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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