The following is a summary of the Hesai Group (HSAI) Q1 2024 Earnings Call Transcript:
Financial Performance:
Hesai Group's net revenue for Q1 2024 was RMB 359.1 million (USD 49.7 million), expected to rise to between RMB 440 million and RMB 460 million in Q2 2024.
The expected annual revenue for 2024 is between RMB 2.5 billion to RMB 2.8 billion (approximately USD 350 million to USD 400 million).
Effective cost management and a growth strategy are projected to bring the company closer to profitability by Q4 2024.
Business Progress:
Hesai's LiDAR shipments exceeded forecasts for Q1 and are expected to reach approximately 90,000 units in Q2 and over 500,000 units for the year 2024.
Newly released AT512 long-range LiDAR aims to enhance safety levels for autonomous driving.
A strategic collaboration with automotive lighting leader Marelli will integrate the ATX into Marelli's headlamp designs.
With secured ADAS design wins with 18 global OEMs and Tier 1 suppliers, the ATX product line is set to launch in 2025, projecting sales over 1 million units.
The rise in the adoption of LiDAR is influenced by the development of intelligent driving and increased consumer safety awareness.
Anticipated contracts with OEMs such as Li-Auto, Xiaomi, Changan, Great Wall, and Leapmotor are expected to result in significant volume.
More details: Hesai IR
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