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PALO ALTO, Calif. - Hesai Group (NASDAQ:HSAI), a prominent name in the lidar technology sector with a market capitalization of $1.67 billion, has been recognized as the leading automotive lidar company by market share for the fourth consecutive year, as reported by Yole Group. According to InvestingPro data, the company maintains a healthy financial position with a current ratio of 2.87, indicating strong operational liquidity. The market analysis firm's "Lidar for Automotive 2025" report underlines Hesai's commanding position, spotlighting its significant revenue share and strong presence in both ADAS-enabled passenger cars and the robotaxi segment.
The report indicates that Hesai captured 33% of the global lidar market by revenue in 2024, noting a substantial year-on-year market growth of 60%, reaching a value of $859 million. The company's dominance is particularly pronounced in China's burgeoning ADAS-enabled passenger vehicle market, which saw an impressive 68% growth in 2024. InvestingPro analysis reveals the company maintains a robust gross profit margin of 42.59% and projects significant revenue growth of 65% for the current fiscal year. For deeper insights into Hesai's financial health and growth prospects, investors can access the comprehensive Pro Research Report, available exclusively on InvestingPro.
Hesai's success is attributed to its scalability, vertical integration, and strategic partnerships with 22 OEMs across over 120 vehicle models. Notably, Chinese automakers are integrating lidar into more affordable, mass-market models, a move that is accelerating the technology's mainstream adoption. Industry leaders such as BYD and Li Auto are at the forefront of this trend, with BYD incorporating its "God's Eye" intelligent driving system into mass-market models and Li Auto planning to standardize lidar across its entire 2025 lineup.
In the robotaxi market, Hesai boasts a 61% market share, supplying to top industry players including Zoox, Aurora, Apollo, Didi, Pony, and WeRide. Yole Group anticipates that the push for lidar-based ADAS systems, especially from Chinese manufacturers, will drive installations beyond three million units in the near future.
David Li, CEO & Co-Founder of Hesai, expressed pride in the company's continued market leadership and emphasized lidar's transformative growth in the automotive industry. Pierrick Boulay, Senior Analyst at Yole Group, also recognized Hesai's strong business model and innovation capabilities.
In December 2024, Hesai achieved a milestone by becoming the first lidar company to deliver over 100,000 units in a single month. The company also reports the highest revenue among its competitors and is the only one in the industry to have achieved full-year non-GAAP profitability.
This news is based on a press release statement and provides an overview of Hesai's market position and the expanding role of lidar technology in the automotive industry. InvestingPro subscribers can access additional insights through 12+ exclusive ProTips covering Hesai's financial health, market performance, and growth prospects. The stock is currently trading near its InvestingPro Fair Value, suggesting balanced market pricing.
In other recent news, Hesai Technology has announced a significant development in its collaboration with Apollo Go, which will see 1,000 vehicles equipped with Hesai's lidar technology deployed in Dubai. This initiative follows the company's success in China and aims to support Level 4 autonomous driving. In another partnership, Hesai has teamed up with Chery Automobile to integrate its ATX Lidar into Chery's iCAR brand, with mass production expected to start in late 2025. This collaboration is intended to enhance safety and navigation features in iCAR vehicles.
Additionally, Hesai has partnered with a leading New Energy Vehicle automaker in China to incorporate its ATX lidar into high-end smart electric vehicles. This move is part of Hesai's efforts to meet the growing demand for lidar technology in the automotive industry. Meanwhile, Hesai Technology has faced scrutiny from Blue Orca Capital, which has issued a report questioning the company's business practices and financial disclosures. The report alleges misleading information regarding Hesai's involvement with the Chinese military and discrepancies in financial statements.
BOCI Research has initiated coverage of Hesai with a Buy rating and a price target of $23.00, highlighting the company's leadership in the global lidar market and potential for profitable growth starting in 2025. The firm notes Hesai's advantage in chip-based vertical integration and in-house manufacturing capabilities. These developments reflect Hesai's active role in advancing lidar technology and its strategic partnerships in the automotive sector.
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