Beijing (ZXZC)- Chinese LiDAR maker Hesai Technology on March 26 inked an investment agreement with the local authorities of Chongqing Economic and Technological Development Zone for its global software R&D headquarters.

Photo credit: Hesai Technology

Per the agreement, Hesai Technology will build in Chongqing its global R&D headquarters for software, establish an innovation incubator, and form a LiDAR-related industry park. 

Both Chongqing city and Hesai Technology hope to strengthen the local Chongqing automotive industry connection, reinforce the cooperation between local companies and Hesai Technology. The LiDAR maker plans to accelerate the R&D and application of its full-fledged LiDAR solution, help Chongqing build a robust industry cluster for intelligent connected new energy vehicles. 

Last week, Hesai Technology released its Q4 and full-year 2022 financial results, showing a net revenue of 409.2 million yuan for the fourth quarter of 2022, representing an increase of 56.6% year-on-year. 

For the full year of 2022, Hesai Technology’s net revenue reached 1.203 billion yuan, shooting up 66.9% year on year.

In terms of deliveries, Hesai Technology delivered 47,515 units of LiDAR in the fourth quarter of 2022, indicating a year-on-year soar of 739.2%. Throughout 2022, the company’s total LiDAR shipment amounted to 80,462 units, zooming up 467.5% from a year ago.