Category: Industry News

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China Electric eMobility eV Industry News Product Launch Rising Auto Rising Auto F7

SAIC’s Rising Auto launches battery swap-enabled mid to large-size sedan F7

The Rising F7 starts at a price range of RMB 209,900 ($30,490) to RMB 301,900, or RMB 145,900 in battery rental mode.

(Image credit: Rising Auto)

SAIC Group's Rising Auto has officially launched the battery swap-enabled mid to large-size sedan, the F7, its second model.

The Rising F7 is available in six versions with a starting price range of RMB 209,900 ($30,490) to RMB 301,900, about half the price of the ET7, according to information announced by Rising Auto at last night's launch event.

The car supports battery swap as NIO's models and allows consumers to purchase the vehicle body and rent a battery.

If consumers choose to purchase the car without the battery, the Rising F7 will start at RMB 145,900.

The car is an all-electric mid to large-size sedan with a length, width and height of 5,000 mm, 19,53 mm and 1,494 mm respectively, and a wheelbase of 3,000 mm.

For comparison, the NIO ET7 measures 5,101 mm in length, 1,987 mm in width and 1,509 mm in height, with a wheelbase of 3,060 mm, and has a starting price of RMB 458,000 including the battery.

The Rising F7 is available in 64-kWh, 77-kWh and 90-kWh battery packs, providing CLTC ranges of 500 km, 576 km, 600 km and 666 km.

The car is available in single-motor rear-wheel drive and dual-motor four-wheel drive versions, with the single-motor model having a peak motor power of 250 kW and a peak torque of 400 Nm and accelerating from 0 to 100 km/h in 5.7 seconds.

The dual-motor model has a maximum total motor power of 400 kW and a peak torque of 700 Nm, accelerating from 0 to 100 km/h in 3.7 seconds.

The car's smart cockpit system, Rising OS, is powered by a Qualcomm Snapdragon 8155 chip and features a 43-inch integrated screen inside the car, including LCD instrument screen, an OLED center console and a passenger seat screen.

Like Rising Auto's first model, the Rising R7 SUV, the Rising F7 also supports battery swap, which can be completed in 2.5 minutes under ideal conditions.

It is worth noting that Rising Auto is in the beginning stages of infrastructure development, with only three battery swap stations in Shanghai and over 50 battery swap stations under construction in 10 cities.

For comparison, as of March 27, NIO had 1,325 battery swap stations in China.

Rising Auto, previously known as R Auto, launched the Rising R7 on September 28, 2022, its first model since rebranding. Deliveries of the model began in October last year.

In early September 2022, SAIC announced that it had joined hands with Sinopec, China National Petroleum Corp (CNPC), and Shanghai Automobile City to form a company specializing in battery swap services.

SAIC said at the time that its Rising Auto, Roewe, MG and Maxus brands would launch battery swap-enabled models.

Rising Auto delivered 1,501 and 1,523 vehicles in November and December, respectively, according to information it previously announced. The company did not announce deliveries this year.

($1 = RMB 6.8851)

SAIC's Rising Auto officially launches battery swap-enabled R7 SUV with subsidized starting price of $40,130

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Chery China Electric eMobility eV Industry News Price Change Price Cut Tesla

Chery’s NEV unit cuts vehicle prices by up to 10%

In January-February, Chery's NEV sales were 13,293 units, down 57.6 percent from 31,367 units in the same period last year.

(Image credit: Chery New Energy)

Chinese auto giant Chery's new energy vehicle (NEV) division has slashed the prices of several models, becoming the latest car company to do so.

Chery New Energy announced today that official guide prices for three of its NEV models has been cut by up to 9,000 yuan ($1,310) starting at 00:00 on March 27.

The reduction covers the QQ Ice Cream, Little Ant and Wujie Pro, with the Little Ant's 408km range seeing an RMB 9,000, or 8.74 percent, price cut.

The QQ Ice Cream priced at RMB 39,900 saw a price reduction of RMB 4,000, or 10 percent.

