On July 25, Hesai Technology (NASDAQ: HSAI) announced that it has secured mass production designations for its LiDAR technology from the Chinese joint ventures of three international OEMs: Audi, General Motors, and Ford. The new models featuring Hesai's LiDAR are set to begin large-scale production starting in 2025.
This signifies that, as intelligent driving becomes a crucial factor in the latter stages of the new energy vehicle revolution, mainstream joint ventures are intensifying their efforts to enhance their intelligent layout in the domestic market.
Shortly before Hesai's new designations were announced, Robosense was reported to have secured a design win for a new Lexus model. It is known that Toyota is seeking to establish a wholly-owned Lexus factory in Shanghai to produce high-end electric vehicles. The first Lexus model in China, a large all-electric SUV, will feature Robosense LiDAR and is expected to begin production in Shanghai by 2027. Previously, Robosense LiDAR had already been confirmed to be used in two other Toyota models, the bZ3C and the Allion 3X.
According to statistics, by the first quarter of this year, Hesai had accumulated mass production designations for nearly 70 models from 18 mainstream automakers. Among the top 10 international automakers by revenue on the Fortune Global 500 list, six automakers or their joint venture partners have reached mass production designation agreements with Hesai, including one of the world's leading automotive brands for a global production model.
Additionally, data from the Automotive Research Institute shows that from January to May this year, the domestic market's standard ADAS LiDAR installations reached a cumulative total of 445,000 units, up from 132,000 units during the same period last year, marking a year-on-year increase of 237%. Among suppliers, Robosense, Huawei, and Hesai Technology ranked the top three, with installation volumes of 191,484 units, 101,627 units, and 83,098 units, respectively.
Hesai's largest vehicle manufacturer customer remains Li Auto. In the first five months of this year, nearly 66,000 units of Hesai's LiDAR were standard on five models from Li Auto's L series and MEGA.
Furthermore, in the first half of the year, Hesai added several new mass production models, including the Leapmotor C10, Leapmotor C11, and Xiaomi SU7. The Xiaomi SU7 began deliveries in early April, with cumulative deliveries surpassing 25,000 units. According to Xiaomi's automotive plan, the goal is to deliver a minimum of 100,000 units this year, with a stretch goal of 120,000 units. This indicates that a significant portion of Hesai's future growth will come from Xiaomi's automotive business.
