Leading LiDAR manufacturer Hesai (HSAI, Financial) saw its stock rise over 2% in pre-market trading following the announcement of an expanded collaboration with BYD, a global leader in the new energy vehicle market. The partnership focuses on intelligent driving solutions, with plans to begin large-scale production and integration of Hesai's LiDAR systems into BYD vehicles.
By 2025, more than ten BYD models are expected to feature Hesai's LiDAR technology as they hit the market. According to data from Gasgoo Auto Research Institute, the LiDAR market is set for robust growth in 2024, with annual installations projected to exceed 1.5 million units, more than doubling the figures from 2023. Hesai is on track to become the first company to deliver over 100,000 LiDAR units in a single month by the end of the year.
