Hesai Technology
 | |
Native name | 上海禾赛科技股份有限公司 |
|---|---|
| Company type | Public |
| Nasdaq: HSAI | |
| Industry | Lidar |
| Founded | October 2014 |
| Founders |
|
| Headquarters | Shanghai, China |
Key people | Li Yifan (CEO) |
| Revenue |  US$264.37 million (2023) |
| US$−67.04 million (2023) | |
| Total assets | US$797.56 million (2023) |
| Total equity | US$544 million (2023) |
Number of employees | 1,122 (2023) |
| Website | www |
| Footnotes / references [1] | |
Hesai Technology (Hesai; Chinese: 禾赛科技; pinyin: Hésài Kējì) is a publicly listed Chinese technology company that engages in the development and sales of lidar products such as sensors. Its products are used mainly in the ADAS, vehicular automation, robotics and industrial sectors.
Hesai is considered the world's largest maker of lidar sensors for autonomous driving.
History
[edit]When Hesai was founded, lidar products were entering a period of growth. Hesai released their lidar at half the price of their competition[vague], earning them an immediate marketshare.[2]
Hesai has seen domestic success in China. Previously Baidu acquired light sensors from Velodyne Lidar for its robotaxis. However Velodyne did not have a warehouse in China and it took months to send parts back and forth to the US for repair. Hesai took advantage by being able to provide domestic after-sales service that could repair components within two days. As a result, in 2018, Baidu awarded Hesai a contract to be its supplier.[2]
In 2023, Hesai held 73% of the market share for robotaxi lidar suppliers. Its customers include Cruise, Aurora Innovation, Apolong, DiDi and Pony.ai.[2]
In 2021 it launched its first generation lidar for self driving cars, and in 2022 it launched its second generation one. Li Auto became a customer of Hesai in 2021 and is its largest one. Other customers include Lotus Cars, Changan Automobile, SAIC Motor, and FAW Group, Nio and XPeng.[2]
On February 9, 2023, Hesai held its initial public offering to become a listed company on the Nasdaq. It raised US$190 million making it the biggest Chinese listing since 2021 when DiDi listed. Hesai rose 11% on its trading debut. A US listing was chosen due to Hesai wanting more exposure on the global stage.[3]
In May 2023, the Congressional Research Service produced a report accusing Hesai of supporting the Chinese military. In January 2024, the United States Department of Defense (DOD) added Hesai to the list of "Chinese military companies" operating in the U.S. In May 2024, Hesai sued the DOD asking it to remove Hesai from the list. It alleged the DOD's behavior was "arbitrary and capricious" because it did not provide the company with prior notice or an opportunity to respond. Hesai alleged the DOD failed to explain its rationale, provide evidence or review information submitted by Hesai.[4] In August 2024, the DOD decided to remove Hesai from the list as it did not meet the legal criteria for inclusion.[5] In October 2024, the DOD relisted Hesai based on new information. As a result, Hesai continued its lawsuit against the DOD.[6]
In April 2024, Hesai stated it was considering building plants in Europe to make lidar products domestically for the European market.[7]
References
[edit]- ^ "2023 Annual Report". Hesai Group. Archived from the original on July 29, 2024. Retrieved January 25, 2025.
- ^ a b c d 林, 茂仁 (July 25, 2024). "兩岸靚人物／李一帆深耕技術 擦亮智慧車眼睛". United Daily News (in Chinese). Retrieved January 25, 2025.
- ^ Shen, Yiqin (February 9, 2023). "Hesai Raises $190 Million in Biggest Chinese US IPO Since Didi". Bloomberg News. Retrieved January 25, 2025.
- ^ Sevastopulo, Demetri; White, Edward (July 14, 2024). "Chinese EV laser maker fights back against Pentagon blacklisting". Financial Times. Archived from the original on July 17, 2024. Retrieved January 25, 2025.
- ^ Sevastopulo, Demetri; White, Edward (August 13, 2024). "China's Hesai to be removed from US defence department blacklist". Financial Times. Archived from the original on December 8, 2024. Retrieved January 25, 2025.
- ^ White, Edward (October 24, 2024). "China's Hesai to sue Pentagon after being reinstated to blacklist". Financial Times. Archived from the original on December 23, 2024. Retrieved January 25, 2025.
- ^ Ren, Daniel (April 21, 2024). "Chinese lidar maker eyes Europe plant amid growing tech adoption, falling costs". South China Morning Post. Archived from the original on November 9, 2024. Retrieved January 25, 2025.
