Category: Industry News

Smart #3 launched in China, starting at $29,600

The Smart #3 is available in three regular versions and a limited edition, with a price range of RMB 209,900 to 289,900.

(Image credit: Smart)

Smart Automobile, 's joint venture with Mercedes-Benz, is making its second model since its electrification transition available in China, as it ramps up its efforts in the world's largest electric vehicle (EV) market.

Smart officially launched the Smart #3 in China at an event Thursday evening, with first deliveries set to begin this month.

The car is available in three regular versions -- Pro+, Pulse, and Premium -- with starting prices of RMB 209,900 ($29,586), RMB 239,900, and RMB 255,900, respectively.

In addition to these three versions, the Smart #3 is also available in a Brabus Performance version for RMB 289,900, but is limited to only 1,999 units.

The Smart #3 is a coupe SUV with a length, width and height of 4,400/4,542 mm, 1,844 mm and 1,556 mm respectively, and a wheelbase of 2,785 mm.

For reference, the Smart #1, the first production model after the electrification of the Smart brand, measures 4,270 mm in length, 1,822 mm in width and 1,636 mm in height, and has a wheelbase of 2,750 mm.

This means that the Smart #3 will be longer and wider than the Smart #1, but lower.

The Smart #3 has two powertrain options, a single-motor version with 200 kW of peak motor power and a dual-motor version with 115 kW and 200 kW of peak front and rear motor power, respectively.

Acceleration time from 0 to 100 km/h is 5.4 seconds for the single-motor version and 4.3 seconds for the dual-motor version, and 3.6 seconds for the Brabus Performance version.

There are three range versions, with CLTC ranges of 520 km, 555 km and 580 km. The battery pack is a ternary lithium battery from CALB and Sunwoda.

The Smart #1 went on sale in China on April 25, 2022, with deliveries starting on September 24.

The model was designed by Mercedes-Benz, with the Smart R&D team leading the engineering development, and is based on Geely's SEA (Sustainable Experience Architecture) architecture.

Smart delivered 2,624 vehicles in China in May, down 40.23 percent from 4,390 in April, according to data it released yesterday.

Smart has delivered a total of 28,923 electric vehicles in China since last September, according to data monitored by CnEVPost.

($1 = 7.0945 yuan)

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China mulls extending tax exemption on cheaper NEVs for another 4 years, report says

China is considering extending the tax exemption for NEVs priced below 300,000 yuan for another four years to spur consumer demand, Bloomberg reported.

China mulls extending tax exemption on cheaper NEVs for another 4 years, report says-CnEVPost

(Image credit: CnEVPost)

China is considering extending the tax holiday for some NEVs for another four years, the latest report said, adding that the policy was originally set to expire at the end of this year.

China's State Council is considering extending tax exemption for some clean cars for another four years as the government seeks to spur consumer demand for new energy vehicles (NEVs), a Bloomberg report today said, citing people familiar with the matter.

China's chief administrative body will meet Friday to discuss a series of policy measures aimed at boosting economic development, the report said.

One of those measures may be extending the purchase tax break for electric and plug-in hybrid vehicles that cost less than RMB 300,000 yuan ($42,510), one of the people said, according to the Bloomberg report.

To support the development of fuel-efficient vehicles, China first began exempting NEVs from purchase tax in 2014, allowing most consumers who buy such models to save about RMB 10,000 relative to those who buy conventional fuel vehicles.

The policy originally expired at the end of 2017, but was extended until the end of 2020, and in March 2020, China renewed the policy until the end of 2022.

On September 26, 2022, several Chinese government departments said in an official announcement that the purchase tax exemption for NEVs will continue until the end of 2023.

As of November 10, China had exempted RMB 68.6 billion in purchase tax on NEVs in 2022, up 101.2 percent year-on-year, Wang Daoshu, deputy head of the State Taxation Administration, said in a November 16 news release last year.

China also previously provided subsidies for the purchase of NEVs, but they were not renewed when they expired at the end of last year.

Growth in China's NEV industry slowed significantly early this year after the subsidy policy was withdrawn.

From January to April, retail sales of NEVs in China were 1,841,079 units, up 36.16 percent year-on-year, according to the China Passenger Car Association (CPCA). For comparison, the growth rate for the same period last year was 124.23 percent.

