility or warranty for the accuracy and completeness of the information, investors should do their own research and may seek professional advice before investing.