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PALO ALTO - Hesai Technology (NASDAQ:HSAI) announced Thursday it has secured a design win from Toyota for a new energy vehicle to be manufactured by Toyota’s joint venture in China. The lidar technology company has shown remarkable market performance, with a 508% return over the past year and its stock trading near 52-week highs, according to InvestingPro data.
The vehicle will incorporate Hesai’s long-range automotive lidar ATX and is scheduled to enter mass production in 2026, according to a press release statement from the lidar solutions provider.
The ATX lidar system features Hesai’s latest optical-mechanical design and laser transceiver modules in a compact form factor. The company noted that several OEMs plan to adopt the ATX as a standard feature in their 2025-2026 production vehicles.
This marks Hesai’s first announced collaboration with a Japanese automaker. The company will provide its lidar technology to support driver-assistance systems in Toyota’s joint venture vehicles produced for the Chinese market.
Hesai Technology, headquartered in California, develops and manufactures lidar solutions for autonomous driving and advanced driver-assistance systems. The company went public on Nasdaq in February 2023.
Toyota has been expanding its new energy vehicle offerings in China through its joint ventures as the country continues to be the world’s largest electric vehicle market.
In other recent news, Hesai Group reported strong first-quarter 2025 results, with revenue meeting expectations and net profit surpassing them. This performance was largely due to a higher gross margin of 41.7%, which increased year-over-year and quarter-over-quarter, and reduced operating expenses. Goldman Sachs responded by raising its price target for Hesai to $23.30, maintaining a Buy rating. Meanwhile, Hesai is set to supply its JT series lidar sensors to Agtonomy and Alpha Werke for autonomous farming robots, addressing agricultural challenges through advanced robotics. In a legal development, Hesai has filed an appeal against the U.S. Department of Defense designation, claiming it lacks factual and legal bases. Morgan Stanley upgraded Hesai from Equalweight to Overweight, raising its price target to $26.00, highlighting the company’s growing market share in China. Additionally, Jefferies initiated coverage on Hesai with a Buy rating, citing its leadership in the LiDAR sector. These developments indicate a period of significant activity and strategic moves for Hesai Group.
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