Hesai released its 2024 Q1 financial report: total lidar delivery volume in the first quarter reached 59,101 units, a year-on-year increase of 69.7%

On May 21, Hesai Technology (NASDAQ: HSAI) announced its unaudited financial data for the first quarter of 2024. Its core business was stable this quarter, and its global pre-assembled mass production cooperation ushered in new breakthroughs.

In the first quarter, Hesai Technology achieved revenue of 360 million yuan; total lidar delivery volume reached 59,101 units, a year-on-year increase of 69.7%; of which ADAS product delivery volume was 52,462 units, a year-on-year increase of 86.1%. The combined gross profit margin of the Robotaxi business and ADAS business was 38.8%, demonstrating excellent operating efficiency and commercialization capabilities.

This quarter, Hesai’s overseas ADAS business achieved breakthrough progress. Relying on its excellent product technology strength and large-scale mass production delivery capabilities, Hesai has reached fixed-point cooperation for lidar mass production with two of the top ten international automobile manufacturers in the world by revenue, including a global mass-produced model of a top international automobile brand. As of now, among the 10 international automakers with the highest revenue in the world on the Fortune Global 500 list, 6 automakers or their joint venture partners have reached mass production designated cooperation relationships with Hesai.

Since the first quarter of 2022, Hesai has achieved three consecutive jumps in year-on-year growth in total quarterly delivery volume and ADAS product delivery volume. This not only reflects Hesai’s leading technical strength and market competitiveness, but also proves the rapid development of the intelligent driving industry. The development and high-end smart driving has become the core competitiveness trend of automobile manufacturers. At the same time, as consumers' demands for smart driving safety and comfort become increasingly prominent, the growth opportunities in the global lidar market will continue to expand, providing broad prospects for the future development of Hesai Technology.