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 (NASDAQ:HSAI) has demonstrated notable bullish momentum in the market, with its stock rising 12.43% to a trading price of $5.33. This positive trend indicates strong investor interest, further amplified by a trading volume of 1.64 million shares. Such activity underscores the importance of monitoring key support and resistance levels, as traders seek to leverage this upward momentum. Continued volume above average could suggest further price escalation, while potential consolidation may indicate market indecision.
Amidst this market activity, Hesai also reported impressive financial results for the third quarter of 2024, reinforcing its trajectory of growth. The company achieved net revenues of RMB 539.4 million (approximately US$76.9 million), marking a 21.1% increase compared to the same quarter last year. Its milestones included total lidar shipments reaching 134,208 units, reflecting an extraordinary year-over-year growth of 182.9%.
The remarkable increase in lidar shipments stems from a significant 220% rise in Advanced Driver Assistance Systems (ADAS) units, emphasizing Hesai’s robust presence in this market segment. CEO Yifan “David” Li highlighted the strategic partnerships with leading automotive manufacturers and the importance of lidar technology in enhancing vehicle safety systems, comparable to traditional passive safety features.
Looking forward, Hesai anticipates a record-breaking fourth quarter, with projected net revenues approaching US$100 million and total shipments of around 200,000 units. This ambitious outlook is supported by the recent appointment of Andrew Fan as Chief Financial Officer, whose extensive expertise in financial strategy positions the company for ongoing growth. Additionally, the launch of the OT128, its flagship lidar product, has already secured contracts with over 90 clients globally, solidifying Hesai’s commitment to innovation and leadership in the autonomous mobility sector.