($1 = RMB 7.0571)

China extends NEV purchase tax exemption until end of 2023 in official announcement

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China NEV retail at 483,000 in 1st 4 weeks of May, flat from same period last month

In the first four weeks of May, retail sales of all passenger vehicles in China were 1,392,000 units, up 19 percent year-on-year but down 6 percent from the same period last month, according to the CPCA.

China NEV retail at 483,000 in 1st 4 weeks of May, flat from same period last month-CnEVPost

(Image credit: CnEVPost)

In the first four weeks of May, from May 1 to May 28, retail sales of passenger new energy vehicles (NEVs) in China were 483,000 units, up 82 percent year-on-year and flat compared with the same period last month, according to data released yesterday by the China Passenger Car Association (CPCA).

So far this year, China's retail sales of passenger NEVs were 2.236 million units, up 43 percent year-on-year.

Wholesale sales of passenger NEVs in China from May 1 to 28 were 550,000 units, up 81 percent year-on-year and up 1 percent from the same period in April, according to the CPCA.

So far this year, wholesale sales of passenger NEVs in China were 2.658 million units, up 49 percent year-on-year.

In the first four weeks of May, retail sales of all passenger vehicles in China were 1,392,000 units, up 19 percent year-on-year but down 6 percent from the same period last month, the CPCA said.

So far this year, cumulative retail sales of passenger cars in China were up 2 percent to 7.287 million units.

This means that the penetration of NEVs at retail in China was 34.7 percent in the first four weeks of May and 31.9 percent so far this year.

In the first week of May, May 1-7, the average daily retail sales of passenger cars in China were 54,000 units, up 67 percent from the same period last May and up 46 percent from the same period in April.

In the second week of May, from May 8 to 14, the average daily retail sales of passenger cars in China were 48,000 units, up 44 percent over the same period last May and up 6 percent over the same period in April.

In the third week of May, from May 15-21, the average daily retail sales of passenger cars in China were 48,000 units, up 15 percent from the same period last May but down 12 percent compared with the same period last month.

The average daily retail sales of passenger cars in China for the fourth week of May were 50,000 units, down 17 percent year-on-year and down 33 percent from the same period last month.

The last three days of April were the Labor Day holiday, while the last three days of May are normal sales time, so the month-end increase is still worth looking forward to, the CPCA said.

Data table: China auto sales in May 1-28

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Evergrande NEV’s plant restarts production after 1-month pause

Evergrande NEV will accelerate production and deliveries of the Hengchi 5 and advance the development and production of subsequent models, an executive said.

Evergrande NEV's plant restarts production after 1-month pause-CnEVPost

The plant of Evergrande New Energy Vehicle Group (Evergrande NEV), the electric vehicle unit of China's Evergrande Group, has resumed production after a month-long hiatus.

Evergrande NEV's Hengchi Auto plant in Tianjin resumed full production on May 23, according to an article posted by Hengchi on its official WeChat account today.

Officials from Tianjin Binhai New Area visited the plant on May 29, where production lines are running normally and thousands of workers are working, Hengchi said.

Hengchi president Liu Yongzhuo said the company will speed up the production and delivery of Hengchi 5 and push forward the development and production of subsequent models.

Here is a video accompanying Hengchi's article.

 

Hengchi's Tianjin plant had previously suspended production for a month because of financial difficulties.

On March 23, Evergrande NEV said in a Hong Kong Stock Exchange announcement that it had continued its cost-saving initiatives to focus its financial resources on supporting mass production of the Hengchi 5, with job cuts at its Swedish subsidiary National Electric Vehicle Sweden AB.

However, Evergrande NEV will be at risk of shutting down production if it is unable to secure additional liquidity, the announcement said.

In a new HKEX announcement on April 24, Evergrande NEV said it had already delivered more than 900 Hengchi 5 units to consumers, but would suspend production of the model at its Tianjin plant due to a lack of funds.

The group plans to resume production of the model in May, the announcement added.

The Hengchi 5 is the first model of Hengchi Auto to be mass-produced, and it started deliveries on October 29, 2022.

The model is currently available in only one version with a starting price of RMB 179,000 ($25,240).

