PALO ALTO, Calif. - Li Auto Inc . (NASDAQ:LI), a prominent player in China's electric vehicle (EV) market, has announced the integration of Hesai Technology's (NASDAQ:HSAI) LiDAR in its latest multi-purpose vehicle (MPV), the Li MEGA. This move marks a significant upgrade in the company's L series, as LiDAR will now come as a standard feature, enhancing the vehicles' autonomous driving capabilities.
The newly launched Li MEGA, Li Auto's first high-voltage battery electric vehicle, is equipped with Hesai's AT128 ultra-high-definition long-range LiDAR. This technology is expected to improve obstacle detection for intelligent driving systems, allowing for quicker responses to changing road conditions. The addition of LiDAR will also enable an urban Navigation on AutoPilot (NOA) function, further contributing to the safety and convenience of Li Auto's L8 and L7 Pro models.
A spokesperson from Li Auto emphasized the importance of safety in their vehicles, stating that "only the best is good enough." The collaboration with Hesai Technology has been instrumental in enhancing the autonomous driving suite of their vehicles. The Li MEGA aims to set a new benchmark in the MPV market with its advanced technological features.
Hesai Technology, recognized for its global leadership in LiDAR solutions, has expressed excitement about the partnership.
Hesai's LiDAR products are used in a variety of applications, including passenger and commercial vehicles with Advanced Driver Assistance Systems (ADAS), autonomous driving vehicles, and robotics.
This announcement is based on a press release statement.
InvestingPro Insights
In the rapidly evolving landscape of electric vehicles, the strategic partnership between Li Auto and Hesai Technology is a testament to the industry's commitment to advancing autonomous driving technology. As Hesai Technology's LiDAR becomes a standard feature in Li Auto's latest MPV, investors and consumers alike are paying close attention to Hesai's financial health and market performance.
Recent data from InvestingPro shows Hesai Technology with a market capitalization of $586.25 million, suggesting a moderate size within the tech sector. Despite the company's significant revenue growth of 63.54% over the last twelve months as of Q3 2023, Hesai's current P/E ratio stands at -16.39, reflecting its challenges in achieving profitability. This aligns with an InvestingPro Tip highlighting that analysts do not expect the company to be profitable this year.
However, it's not all challenging news for Hesai. The company has shown a notable return over the last week, with a 24.87% price total return, indicating a potential rebound or positive investor sentiment in the short term. This is an important metric for investors to consider, especially those looking for quick gains. Additionally, Hesai holds more cash than debt on its balance sheet, which is a promising sign of financial stability, as noted in another InvestingPro Tip. This could provide a cushion against market volatility and ensure operational resilience.
Investors interested in a deeper dive into Hesai Technology's financials and market performance can find more InvestingPro Tips by visiting https://www.investing.com/pro/HSAI. For those looking to leverage the full suite of insights available on InvestingPro, be sure to use the coupon code PRONEWS24 to get an additional 10% off a yearly or biyearly Pro and Pro+ subscription. With an additional 10 InvestingPro Tips listed, users can gain a more comprehensive understanding of the company's prospects and position in the market.
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