China AV Newsletter - Jan. 2024

January opened with CES 2024, while this event usually attracts global technology companies and OEMs, this year most Chinese Auto-Tech leaders chose to skip the event. Reasons vary between the current economic recession in China and the trade war that impact the business and trade with USA.

Focusing on local activity we find LiDAR leaders continue to expend, as both Hesai and Robosense announced new products and Robosense even got listed in HKEX (local rival Hesai is listed on Nasdaq). Another event that marks the shift away from US stock exchanges is the delisting of TuSimple from Nasdaq. Financials aside, the coolest update in the market is of a vehicle-drone, combiling BYD U8 and DJI Mavaric 2. All the latest and greatest inside.

Enjoy reading~

*If you prefer reading in Chinese or would like to share with colleagues – don’t forget that China AV Newsletter is also available in Mandarin via Weibo or at TheAutonomous website.

China AV Newsletter - Jan. 2024

Jan.3rd: Hesai's monthly LiDAR delivery volume exceeded 50,000 units, positioning Hesai as a market leader in volume production. Since its establishment, the company total LiDAR delivery volume has exceeded 300,000 units, while in 2023 alone it produced over 200,000 units.

Jan.5th: RoboSense was officially listed on the Hong Kong Stock Exchange, becoming the first LiDAR stock in HKEX. The IPO priced at HK$43 per share, with an opening market valuation of over HK$19 billion (about USD 2.5 billion), making it the largest LiDAR company in the world by market cap.

Jan.9th: Data released by Patent Result, a Japanese patent survey and research firm, shows that Chinese companies have filed 25,957 LiDAR-related patent applications since 2000, compared to 18,821 by US companies and 13,939 by Japanese companies. Starting in 2015, the number of patent applications filed by RoboSense and HESAI has increased dramatically. Not only that, the combined share of the two Chinese companies in the global LiDAR market has exceeded 50%.

Jan.9th: During CES 2024, Intel announced the launch of an AI chip for the automotive sector, designed to enable in-car AI capabilities, while Zeekr by Geely group became the first automotive brand to adopt this new SoC.

Jan.12th: BlackSesame Intelligence and LeddarTech, a global software company, have announced a partnership to provide high-performance and cost-effective ADAS solutions to Chinese and global automakers as well as to Tier 1 suppliers. Ding Ding, Vice President of Products at BlackSesame, and Antonio Polo, Senior Vice President of LeddarTech, signed the strategic cooperation agreement.

Jan.16th: This is a first of a kind and defiantly a unique vehicle, BYD joined hands with DJI to release the world's first vehicle-mounted drone. The new vehicle platform supports intelligent storage, automatic power exchange, charging management and moreover it enables one-button takeoff and landing. Utilizing the drone’s sensing capabilities and communication, it can provide high-definition, high frame rate and low-latency image transmission. This vehicle-mounted drone will be seamlessly docked with BYD's new energy vehicles, enabling autonomous take-off and landing, automatic cruise and intelligent obstacle avoidance.

Jan.18th: New fleet of RoboTaxis by Dongfeng Motor, received road test license in Suzhou, marking the first batch of operational RoboTaxis in Suzhou for 2024. The new fleet is expected to provide local citizens with trial ride service after Spring Festival.

Jan.18th: TuSimple announced that it will voluntarily delist from Nasdaq Stock Exchange and terminate its registration with the U.S. Securities and Exchange Commission (SEC). TuSimple stated, "Currently, the Company is undergoing a transition that the Company believes it can better navigate as a private company than as a listed company." Following the announcement, TuSimple’s shares plummeted more than 50% to 35 cents.

Jan.22nd: Voyah, a subsidiary of Dongfeng Motor, signed a strategic cooperation agreement with Huawei, in which the two parties plan to accelerate commercialization of intelligent technologies based on their respective domain advantages in multiple fields through cooperative models. Analysis suggests that the two sides may cooperate through the HUAWEI INSIDE (HI) model, and Voyah may be equipped with Huawei's Harmony OS intelligent cockpit and ADS2.0 intelligent assisted driving system.

?Jan.24th: NETA Auto and HESAI announced an upgrade of their partnership to equip the new NETA Auto model with AT128 LiDAR and establish NETA PILOT, a high-level intelligent driving system that covers the entire travelling scenario. The new model is planned to be launched later this year.

Jan.25th: Ruqi Mobility has obtained Robotaxi qualification in Shenzhen, and the company’s Robotaxi is officially active in Shenzhen, providing autonomous driving travelling service for the public. This is the second city where Ruqi selected to operate at, after Guangzhou. According to the approval documents, Ruqi Mobility is authorized to carry out fully autonomous unmanned Robotaxi for demonstration applications in Qianhai Area, Nanshan Yuehai Area, Bao'an Airport Area, Shenzhen Bay, Shenzhen Bay Port and other areas in Shenzhen.

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Sources: Huawei; BYD; tuSimple; Gasgoo; Neta; Dongfeng; IT Home; Hesai; Ruqi Mobility; DJI.

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