Hesai Group Records Historic Year with Record-Breaking LiDAR Shipments and Net Revenues
Hesai Group has made history in the global LiDAR industry after recording its strongest financial performance yet, driven by accelerating adoption in the ADAS and robotic sectors. In a recent conference call, Dr. Yifan Li, CEO of Hesai Group, revealed that the company had shipped over 500,000 LiDAR units in 2024, achieving an impressive growth rate of more than doubling each year for four consecutive years.
According to Dr. Li, the surge in LiDAR adoption is a testament to the industry's long-held belief in LiDAR's core values: making cars safer, smarter, and more desirable than ever. With LiDAR integration becoming as essential as seatbelts, camera-only systems have been linked to crashes with stationary emergency vehicles and unexpected road hazards, highlighting the importance of advanced perception technology.
The company's CEO highlighted China's leadership in electrification, with electric vehicles (EVs) making up nearly 50% of the passenger vehicle market in 2024. As EVs become the new norm, the battlefield is shifting to ADAS and vehicle intelligence, critical areas where OEMs are fiercely racing to set themselves apart.
According to Goldman Sachs estimates, ADAS is poised for explosive growth in China, with market penetration expected to skyrocket from just 8% in 2023 to a staggering 70% by 2030. This trajectory mirrors adoption curves of smartphones and EVs, signaling a transformative decade ahead.
In response to the growing demand for advanced driving technology, Hesai Group has set ambitious targets for 2025, including LiDAR shipments of 1.2 million to 1.5 million units, net revenues of RMB 3 billion to RMB 3.5 billion, and GAAP profitability of RMB 200 million to RMB 350 million.
The company's CEO emphasized the democratization of intelligent driving technology, with LiDAR-equipped models now entering the RMB 100,000 range. This shift is driven by OEMs' strategic upgrades, which are making advanced driving technology more affordable and accessible than ever.
As ADAS becomes ubiquitous, so does the demand for enhanced perception and safety, driving the rapid rise of LiDAR adoption in EVs. According to Goldman Sachs estimates, LiDAR integration in EVs is set to surge from just 8% in 2023 to 20% in 2025 and then to an impressive 56% by 2030.
The future of driving is here, and LiDAR is at the forefront of this revolution. With Hesai Group leading the charge in LiDAR innovation, the company's focus on making cars safer, smarter, and more desirable than ever is yielding remarkable results, solidifying its position as a leader in the global LiDAR industry.