Following this reduction, the QQ Ice Cream's latest starting price range is RMB 35,900 to RMB 45,900, the Little Ant is RMB 64,999 to RMB 94,000, and the Wujie Pro is RMB 84,900 to RMB 110,900.

This is due to the global price correction of new energy materials and the company's cost control and supply chain management capabilities, Chery New Energy said in an announcement.

The price of lithium carbonate, a key raw material for batteries, has fallen sharply in the past few months, with the current price having dropped about 50 percent from its high point last November.

As of March 24, the average price of battery-grade lithium carbonate in China was RMB 277,500 per ton and industrial-grade lithium carbonate was RMB 235,000 per ton, according to data from Mysteel monitored by CnEVPost.

While Chery New Energy attributed the price cuts to lower raw material prices, the recent price war in the Chinese auto industry and its weak performance so far this year may be the bigger reasons.

After cut prices earlier in the year, several NEV makers followed suit. Earlier this month, multiple traditional internal combustion engine automakers launched price wars with steep discounts.

These moves have increased the consumer's wait-and-see attitude toward car purchases and disrupted the industry, and last week, the China Association of Automobile Manufacturers (CAAM) called on all parties to help return the industry to normalcy.

For Chery, its performance at the beginning of the year was weak.

In January-February, Chery's NEV sales were 13,293 units, down 57.6 percent from 31,367 units a year earlier, according to data from the China Passenger Car Association (CPCA) monitored by CnEVPost.

($1 = RMB 6.8819)

CAAM calls for return to normal order in China's auto industry as price war disrupts sector

ModelVersionPrevious Price (RMB)Latest PriceChangeChange %
QQ Ice Cream120 km Milkshake39,90035,900-4,000-10.03%
QQ Ice Cream120 km Cone43,90039,900-4,000-9.11%
QQ Ice Cream170 km Sundae49,90045,900-4000-8.02%
Little Ant251 km Hot Love69,99964,999-5,000-7.14%
Little Ant301 km True Love Plus82,99977,999-5,000-6.02%
Little Ant301 km Half Sugar82,90076,900-6000-7.24%
Little Ant408 km Full Sugar103,00094,000-9,000-8.74%
Wujie Pro301 km Moshou89,90084,900-5,000-5.56%
Wujie Pro301 km Lingshou94,90089,900-5,000-5.27%
Wujie Pro301 km Shenshou99,90094,900-5000-5.01%
Wujie Pro408 km Moshou105,900100,900-5,000-4.72%
Wujie Pro408 km Shenshou115,900110,900-5,000-4.31%

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China Electric eMobility eV Hesai Technology Industry News LiDAR

LiDAR-maker Hesai to set up software R&D headquarters in Chongqing

Hesai shipped 80,462 LiDAR units for the full year 2022, up 467.5 percent year-on-year.  |  Hesai.US

LiDAR-maker Hesai to set up software R&D headquarters in Chongqing-CnEVPost

(Hesai FT120 automotive short-range LiDAR. Image from Hesai prospectus.)

Shanghai-based LiDAR maker Hesai Group (NASDAQ: HSAI) signed an investment agreement with Chongqing Economic Development Zone on March 26 to build a software global R&D headquarters in the southwestern Chinese city, according to a report in Chongqing Daily today.

Hesai is a global leader in LiDARs for autonomous driving and advanced assisted driving, and Chongqing wants it to strengthen its cooperation with local car companies, the report said, citing the city's mayor, Hu Henghua.

Under the agreement, Hesai will build a software global R&D headquarters, set up an innovation incubation center and create a LiDAR industrial park in Chongqing's Economic Development Zone, the report said, without providing further details.

Founded in Shanghai in late 2014, Hesai initially focused on developing high-performance laser sensors and has been exploring driverless LiDAR products since 2016.

On February 9, the company made its NASDAQ debut, becoming the first Chinese LiDAR manufacturing company to list in the US.

