SHANGHAI, China, Aug. 06, 2024 (GLOBE NEWSWIRE) -- Hesai Group (“Hesai,” “Hesai Technology” or the “Company”) (NASDAQ: HSAI), the global leader in three-dimensional light detection and ranging (lidar) solutions, today announced that it will report its second quarter 2024 unaudited financial results on Monday, August 19, 2024, after the close of U.S. markets. The Company’s management will host an earnings conference call at 9:00 PM U.S. Eastern Time on August 19, 2024 (9:00 AM Beijing/Hong Kong Time on Augus ...

PALO ALTO, Calif., July 30, 2024 /PRNewswire/ -- Hesai Technology (Nasdaq: HSAI), the global leader in lidar solutions, announced today three automotive lidar design wins with top global automakers' joint ventures (JV) in China: General Motors (GM), Ford and a prominent European automotive brand.These global OEM JVs plan to integrate Hesai's automotive-grade, long-range lidar in their next-generation series production vehicles to advance the development and adoption of intelligent driving. Mass production o ...

PALO ALTO, Calif., July 29, 2024 /PRNewswire/ -- Hesai Technology (Nasdaq: HSAI), the global leader in lidar solutions, announced that it has entered into a strategic partnership with Westwell, a global provider in autonomous driving solutions, to provide lidar in applications including autonomous driving, industrial robots, heavy machinery, and smart cities.Westwell's Q-Truck: A 24/7 Autonomous New Energy Electric Heavy Truck at Laem Chabang Port in ThailandWestwell's autonomous driving solutions will be e ...

PALO ALTO, Calif., July 18, 2024 /PRNewswire/ -- Hesai Technology (Nasdaq: HSAI), the global leader in lidar safety technology for automotive and robotics applications, announced that they have been selected by Baidu, Inc. (NASDAQ: BIDU) to be the exclusive long-range lidar supplier for its next-generation robotaxi platform Yichi 06. Baidu is an internet tech giant who is also one of the world's largest robotaxi service providers. The sixth generation of Baidu's robotaxi is undergoing road testing in Wuh ...

PALO ALTO, Calif., July 10, 2024 /PRNewswire/ -- For the third consecutive year, Hesai Technology (Nasdaq: HSAI) has secured the top ranking among automotive lidar companies in terms of market share, as awarded by Yole Group, an international market research and strategy consulting company, in its recent "Lidar for Automotive 2024" report. The report highlights the rapid expansion of the lidar industry and reaffirms Hesai's continued leadership position in the global lidar market.Hesai Tops the Automotive L ...

PALO ALTO, Calif., July 8, 2024 /PRNewswire/ -- Hesai Technology (Nasdaq: HSAI) has been named the top automotive lidar company by market share for the third consecutive year by Yole Group, a global advisory and market analysis firm recognized for its expertise in the semiconductor, photonic, and electronic sectors. This achievement comes after a strong year of record-breaking revenue and shipments, strategic design wins, an expanded product roster and new partnerships. 2022-2023 Lidar Market Share How ...

NEW YORK, June 30, 2024 (GLOBE NEWSWIRE) -- Pomerantz LLP is investigating claims on behalf of investors of Hesai Group (“Hesai” or the “Company”) (NASDAQ: HSAI).  Such investors are advised to contact Danielle Peyton at newaction@pomlaw.com or 646-581-9980, ext. 7980. The investigation concerns whether Hesai and certain of its officers and/or directors have engaged in securities fraud or other unlawful business practices. [Click here for information about joining the class action] On May 20, 2024, Hesai is ...

Investors can contact the law firm at no cost to learn more about recovering their losses ​LOS ANGELES, June 24, 2024 (GLOBE NEWSWIRE) -- The Portnoy Law Firm advises Hesai Group (“Hesai” or the “Company”) (NASDAQ: HSAI) investors that the firm has initiated an investigation into possible securities fraud and may file a class action on behalf of investors. Hesai investors that lost money on their investment are encouraged to contact Lesley Portnoy, Esq. Investors are encouraged to contact attorney Lesley F. ...

Labor Market and Automation - Labor shortages are prompting companies to offer non-market wages and improve working conditions, leading to increased immigration for talent [1] - A projected global shortage of 85 million workers by 2030 could result in $8.5 trillion in economic losses, highlighting the value of automation and robotics [1] - Technology firms are capitalizing on this labor gap by providing robotic solutions for dangerous and physically demanding tasks in various sectors [1] iRobot (IRBT) - iRobot, known for its Roomba vacuum cleaner, has seen a revenue decline of over 24% for two consecutive fiscal years (2022 and 2023), falling below $1 billion for the first time since 2017 [4] - The company is undergoing a restructuring plan to address operational inefficiencies, which includes workforce reduction and a change in CEO [5] - Despite these efforts, iRobot continues to face revenue decline, reporting a 6% drop compared to the previous year, alongside a $40 million operating loss [5] Symbotic Inc (SYM) - Symbotic has been automating supply chain processes since 2006 but remains unprofitable despite increasing revenue [6] - The implementation timeline for Symbotic's AI robots is approximately 24 months, which raises concerns about its competitiveness in the market [6] - Recent insider trading, including significant stock sales by management, has created doubts about the company's future prospects [7] Hesai Group (HSAI) - Hesai Group's shares fell by 12% following Q1 results, despite exceeding analyst expectations, with revenue reported at 359 million yuan [8] - The company's profit forecast for 2024 has been revised down from 2.95 billion yuan to 2.73 billion yuan, with expected losses per share increasing to 2.27 yuan [8] - Hesai is compelled to invest heavily in research to remain competitive in the autonomous vehicle sector, facing challenges from semiconductor supply chain disruptions [9][10]

Core Viewpoint - Pomerantz LLP is investigating potential securities fraud or unlawful business practices involving Hesai Group and its executives, following a significant decline in the company's financial performance [1][2]. Financial Performance - Hesai reported unaudited financial results for Q1 2024, with revenue of $19.28 million, a year-over-year decline of 59.2%, and missing consensus estimates by $27.68 million [2]. - The CEO attributed the revenue decline to "typical seasonal factors" and "slower demand in our robotaxi business compared with the previous year" [2]. Market Reaction - Following the announcement of the financial results, Hesai's American depositary receipt price fell by $0.73 per share, or 13.88%, closing at $4.53 per share on May 21, 2024 [2].