Trading of Evergrande NEV's shares traded in Hong Kong has been suspended since April 1, 2022, and a date for restarting trading has not yet been set.

($1 = RMB 7.0914)

Evergrande NEV puts Hengchi 5 production on hold due to lack of funds

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Buick begins delivery of Electra E5 electric SUV in China

The Electra E5 received more than 8,000 orders after 12 days on the market, Buick previously said.

(Image credit: CnEVPost)

Buick Electra E5 -- the brand's first model based on GM's Ultium platform -- has begun deliveries in China, where the electric SUV's aggressive pricing previously gave it a good initial reception.

SAIC-GM, a joint venture between GM and SAIC, said on Monday that the first deliveries of the Electra E5 have begun, but did not announce the number of vehicles delivered.

Buick will improve its energy replenishment system by adding nearly 1,000 Ultium supercharging terminals by the end of this year, and is on track to reach more than 400,000 charging posts provided by mainstream operators, SAIC said.

(Image credit: SAIC-GM)

Orders for the Electra E5 have continued to grow in different regions since its launch, and SAIC-GM's Ultium plant in Wuhan will optimize production scheduling to meet more consumer demand, the company said.

The model, officially launched in China on April 13, is a mid-to-large-size five-seat SUV with a length of 4,892 mm, a width of 1,905 mm and a height of 1,655 mm, respectively, and a wheelbase of 2,954 mm.

The Electra E5 is available in five versions with starting prices of RMB 208,900 ($29,530), 222,900, 225,900, 239,900 and 278,900 respectively.

That pricing is very aggressive for an electric SUV of that size.

's Tang EV starts at RMB 282,800 and measures 4,900 mm in length, 1,950 mm in width and 1,725 mm in height, with a wheelbase of 2,820 mm.

The Model Y, the best-selling electric SUV in China, measures 4,750 mm in length, 1,921 mm in width, 1,624 mm in height and has a wheelbase of 2,890 mm, and it currently has a starting price of RMB 261,900.

On April 25, Buick announced that the Electra E5 received more than 8,000 orders after 12 days on the market.

Of those who ordered the Electra E5, 78 percent opted for versions priced at RMB 225,900 and 239,900, Buick said at the time.

($1 = RMB 7.0739)

Buick Electra E5 gets over 8,000 orders in less than 2 weeks after launch in China

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Seres’ sub-brand Landian sends 1st 500 cars to overseas markets

Seres officially launched the Landian brand on March 30 and made its first model, the plug-in hybrid E5, available with technology from and .

Landian, the new energy vehicle (NEV) sub-brand of the Seres Group, began exporting vehicles, even though the new brand was officially launched only two months ago.

On May 25, Landian shipped the first 500 units of its midsize hybrid SUV Landian E5 to overseas markets, according to a press release from the brand on Sunday.

The vehicles will arrive in two weeks in markets along the "Belt and Road", Landian said.

Seres -- a key automotive partner of Chinese tech giant Huawei -- officially launched the Landian brand on March 30 and made its first model, the plug-in hybrid E5, available.

Equipped with technology from Huawei and BYD, the Landian E5 is a mid-size SUV available in 5- and 7-seat versions with a starting price of RMB 139,900 ($18,940).

The model uses the F31A 1.5L PHEV-specific engine and DHT300 electric hybrid system from BYD's FinDreams Power.

The Landian E5 also comes with Huawei's HiCar 3.0 system, a lite version of HarmonyOS for cars, but supports features including seamless connectivity with cell phones.

The Landian E5 drew strong interest from dealer partners during online presentations with overseas dealers, Landian said yesterday.

Landian literally means blue electricity in Chinese, and the brand is positioned as a builder of the Internet of Everything ecosystem in the "E era," where the letter E refers to Electric, according to Seres.

In 2023, the Landian brand will build 340 experience stores and 160 delivery centers, Seres previously said.

Seres Group sold 6,917 NEVs in April, down 19.12 percent year-on-year and 18.73 percent from March, according to data it released earlier this month.

That includes 2,953 vehicles for the Seres brand, according to the group, which did not release NEV sales for its other brands.