Hesai shipped 47,515 LiDAR units in the fourth quarter, up 739.2 percent from 5,662 units in the same period in 2021, it said in its earnings report on March 16.

It shipped 43,351 ADAS LiDAR units in the fourth quarter, compared to 87 units in the same period in 2021.

The company shipped 80,462 LiDAR units in the full year 2022, up 467.5 percent year-on-year.

LiDAR-maker Hesai posts Q4 revenue growth of 56.6% YoY in 1st earnings report since US IPO

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China CPCA CPCA Estimates Electric eMobility eV EV Data Expectations Industry News Monthly Data

CPCA expects China’s Mar NEV retail sales to rise 27.5% from Feb to 560,000 units

The overall market is recovering at a slower pace than previously expected due to increased consumer wait-and-see sentiment caused by big price cuts, the CPCA said.

The China Passenger Car Association (CPCA) expects China's new energy vehicle (NEV) sales to continue to recover this month from last month, although growth in the overall passenger car market remains slow.

Retail sales of passenger vehicles in China are expected to be 1.59 million units in March, flat from a year ago and up 14.5 percent from February, the CPCA said in a report late last night.

Among them, retail sales of NEVs are expected to be 560,000 units, up 25.8 percent from a year ago and up 27.5 percent from February, with a penetration rate of 35.2 percent, according to the report.

In mid-March, the overall market discount rate for passenger cars in China was about 14.4 percent, up from 13.9 percent at the end of February, indicating intense price competition in sales channels, the report said.

The Chinese car market performed poorly in January-February amid multiple unfavorable factors, and demand began to be released in March, the CPCA said.

However, the overall market recovered at a slower pace than previously expected due to increased consumer wait-and-see sentiment caused by car companies' price-cut marketing, the report said.

Large discounts offered by car companies in Hubei province in early March attracted a lot of consumer attention, but at the same time led to a wait-and-see mood among consumers in other provinces and cities, the CPCA said.

Other local governments have since introduced subsidy policies and car brands have followed suit with promotions, which have boosted store traffic but limited actual order conversion, the CPCA said.

Consumer wait-and-see sentiment further increased, negatively impacting the auto market, the report said.

Average daily retail sales for major Chinese automakers in the first and second weeks of March were 31,500 and 36,700, down 16 percent and 18 percent year-on-year, respectively, according to the report.

Average daily retail sales in the third week are expected to be 40,800, up 10 percent year-on-year, mainly due to a low base from last year as a result of the Covid outbreak in the same period last year.

Considering the upward pulse of car sales at the end of the quarter and promotional policies in some regions, the auto market is expected to maintain its rebound in the fourth and fifth weeks, the CPCA said.

The CPCA usually releases estimates of passenger vehicle sales at the end of the month, with preliminary data released early the following month, followed by final data.

It estimated February NEV retail sales in China at around 400,000 units on February 22, released a preliminary figure of 438,000 units on March 7, and released a final figure of 439,000 units on March 8.

CAAM calls for return to normal order in China's auto industry as price war disrupts sector

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China Electric eMobility eV Evergrande Industry News

Evergrande NEV warns risks of production halt if it can’t get additional liquidity

Evergrande NEV's only model currently on sale, the Hengchi 5, has delivered more than 900 units, according to an exchange announcement.

Evergrande NEV warns risks of production halt if it can't get additional liquidity-CnEVPost

(Image credit: CnEVPost)

Evergrande New Energy Vehicle Group (Evergrande NEV), the electric vehicle unit of China Evergrande Group, is at risk of discontinuing production after struggling to deliver hundreds of vehicles.

Evergrande NEV's only model currently on sale, the Hengchi 5, is continuing to be produced in volume, with more than 900 units delivered to date, according to an announcement the company made today on the Hong Kong Stock Exchange website.

In order to focus its financial resources on supporting the mass production of the Hengchi 5, Evergrande NEV has continued its cost-saving initiatives and has taken measures to reduce the workforce of its Swedish subsidiary National Electric Vehicle Sweden AB, according to the announcement.

However, Evergrande NEV will be at risk of shutting down production in the event that additional liquidity is not available, the announcement said.

The group will plan to launch several flagship models if it can seek more than RMB 29 billion ($4.21 billion) in future financing and hopes to get them into mass production, the announcement said.

Under this plan, Evergrande NEV's cumulative unleveraged cash flow from 2023 to 2026 is expected to be between RMB minus 7 billion and RMB minus 5 billion, the announcement said.

Trading of Evergrande NEV's shares in Hong Kong has been suspended since April 1, 2022, and the timing of restarting trading has not yet been determined.

Hengchi 5 is the first model in mass production of Evergrande NEV's Hengchi Auto, which started delivery on October 29, 2022.

The model is currently available in only one version, with a price of RMB 179,000.

On December 2, Reuters reported that Evergrande NEV suspended mass production of the Hengchi 5 due to a lack of sufficient new orders for the SUV.

A Securities Times report at the time cited people close to Hengchi as saying the brand planned to lay off 10 percent of its workers and would suspend payroll to 25 percent of its workers for one to three months.

($1 = RMB 6.8807)

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China Electric eMobility eV Industry News Kia Product Launch

Kia enters China’s crowded EV market, 1st model expected to launch in Aug

The Kia EV6 will be brought to China as an import and is expected to go on sale in August this year. It will also launch the EV5 in November, its first model to be produced in China.

Kia Motors, an affiliate of Hyundai Motor Co, is entering China's increasingly crowded electric vehicle (EV) market.

The South Korean automaker announced its official entry into the Chinese EV market at a launch event today, unveiling the EV5 Concept, EV9 Concept and EV6 GT.

Its first all-electric model offered in China, the EV6, will be introduced as an import and is expected to be launched in August of this year.

The EV6 is Kia's first all-electric vehicle, based on the dedicated EV platform E-GMP, and claims to be able to accelerate from 0 to 100 km/h in as fast as 3.5 seconds.

The model is equipped with 800V fast charging capability, charging from 10 percent to 80 percent in just 18 minutes.

Kia will also launch the EV5, its first global model to be built in China and debuting here, in November.

(Kia EV5 concept car)

Kia also plans to launch its flagship electric SUV EV9 in 2024, an entry-level all-electric SUV in 2025, a premium electric sedan based on a next-generation EV-specific platform in 2026, and a mid-size all-electric SUV in 2027.

The EV9 concept has a length of more than 5,000 mm and a wheelbase of 3,100 mm, with a 3-row, 6-seat interior layout.

The concept car will have an 800 V high-voltage fast charging system and can be charged up to 350 kW.

The EV9 will be Kia's first vehicle in China to be equipped with the highway system, and the production version is expected to be equipped with L3 assisted driving system.

(Kia EV9 concept car)

In China, Kia has a sales target of 450,000 units by 2030, of which 40 percent will be new energy vehicle (NEV) models.

Kia plans to launch the Kia brand app in China later this year, which will offer features including car shopping, car use, services, and infotainment.

The automaker will create sales channels in China including dealership stores as well as City Stores, and will set up special sections for NEV models in showrooms.

Kia will establish City Store city showrooms in the core business districts of China's first and second-tier key cities, including Beijing, Shanghai, Guangzhou and Shenzhen.

Notably, on November 20 last year, Kia announced the opening of its first City Store in China in Xi'an, Shaanxi province, where its EV6, an all-electric vehicle, will be one of the first models to be showcased in the store.

The City Store is a new channel for Kia's electrification transformation and a new platform to revolutionize the user experience, the company said at the time.

Kia launches EV offensive with opening of its 1st City Store in China

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China Electric eMobility eV Industry News Polestar Polestar 3 Product Launch

Polestar 3 officially unveiled in China, price cut by about $29,080 from previous

Polestar has officially unveiled the Polestar 3 in China today with what it calls a new pricing system.  |  Polestar.US

The first SUV from Polestar, the premium electric vehicle maker owned by and Volvo Cars, has been officially unveiled in China, but at a price reduction of about RMB 200,000 yuan ($29,080) from the model's global debut last year.

