Updated:
Hesai Group
Hesai Group, led by David Li, is the Chinese lidar manufacturer that IPO'd on the Nasdaq in 2023.
Hesai Group
Hesai Group was founded in Shanghai in 2013 by CEO Yifan (David) Li, Chief Scientist Kai Sun, and COO Xiang (Bob) Shao. The company initially developed gas-detection lidar before pivoting in 2016 to autonomous vehicle sensors, a shift that placed it at the center of China's autonomous driving push. It filed for a Nasdaq IPO in January 2023, raising $190 million via an upsized offering the following month (per Reuters, February 2023). Hesai designs and manufactures lidar sensors spanning long-range and blind-spot coverage. The AT Series hybrid solid-state line targets ADAS and robotaxi OEMs, while the Pandar Series serves robotaxi fleets with mechanical lidar. Confirmed customers include Baidu Apollo, WeRide, and Pony.ai, alongside major automotive OEMs. It bundles perception software with its hardware to improve object classification, competing directly with US lidar firms while operating its own high-volume production line in Shanghai. As of its 2023 IPO filing, Hesai reported shipping over 80,000 units in 2022 alone, a figure that tripled year-over-year to surpass 300,000 units in 2023 on the back of Li Auto and other OEM design wins. The firm maintains a second office in Palo Alto, California, staffed by a small R&D team, though the vast majority of its headcount sits in China. The February 2023 Nasdaq listing under the ticker HSAI was the largest Chinese IPO in the US since DiDi's 2021 debacle. Hesai's structural distinction is its dual focus on mid-to-long-range lidar and mass-market ADAS, a combination few rivals attempt at comparable volume. The firm operates as a publicly listed manufacturer with an independent board, not a captive hardware arm of a single autonomous driving venture, giving it the ability to serve multiple competing platforms simultaneously. That multi-OEM posture leaves it legally exposed to US-China trade restrictions while also insulating its order book from any single program cancellation.
General information
Firm type
other
Year founded
2013
AUM
Undisclosed
Location
Region
Asia
Country
China
City
Shanghai
Corporate office
Shanghai, China
Additional offices
Palo Alto, CA, United States
Principals
David (Yifan) Li
Co-Founder, CEO
Kai Sun
Co-Founder, Chief Scientist
Xiang (Bob) Shao
Co-Founder, COO
Sector focus
Frequently asked questions
Who runs investment decisions at Hesai Group?
Hesai is not an investment firm; it is a publicly traded operating company. Capital allocation decisions are made by CEO David Li and the board of directors, with strategic priorities disclosed in SEC filings as a Nasdaq-listed entity.
Is Hesai Group a US or China-headquartered business?
Hesai Group is incorporated in the Cayman Islands with principal executive offices in Shanghai, China. It maintains a small subsidiary office in Palo Alto, California, but research, development, and manufacturing operations are concentrated in Shanghai.
What revenue model does Hesai operate under?
Hesai derives revenue from direct sales of lidar hardware units to automotive OEMs and autonomous driving fleets. It also generates a smaller software revenue stream from perception tools bundled with its sensors. The company disclosed shipping 300,000-plus lidar units in 2023, heavily weighted toward its AT Series ADAS line.
How does Hesai Group differ from US lidar competitors?
Hesai combines a hybrid solid-state roadmap with high-volume mass production for OEM passenger cars, whereas several Western competitors remain focused on low-volume, high-cost long-range mechanical sensors for robotaxis. Its Shanghai manufacturing line gives it cost advantages, though it also subjects the company to export controls and geopolitical scrutiny.
Which autonomous driving companies use Hesai sensors?
Confirmed customers include Chinese autonomous driving platforms Baidu Apollo, WeRide, Pony.ai, and AutoX. On the OEM ADAS side, Li Auto is a large-volume design win that accounted for a significant portion of the 2023 unit shipment growth.
What is Hesai's relationship to the US capital markets?
Hesai listed American depositary shares on the Nasdaq Global Select Market under the ticker HSAI in February 2023. The $190 million IPO, priced at $19 per ADS, was the largest Chinese IPO in US markets since DiDi's troubled 2021 offering, and it subjects Hesai to SEC reporting requirements and US audit oversight.
Has Hesai Group been affected by US-China trade restrictions?
In early 2024, Hesai was added to a US Department of Defense list of 'Chinese military companies,' a designation the firm has publicly contested as inaccurate. While the listing does not trigger immediate sanctions, it complicates US-based business development and could influence future export controls on lidar components.
Profile maintained by Altss using OSINT (open-source intelligence), regulatory filings, licensed data partners, and verified direct submissions. Read the methodology. Last updated: . Continuous refresh with full update cycles at least every 30 days.
Need institutional-grade insight on investors?
Altss delivers:
Prefer a guided tour?
We’ll walk you through: