Chinese companies were not originally required to report to their home country’s regulators for U.S. listings, though the China Securities Regulatory Commission (CSRC) introduced new rules at the end of 2021 mandating this requirement.

The announcement did not disclose more information about Innovusion’s planned U.S. IPO.

Innovusion was founded in 2016 and has R&D centers in Silicon Valley, Suzhou and Shanghai, as well as LiDAR manufacturing facilities in Ningbo and Suzhou.

The first ET7 models were delivered by Nio Motor on March 28, 2022, marking Innovusion’s mass production of LiDAR products.

Innovusion closed a $30 million Series A financing round in October 2018, led by Nio Capital.

Innovusion raised a $64 million Series B in May 2021 and a $66 million Series B+ in August 2021, both with participation from Nio Capital.

Nio launched the new ES6 in China on May 24, and Innovusion published a post the next day stating that its two LiDAR production sites in Ningbo and Suzhou can operate efficiently and that the part will not have capacity issues.

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Financial report data shows that Hesai Technology’s revenue in the fourth quarter of 2022 will be 410 million CNY, a year-on-year increase of 56.6%; the annual revenue in 2022 will be 1.20 billion CNY, a year-on-year increase of 66.9%; the gross profit margin for the full year of 2022 will be 39.2%.

▲ Hesai Technology’s pure solid-state short-range blind-filling lidar

In terms of lidar delivery volume, Hesai Technology delivered 47,515 units in the fourth quarter of 2022, a year-on-year increase of 739.2%; the annual delivery volume was 80,462 units, a year-on-year increase of 467.5%.

Hesai Technology stated that AT128 will start mass production and delivery in July 2022 and continue to grow; the company’s cumulative delivery of lidar has exceeded the milestone of 100,000 units.

In terms of research and development, Hesai Technology will invest 180 million CNY in research and development in the fourth quarter of 2022, a year-on-year increase of 13.3%; the annual R&D investment in 2022 will be 560 million CNY , a year-on-year increase of 50.7%.

It is learned from Hesai Technology officials that Hesai Technology expects revenue in the first quarter of 2023 to be 390 million to 410 million CNY, a year-on-year increase of 57% to 65%.

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In April 2017, Hesai Technology provided Baidu with the first Pandar40 and began to enter the field of autonomous driving. In September 2020, the mid-range lidar XT32 equipped with Hesai Technology’s first-generation self-developed chip began to be delivered, and a total of nearly 10,000 units have been delivered so far.

Hesai Technology has delivered more than 100,000 lidars, including Pandar, QT, XT, and AT series products.

In September this year, Hesai Technology announced that it has become the world’s first vehicle-mounted lidar company with a monthly delivery of over 10,000 units. The monthly delivery of AT128 has exceeded 10,000 units.

Hesai has also invested nearly 200 million U.S. dollars to build the “Maxwell” intelligent manufacturing center with a planned annual production capacity of over one million units. The new factory is expected to be officially put into operation in 2023.

The “2022 Automotive and Industrial Lidar Application Report” released by Yole shows that China is in a leading position in the global automotive lidar market, mentioning 15 lidar companies located in China, of which the world’s two largest automotive lidar companies are from In China, they are Hesai Technology and Sagitar Juchuang. In terms of revenue ranking, in the automotive field, Hesai Technology is the world’s No. 1 lidar company in terms of total revenue. In the field of self-driving taxis, Hesai Technology also leads the way with absolute advantage, ranking first in the world with a 58% revenue share, more than twice the share of the second Waymo.

Hesai Technology also recently launched the FT120, a pure solid-state short-range blind-filling lidar, which has received more than 1 million mass production appointments from many OEMs, and is expected to be mass-produced and delivered in the second half of 2023.

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The partnership with Volkswagen is Innoviz’s third win with a Tier 1 supplier. in April, BMW revealed that Innoviz’s LiDAR will be used in the 2023 BMW i7 electric vehicle, and last May, Innoviz was selected by another unnamed Tier 1 automotive supplier for its self-driving shuttle program.

Volkswagen has not yet revealed which models will use Innoviz’s technology first, but the automaker has been making several moves to improve its advanced driver assistance systems (ADAS) and autonomous driving capabilities. Earlier this year, Cariad and Bosch partnered to develop autonomous driving software for Volkswagen, and in May, Volkswagen selected Qualcomm’s Snapdragon Ride platform to support its ADAS and autonomous driving.

Innoviz said the Volkswagen project brought in $4 billion in advance orders, bringing the startup’s projected total sales to $6.6 billion.

Innoviz said it was able to achieve a high level of performance at a low cost using a 905 nanometer (nm) laser with a vision range of up to 300 meters. LIDAR competitor Velodyne also uses a 905 nm laser and claims to be able to reach a range of 300 meters. However, Velodyne’s highest performance LIDAR is 128 lines at up to 20 frames per second. In comparison, Innoviz has 600 lines and up to 20 frames per second, the company said.

Keilaf claims Velodyne’s product costs thousands of dollars, while Innoviz’s costs hundreds of dollars.

“What really sets Innoviz and this deal apart is that we won the deal as a Tier 1 supplier,” Keilaf said.” Innoviz is the only LiDAR manufacturer to receive this designation. This marks a significant shift – not just for Innoviz, but for the automotive industry as a whole – in the way automakers work with technology suppliers. As a Tier 1 supplier, we benefit from direct access to original equipment manufacturers and increased margins and profits.”

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The above picture is from blogger Chen Zhihao Aries

It is reported that the blogger was driving normally and was “cut off” by a Nissan Xuan Yi, which directly led to the two sides colliding together.

Because the Peng P5’s LiDAR was placed at the front bumper, it was directly damaged, and the initial estimate for repair was 19,022 yuan, of which LiDAR accounted for the bulk.

This shows that the new energy car premiums are not unreasonably high compared to fuel cars.

Recently a variety of new cars have been listed with LIDAR, but the location is not the same, Xiaopeng P5, Polar Fox Alpha S Huawei HI version of LIDAR is assembled at the front bumper, while the Azure ES7, ideal L9 will be installed in the roof of the LIDAR.

As the bumper itself is a cover, it can be used to deal with some small cuts and scrapes, but the expensive LIDAR is placed here, it is against the original purpose of the bumper, from this point of view, the program of placing the radar on the roof seems more reasonable.

In addition, there is another program, that appeared in the Rutgers and Baidu set of cars, that is, the use of hidden laser, placement can be in the front hatch and other places, the overall shape is somewhat similar to the once very popular jump light.

So where do you think the car’s LiDAR should be installed in order to effectively avoid this kind of serious damage caused by a small accident itself?

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