Lidar Tech Company Hesai Wins Contract To Provide Sensors For A Global OEM

Lidar technology company Hesai Technology HSAI has bagged an automotive Advanced Driver Assistance Systems (ADAS) lidar design contract from a global OEM.

The company intends to reveal further details about this accomplishment in the coming months.

The contract is to provide advanced long-range sensors for new flagship electric vehicle models scheduled for series production.

The all-electric vehicle model will be equipped with Hesai's ultra-high resolution long-range lidar, AT128, as part of its ADAS system.

So far, Hesai has won over 50 ADAS series production EV models from 15 major OEMs and Tier-1 suppliers.

"This latest ADAS design win brings together the world's best lidar technology with one of the world's most revered automotive brands," said CEO David Li.

Price Action: HSAI shares are trading higher by 3.09% at $8.18 on the last check Friday.