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Hesai Group (HSAI) shares surge after reports that Mercedes-Benz (MBGAF) will equip its upcoming smart driving cars with the Chinese lidar developer's technology, according to reports from Reuters.
Julie Hyman and Josh Lipton take a closer look at the monumental stock move.
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This post was written by Naomi Buchanan.
Hesai, the developer of lidar products is skyrocketing today after a report said Mercedes-Benz will develop smart driving cars for global markets equipped with Hesai's lidar sensors. It's the first time a foreign automaker has sought to use such Chinese made technology for models sold outside China. So, a bit of a milestone there for Hesai. Um this was a Reuters report talking about this uh Mercedes-Benz um contract here. So, lidar is is basically laser assisted radar, if you will, on some of these self-driving vehicles.
Early in the week, remember, they did announce Q4 adjusted EPS that beat though they missed on the top line. That earnings release did say they were awarded a new groundbreaking exclusive design win with a top European OEM. Didn't say which one. Sounds like the good reports that Reuters citing sources, it's Mercedes-Benz.
Yes. Good news for Hesai today.