Hesai Technology (Nasdaq: HSAI), the global leader in lidar technology, announced today the signing of a cooperation framework with SAIC Volkswagen.

The cooperation will establish a strong foundation for Hesai and SAIC Volkswagen to build a new ecosystem for the automotive industry, with Hesai's advanced lidar products and technology at the core.

SAIC Volkswagen Automobile Co., Ltd. is a Sino-German joint venture operated by SAIC Group and Volkswagen Group. Formed in October 1984, SAIC Volkswagen was one of the first automotive joint ventures in China and has maintained strong market competitiveness over the past 40 years. SAIC Volkswagen sold 1.2 million cars in 2023, and the cumulative car sales from January to August of this year is nearly 700,000.

Hesai Technology is the global leader in lidar products and technology. It integrates the manufacturing process of lidar into the R&D design process, ensuring high performance, high reliability and cost-effectiveness while promoting rapid product iteration. Hesai is also the industry leader in global patents and has accumulated more than 1,700 patents and patent applications worldwide to date.

According to the Lidar for Automotive 2024 report by Yole Intelligence, an international market research and strategy consulting firm, Hesai is ranked No. 1 in the robotic car lidar market globally, with a 74% market share. Among the top 10 autonomous driving companies in the world, nine use Hesai’s 360° high-performance lidar. As of the second quarter of 2024, Hesai has delivered over 470,000 units to customers.