($1 = RMB 7.0756)

Seres unveils new NEV brand Landian and 1st model E5 with BYD, Huawei technology

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Mercedes-Benz launches EQE SUV in China, prices start at $68,660

The EQE SUV is priced at about half the price of the EQS SUV that Mercedes-Benz launched in China on February 21.

Mercedes-Benz launches EQE SUV in China, prices start at $68,660-CnEVPost

(Image credit: Mercedes-Benz)

Mercedes-Benz has launched a new electric SUV in China that is about half the price of the more expensive EQS SUV it launched earlier this year, trying to capitalize on the opportunities presented by the rapid growth of the world's largest electric vehicle (EV) market.

Mercedes-Benz's joint venture in China, Beijing Benz, let the EQE SUV go on sale on May 27, based on the EVA all-electric platform, the 12th model produced by the German luxury carmaker in China.

The vehicle is available in four versions in China, with starting prices of RMB 486,000 ($68,660), RMB 510,000, RMB 564,600 and RMB 630,600 respectively.

That price is roughly half that of the EQS SUV that Mercedes-Benz launched in China on February 21, which was offered in two versions starting at RMB 910,500 and RMB 1,100,500 at launch.

The EQE SUV measures 4,880 mm in length, 2,032 mm in width and 1,679 mm in height, with a wheelbase of 3,030 mm.

Mercedes-Benz launches EQE SUV in China, prices start at $68,660-CnEVPost

In terms of powertrain, the model is available in two versions, 350 4MATIC and 500 4MATIC, with electric motors of 215 kW and 300 kW respectively, and they accelerate from 0 to 100 km/h in 6.8 seconds and 5.1 seconds respectively.

The EQE SUV comes standard with a battery pack with a capacity of 96.1 kWh and a maximum CLTC range of 613 km.

The vehicle supports a maximum charging power of 128 kW, and the minimum time required to increase the range from 10 percent to 80 percent is 48 minutes.

The vehicle supports the Adaptive Damping System Plus (ADS+) and AIRMATIC options.

Mercedes-Benz launches EQE SUV in China, prices start at $68,660-CnEVPost

For comparison, the EQS SUV measures 5,137 mm in length, 1,965 mm in width and 1,721 mm in height, and has a wheelbase of 3,210 mm. It can accelerate from 0 to 100 km/h in 6.2 seconds.

The launch of the EQE SUV comes at a time when Mercedes-Benz's performance in the Chinese EV market has been lukewarm.

In the China Passenger Car Association's (CPCA) ranking of car companies' new energy vehicle (NEV) sales in China, Mercedes-Benz never made it.

On November 15, 2022, Mercedes-Benz announced a reduction in the suggested retail prices of some EQ series models by up to RMB 237,600 to boost sales.

($1 = RMB 7.0782)

Mercedes-Benz slashes EQ series prices in China by up to $33,740

Mercedes-Benz launches EQE SUV in China, prices start at $68,660-CnEVPost

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China NEV retail up 13% MoM to 372,000 in 1st 3 weeks of May, CPCA data show

Retail penetration of NEVs in China was 35.6 percent in the first three weeks of May.

China NEV retail up 13% MoM to 372,000 in 1st 3 weeks of May, CPCA data show-CnEVPost

(Image credit: CnEVPost)

In the first three weeks of May -- May 1 to May 21 -- retail sales of new energy passenger vehicles in China were 372,000 units, up 109 percent year-on-year and up 13 percent from the same period last month, according to data released yesterday by the China Passenger Car Association (CPCA).

So far this year, China's retail sales of new energy passenger cars were 2.125 million units, up 44 percent year-on-year.

Wholesale sales of new energy passenger cars in China from May 1 to 21 were 361,000 units, up 81 percent year-on-year and up 10 percent from the same period in April, according to the CPCA.

So far this year, China's wholesale sales of new energy passenger vehicles are 2.469 million units, up 47 percent year-on-year.

In the first three weeks of May, retail sales of all passenger vehicles in China were 1.046 million units, up 41 percent year-on-year and up 10 percent from the same period last month, the CPCA said.

So far this year, cumulative retail sales of passenger cars in China are up 3 percent to 6.941 million units.

This means that in the first three weeks of May, China's penetration of new energy vehicles (NEVs) at retail was 35.6 percent, and the year-to-date penetration of NEVs was 31.9 percent.

