PALO ALTO, Calif., May 11, 2023 /PRNewswire/ -- Hesai Technology, a global leader in lidar solutions, today announces the official opening of its European office in Stuttgart, Germany. The establishment of the office is a significant milestone for Hesai. With this strategic move, Hesai aims to further tap into the European markets, accelerating its business growth and reinforcing its position as a key player in the global lidar industry.

Hesai's European Office Location

Stuttgart is the home of automobile with more than 2,000 automotive supply chain companies. Top OEMs such as Daimler, Mercedes-Benz, Porsche, and many international Tier 1 companies such as ZF and Bosch all have their headquarters located here. In addition, more than 20 universities, research institutions, and development organizations related to the automotive industry are also in Stuttgart, providing a large local talent base.

By setting up the European office in Stuttgart, Hesai is able to fully utilize the local resources in the field of automotive and parts manufacturing to enhance its competitiveness in the European markets. Hesai has already obtained the highest level of TISAX AL3 evaluation label earlier this year, and has passed the stringent admission requirements of the European automotive supply chain, which enables it to provide safe and reliable services to European OEM customers.

Hesai has always committed to a global business strategy, establishing office in Palo Alto, USA at its founding. Hesai's high-performance, highly reliable, and cost-effective lidar products, coupled with its capacity for mass production and delivery, have enabled the company to establish a global presence, with business operations in more than 40 countries and over 90 cities worldwide. As a result, Hesai has become the preferred lidar supplier for top global OEMs and autonomous driving companies.

Global markets are also an important source of revenue for Hesai, and have shown rapid growth in recent years. According to Hesai's 2022 financial report, its net revenues from global markets in the past three years have reached 172.1 million USD, accounting for more than half of the company's net revenues, with a growth rate of over 100%.^[1]

The establishment of the European office is another important milestone in Hesai's global business strategy. Hesai will fully leverage its technical expertise and product advantages to establish trustworthy relationships with automotive supply chains around the world, bringing consumers a safer, and more efficient smart travel experience.

[1] The exchange rate used for USD to RMB is 1: 6.8972.; "past three years" refers to 2020-2022, as of December 31, 2022; "global markets" include North America, Europe, and other regions outside of China; "growth rate" refers to the percentage increase of Hesai's global markets' net revenues in 2022 compared to that in 2020.

 

Source: Hesai Technology Related Stocks: NASDAQ:HSAI