Polestar officially introduced the Polestar 3 in China today and announced what it calls a new pricing system, with the long-range dual-motor model starting at RMB 698,000 and the long-range dual-motor with performance pack model at RMB 798,000.

The Polestar 3 is Polestar's first SUV and will be the electric vehicle company's first all-electric model that will be produced in both China and the US.

Polestar gave the Polestar 3 SUV its global debut on October 12, 2022, when it announced its two versions with starting prices in China of RMB 880,000 and RMB 1,030,000, respectively.

The latest prices announced today mean that the starting price for the Polestar 3 regular long-range version has been reduced by RMB 182,000 and the starting price for the performance version has been reduced by RMB 232,000.

Information on Polestar China's website indicates that the expected delivery dates for both versions of the Polestar 3 are the fourth quarter of this year.

The Polestar 3 will be on display at the Shanghai auto show next month, and the model will go into production at Polestar's plant in Chengdu, Sichuan province, in the middle of this year, Polestar said today.

The 20th Shanghai International Automobile Industry Exhibition (Auto Shanghai 2023) will be held from April 18-27, with media days from April 18-19 and professional visitor days from April 20-21, while the general public can visit from April 22-27.

Production is also expected to begin by mid-2024 at Polestar's plant in Ridgeville, South Carolina, the automaker said when it unveiled the Polestar 3 last year.

At that point, the US will serve as the main supply location for North America and other markets. The plant is expected to make its first deliveries in mid-2024.

Polestar was co-founded by Volvo and Geely in 2017, and the first product, the Polestar 1, was only available in limited quantities and has been discontinued.

The Polestar 2, which started deliveries in 2020, is the brand's first real production model on sale and will only be produced at a plant in Taizhou, Zhejiang province, in eastern China.

Despite the Polestar 3's strong performance and configuration, its prices in China appear to be very high, as noted in a previous report by CnEVPost.

The Polestar 3's previous starting price of RMB 880,000 is almost twice the NIO ES7's starting price of RMB 468,000.

Both versions of the ES7 have a 0-100 km/h sprint time of 3.9 seconds, while the Polestar 3 performance version has the figure at 4.7 seconds and the long-range version at 5 seconds.

($1 = RMB 6.8783)

Polestar 3 SUV officially unveiled, but prices may drive away Chinese consumers

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China Electric eMobility eV Industry News Price Cut price war SAIC-Volkswagen Volkswagen

SAIC-Volkswagen offers up to $7,250 discount as China auto price war continues

The offer has a deadline of April 30, and SAIC-Volkswagen plans to offer up to RMB 3.7 billion in subsidies for car purchases.

SAIC-Volkswagen offers up to $7,250 discount as China auto price war continues-CnEVPost

(A screenshot from SAIC-Volkswagen's website shows the automaker's marketing of discounts.)

A Volkswagen joint venture in China has started offering official discounts as the price war in the Chinese auto industry continues.

SAIC-Volkswagen is offering limited-time discounts of up to RMB 50,000 yuan ($7,250) on its entire model lineup, the Volkswagen-SAC joint venture announced yesterday.

The offer has a deadline of April 30, and SAIC-Volkswagen plans to provide up to RMB 3.7 billion in subsidies for car purchases, according to a poster on its website.

The campaign involves 20 SAIC-Volkswagen models, the vast majority of which are conventional internal combustion engine vehicles, that can enjoy discounts ranging from RMB 15,000 to RMB 50,000.

The Volkswagen Phideon, with an official guide price of RMB 343,000 to RMB 449,000, received an RMB 50,000 discount, while most other models received discounts of RMB 25,000 to RMB 30,000.

SAIC-Volkswagen is offering discounts of RMB 20,000 for the ID.3 pure electric vehicle and RMB 30,000 for both the ID.4 X and ID.6 X.