In the first week of May, May 1-7, the average daily retail sales of passenger cars in China were 54,000 units, up 67 percent from the same period last May and up 46 percent from the same period in April.

In the second week of May, May 8- 14, the average daily retail sales of passenger cars in China were 48,000 units, up 44 percent over the same period last May and up 6 percent over the same period in April.

In the third week of May, May 15-21, the average daily retail sales of passenger cars in China were 48,000 units, up 17 percent from the same period last May but down 11 percent compared to the same period last month.

As price wars faded, dealers' mindsets stabilized and consumers returned to rational consumption, the CPCA said, adding that this eased wait-and-see sentiment and released pent-up demand.

Data table: China auto sales from May 1-21

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SAIC-GM-Wuling launches new mini EV Yep, prices start at $11,290

The Baojun Yep is available in two versions, with the pricier one equipped with a smart driving system developed by SAIC-GM-Wuling with drone maker DJI.

(Image credit: SAIC-GM-Wuling)

SAIC-GM-Wuling today officially launched its new electric vehicle (EV), the Yep, the latest addition to its line of mini EVs.

The Yep is available under SAIC-GM-Wuling's Baojun brand in two versions, starting at RMB 79,800 ($11,290) and RMB 89,800 respectively.

The Baojun Yep looks somewhat similar to the Suzuki Jimny, and SAIC-GM-Wuling said the model uses the Square Box design language to target the needs of younger customers.

The length, width and height of the Baojun Yep are 3,381 mm, 1,685 mm and 1,721 mm respectively, with a wheelbase of 2,110 mm.

For comparison, the Hongguang Mini EV, another SAIC-GM-Wuling model, measures 3,059 mm in length, 1,521 mm in width and 1,614 mm in height, with a wheelbase of 2,010 mm.

The Baojun Yep is powered by a permanent magnet synchronous motor with a peak power of 50 kW and a peak torque of 140 Nm.

The model has a battery pack capacity of 28.1 kWh and a CLTC range of 303 km.

It supports fast charging and can go from 30 percent to 80 percent in 35 minutes.

The Baojun Yep with a starting price of RMB 89,800 is equipped with the Lingxi intelligent driving system announced in August 2022 by SAIC-GM-Wuling and DJI Automotive, the automotive division of drone manufacturer DJI.

The system is based on SAIC-GM-Wuling's "Emotion Engine" concept, which focuses on urban mobility scenarios, SAIC-GM-Wuling previously said.

The Lingxi intelligent driving system takes advantage of DJI's technological strengths in the field of binocular cameras and is based on the latter's algorithms in the field of vision perception and experience in vision perception systems for drones.

SAIC-GM-Wuling's 2023 Baojun KiWi EV is the first model to use the system.

Equipped with the Lingxi system, the Baojun Yep allows users to turn on intelligent driving with a single click, enabling functions including obstacle recognition and response, and intelligent speed regulation in curves.

The model is also equipped with smart parking assist, which enables full-scene automatic parking.

Baojun previewed the model on May 9, when it also shared images and a video of the two-door pickup version of the Yep.

SAIC-GM-Wuling is a joint venture between SAIC Group, General Motors and Liuzhou Wuling Automobile, headquartered in Liuzhou, Guangxi Zhuang Autonomous Region in southwestern China.

It sells vehicles based on the GSEV (Global Small Electric Vehicle) architecture in China, including the Mini EV, KiWi EV, Nano EV, and Air EV. In addition to these pure electric models, SAIC-GM-Wuling also sells fuel-powered SUVs, MPVs, and vans.

In the small EV segment, in addition to the hot-selling Mini EV, SAIC-GM-Wuling launched the mini EV Air EV in China last December and the Binguo EV at the end of March this year.

Notably, SAIC-GM-Wuling has seen a decline in NEV sales so far this year, while other major NEV makers in China have seen sales growth.

In January-April, SAIC-GM-Wuling's NEV retail sales were 111,604 units, down 15.9 percent from 132,658 units in the same period last year, according to data from the China Passenger Car Association (CPCA).

