24/7 Market News Snapshot 25 November, 2024 – Hesai Group American Depositary Share, each ADS represents one Class B ordinary share (NASDAQ:HSAI)
DENVER, Colo., 25 November, 2024 (247marketnews.com) – (NASDAQ:HSAI) are discussed in this article.
Hesai Group, a prominent global leader in the three-dimensional light detection and ranging (lidar) sector, has showcased a significant uptick in market performance and operational achievements amid strong investor interest. The company’s American Depositary Share opened at $4.86—reflecting a commendable increase of 12.36%—and has since surged to $5.33, underscoring the resilient bullish trend with a trading volume of 1.63 million shares. This growth trajectory is indicative of substantial market confidence, drawing the attention of both short- and long-term investors. Key resistance levels are anticipated around $5.50, while support may stabilize near $5.00, providing important indicators for trading strategies.
In addition to its market performance, Hesai Group reported impressive financial results for the third quarter of 2024, with net revenues reaching RMB 539.4 million (approximately US$76.9 million), reflecting a 21.1% year-over-year increase fueled by soaring demand for its cutting-edge lidar technologies. The company achieved a remarkable milestone of 134,208 lidar units shipped during the quarter, a staggering 182.9% leap from the previous year. Notably, the ADAS lidar segment saw shipments of 129,913 units, marking an extraordinary 220.0% growth.
CEO Yifan “David” Li celebrated the company’s strategic partnerships with leading automotive manufacturers, highlighting successful collaborations, including one with a top-ranking Japanese OEM. The launch of Hesai’s flagship lidar product, the OT128, further enhances its market position, already solidifying over 90 contracts worldwide. The appointment of Andrew Fan as Chief Financial Officer is expected to strengthen the company’s financial strategies and operational efficiencies. With a promising outlook, Hesai anticipates record shipments and aims for full-year profitability on a non-GAAP basis by the end of 2024, positioning itself as a trailblazer in the lidar industry.