In addition to the cash discounts, SAIC-Volkswagen is also offering trade-in benefits of up to RMB 12,000, as well as a zero-interest entitlement for 2-to-5-year loans.

One of the reasons SAIC-Volkswagen chose to cut prices is that the company is responding positively to China's policies as well as the consumer environment, sources at the automaker were quoted as saying in a report by Beijing News today.

On the other hand, SAIC-Volkswagen was able to get closer to consumers after the marketing changes and respond more quickly to consumer feedback, the source said.

Last week, both SAIC-Volkswagen and FAW-Volkswagen, another Volkswagen joint venture in China, began offering discounts of up to 40,000 yuan on ID. family models as the price war in China's auto industry intensified.

Volkswagen is one of the top car companies in China in terms of vehicle sales. SAIC-Volkswagen's retail sales in February were 74,013 units, down 7.7 percent from a year earlier, with a 5.3 percent share of the Chinese auto market, according to data released earlier this month by the China Passenger Car Association (CPCA).

FAW-Volkswagen sold 110,511 units in February, up 5.3 percent year-on-year, with an 8 percent share in China.

($1 = RMB 6.8925)

More Chinese EV makers promise no price cuts as price war intensifies consumer wait-and-see sentiment

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China Deals Electric eMobility Enovate eV Fund Raising Industry News

Financially troubled Enovate reportedly close to getting life-saving money

Enovate has already owed its employees two months of salary arrears and its factory in Changsha, Hunan province, has shut down production this year, according to local media.

(Image from Enovate's Weibo)

Enovate Motors, the Chinese new energy vehicle (NEV) startup that announced late last year that it would build a production base in Saudi Arabia, is actually facing financial woes in its home market. However, the good news is that it is about to receive life-saving money.

Enovate is set to close a new round of funding in the near future, amounting to RMB 750 million yuan ($108 million), a report in local media Auto Time today said, citing multiple sources.

The money will arrive no later than March 24, one of the people familiar with the matter said. Another source with access to the financing said that it is indeed happening and that specific plans are being negotiated.

Enovate was formerly known as Zhejiang Dianka Automobile, which was founded in 2015 and produces mini electric vehicles (EVs). The Enovate brand was officially launched in November 2018.

In September 2020, the company's first model, the all-electric SUV Enovate ME7, was launched.

Enovate made its second model, the SUV Enovate ME5 with extended-range technology, available in China on July 13, 2021.

Enovate has closed eight financing rounds totaling more than RMB 11.5 billion, with the company's most recent financing round on October 13, 2020 for more than RMB 5 billion, Auto Time's report noted.

So far this year, Enovate has owed its employees two months of salary arrears, and its factory in Changsha, Hunan province, has shut down production this year, according to the report.

In addition to the Changsha manufacturing base, Enovate is also building factories in Shaoxing, Zhejiang and Nanning, Guangxi, with a planned total capacity of 220,000 units for the three production bases.

The money Enovate is about to receive will first be used for employee payroll and to push the plants back into production, the report said, citing an internal employee.

The company's performance in China has been weak over the past two years, with sales of just 1,778 units in 2021 and 5,321 units in 2022.

Enovate has begun targeting overseas markets as competition in its home market grows fiercer.

Enovate signed a contract with Sumou Holding in Saudi Arabia on December 7 to jointly build a NEV production plant here, as CnEVPost previously reported.

The two companies will form a joint venture that will make two phases of spending totaling about $500 million in Saudi Arabia to build a production and R&D base with an annual capacity of about 100,000 NEVs.

The facility, when completed, will be the first Chinese-branded NEV production base in Saudi Arabia, Enovate said at the time.

Enovate is another carmaker besides that has run into financial difficulties.

WM Motor has been in serious financial trouble, leading to disruptions in its operations over the past few months. On March 7, the company announced that it was addressing its challenges and was working hard to resume production.

WM Motor also has plans to enter Saudi Arabia, with an insider saying the company is planning a joint venture to set up a plant in the Middle East, according to an Auto Time report today.