As a comparison, saw sales increase 81.3 percent year-on-year to 702,608 units and China grew 61.5 percent year-on-year to 177,385 units during this period.

In an effort to boost sales growth, SAIC-GM-Wuling began allowing consumers to pay only for the body and rent the battery when purchasing the Mini EV on May 11, lowering the purchase threshold to RMB 19,800.

On May 22, SAIC-GM-Wuling announced a price cut of up to RMB 13,000 for the Hongguang Mini EV family, saying the move was in response to China's call to promote NEV consumption in rural areas.

($1 = RMB 7.0692)

Wuling cuts prices on its mini EVs by up to $1,850

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LiDAR maker Hesai posts record Q1 revenue

Hesai began trading on the Nasdaq on February 9 and has suffered a prolonged sell-off since then, with a cumulative decline of more than 60 percent to date.

LiDAR maker Hesai posts record Q1 revenue-CnEVPost

Chinese LiDAR maker Hesai Group (NASDAQ: HSAI) posted record revenue in the first quarter and improved gross margins compared to the fourth quarter of last year.

Hesai reported a net income of RMB 429.9 million ($62.6 million) in the first quarter, up 73.0 percent year-on-year, according to the company's earnings report, which was released after the US stock market closed on May 23.

The company reported product revenue of RMB 424.1 million in the first quarter, up 77.7 percent from RMB238.7 million in the first quarter of 2022.

This was due to increased demand for autonomous mobility and ADAS LiDAR products as volume production of the AT128 began in the third quarter of 2022, Hesai said.

Hesai shipped 28,195 ADAS LiDAR units in the first quarter, compared to 222 units in the same period in 2022.

It shipped a total of 34,834 LiDAR units in the first quarter, up 402.9 percent year-on-year.

Hesai's gross margin for the first quarter was 37.8 percent, up from 30.0 percent in the fourth quarter, but down from 50.9 percent in the first quarter of last year.

LiDAR maker Hesai posts record Q1 revenue-CnEVPost

The decline was due to increased shipments of lower-priced ADAS LiDAR products during the ramp-up stage with a lower in-house plant capacity utilization rate.

It reported a cost of revenue of RMB 267.3 million in the first quarter, up 119.2 percent year-on-year, caused by higher shipments of LiDAR products, partially offset by a decrease in unit costs.

Hesai's sales and marketing expenses for the first quarter were RMB 35.4 million, an 83.1 percent increase from RMB 9.3 million in the first quarter of last year.

The company's general and administrative expenses for the first quarter were RMB49.5 million, an increase of 10.8 percent from RMB 44.7 million for the same period in 2022.

Hesai's research and development expenses for the first quarter were RMB 208.5 million, an increase of 99.2 percent from RMB 104.7 million for the same period in 2022.

This year-on-year increase was primarily due to the recognition of one-time stock compensation expense of RMB 66.7 million related to stock options granted under the performance conditions of the IPO and increased payroll expenses of RMB 28.3 million due to an increase in R&D staff, Hesai said.

Hesai reported a net loss of RMB 118.9 million for the first quarter, compared with RMB 25.1 million for the same period in 2022.

Excluding stock-based compensation expense, it reported non-GAAP net income of RMB 1.6 million in the first quarter, compared with RMB 2.1 million in the same period in 2022.

It reported basic and diluted net loss per common share of RMB 0.98 for the first quarter, and non-GAAP basic net income per share and non-GAAP diluted net income per share of RMB 0.01.

Cash and cash equivalents and short-term investments were RMB 3,141.4 million as of March 31, 2023, compared to RMB 1,859.1 million as of December 31, 2022.

Hesai expects second-quarter net income to be in the range of RMB 410 million to RMB 430 million, an increase of about 94.3 percent to 103.8 percent year-on-year.

Hesai began trading on the Nasdaq on February 9 under the ticker HSAI and has suffered a prolonged sell-off since then, with a cumulative decline of more than 60 percent to date.

The company closed down 2.8 percent to $9.37 on Tuesday, with a total market capitalization of about $1.18 billion. It was down 1.28 percent in Tuesday's after-hours trading.

LiDAR maker Hesai posts record Q1 revenue-CnEVPost

Hesai unveils ultra-thin LiDAR ET25 that can be placed behind windshield

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