Hesai Tech Becomes Mercedes-Benz’s LiDAR Supplier for L3 Autonomous Driving; Q1 Revenue Hits RMB 680 Million

On May 19, Hesai Group released its unaudited financial results for the first quarter of 2026, reporting revenue of RMB 680 million for the quarter. The company announced that it has become a strategic LiDAR partner for Mercedes-Benz and will supply LiDAR products for Mercedes-Benz’s Level 3 autonomous driving vehicles, with production of these products set to commence at its Thailand factory. Hesai has restructured its business into two segments: "LiDAR Business" and "Strategic Growth Business." The Strategic Growth Business is expected to start contributing revenue beginning in the second quarter of 2026 and is projected to generate approximately RMB 100 million in net revenue for the full year of 2026.