The EV maker is currently in talks with the Saudi government and local wealth funds, and the exact timing of the plan is unknown, according to the report.

Chinese EV startup Enovate to build production base in Saudi Arabia with annual capacity of 100,000 units

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China Earnings Electric eMobility eV Hesai Technology Industry News

LiDAR-maker Hesai posts Q4 revenue growth of 56.6% YoY in 1st earnings report since US IPO

Hesai began trading on the Nasdaq on February 9 and has accumulated a decline of about 36 percent since then.

Hesai

LiDAR-maker Hesai posts Q4 revenue growth of 56.6% YoY in 1st earnings report since US IPO-CnEVPost

Chinese LiDAR maker Hesai Group (NASDAQ: HSAI) saw record revenue in the fourth quarter, though gross margin fell further.

Hesai reported revenue of RMB 409.2 million ($59.3 million) in the fourth quarter, up 56.6 percent year-on-year, according to its unaudited earnings report released after the US stock market closed on March 15, the company's first since listing on the Nasdaq.

The company shipped 47,515 total LiDAR units in the fourth quarter, up 739.2 percent from 5,662 units in the same period in 2021.

It shipped 43,351 ADAS LiDAR units in the fourth quarter, compared to 87 units in the same period in 2021.

Hesai's gross margin was 30 percent in the fourth quarter, down from 52.4 percent in the same period in 2021 and down from 37 percent in the third quarter.

LiDAR-maker Hesai posts Q4 revenue growth of 56.6% YoY in 1st earnings report since US IPO-CnEVPost

The decline in gross margin was primarily due to increased shipments of low-margin ADAS LiDAR products in the early ramp-up phase and lower capacity utilization at the in-house plant, the company said.

Hesai reported a net loss of RMB 135.3 million for the fourth quarter, compared with RMB 70 million for the same period in 2021.

Excluding stock-based compensation expense, it reported an adjusted non-GAAP net loss of RMB 110.2 million in the fourth quarter, compared with RMB 39.3 million in the same period in 2021.

The company reported both basic and diluted net loss per common share of RMB 1.18 for the fourth quarter. Excluding stock-based compensation expense and deemed dividends, adjusted non-GAAP basic and diluted net loss per common share for the fourth quarter were both RMB 0.96.

It reported R&D expenses of RMB 178.8 million in the fourth quarter, an increase of 13.3 percent from RMB 157.8 million in the same period of 2021, primarily due to higher payroll expenses resulting from an increase in R&D staff.

Hesai's sales and marketing expenses for the fourth quarter were RMB 41.4 million, an increase of 95.2 percent year-on-year.

It had general and administrative expenses of RMB 47.6 million in the fourth quarter, a decrease of 7.6 percent year-on-year, primarily due to a decrease in stock-based compensation expenses.

Hesai's cash and cash equivalents and short-term investments were RMB 1.86 billion as of December 31, 2022, compared to RMB 2.79 billion as of December 31, 2021 and RMB 2.07 billion as of September 30, 2022.

For the full year 2022, Hesai's revenue was RMB1,202.7 million, an increase of 66.9 percent year-on-year.

The company shipped 80,462 LiDAR units in full-year 2022, an increase of 467.5 percent year-on-year.

The company's gross margin for the full year 2022 was 39.2 percent, down from 53 percent in the prior year.

For the first quarter of 2023, Hesai expects net revenues to be in the range of RMB 390 million to RMB 410 million, or about 57.0 percent to 65.0 percent year-on-year growth.

Hesai began trading on the Nasdaq on February 9 under the ticker HSAI and has continued to fall since then.

The company closed down 12.36 percent yesterday, bringing its cumulative decline since the IPO to about 36 percent.

Hesai was up 3.02 percent in after-hours trading Wednesday following the earnings report.

LiDAR-maker Hesai posts Q4 revenue growth of 56.6% YoY in 1st earnings report since US IPO-CnEVPost

Hesai debuts on Nasdaq, becoming 1st Chinese LiDAR maker to go public in US

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