Hesai (HSAI) 26 Nov 242024 Q3 Earnings call transcript

Hello, ladies and gentlemen. Thank you for standing by. Welcome to Hesai Group's Third Quarter 2024 Earnings Conference Call. [Operator Instructions] Please note that today's conference call is being recorded. I will now turn the call over to our first speaker today, Yuanting Shi, the Company's Investor Relations Director. Please go ahead.

operator. you, Thank thank XXXX and joining Group's Hesai Hello, Conference you Call. Quarter Earnings Third everyone, for

Our is services. Today investor.Hesaitech.com, who updates. as from earnings website CEO, will well IR release our of as now provide available an via our David Newswire Dr. you overview hear our will Li, on recent at

would we will our call our results financial welcome questions. address open for Mr. the CFO, Next, new to before like who Andrew we Fan,

SEC in to make the which Before press will David, please our also more CEO, we statement refer safe this most thoroughly our earnings measures Li. the filings. With explained call we'll measures you Dr. are which pleased David as reported ahead. and the comparable note continue, forward-looking to that, applies turn to today, Company discuss non-GAAP to reconciled release, GAAP harbor I I'm Please that on our call over the statements. and to the go release in earnings

you, Thank you, Yuanting, and everyone, for our today. call joining thank

with overview quarter's this an of progress. start Let's

First, end a revenue third the strong for and revenue of trajectory. XXX.X delivering we net growth high guidance quarter, of maintaining our RMB the surpassed million

to accelerate growing total recognition We second of and the next during a LiDAR driving our continue momentum that delivered of of And among autonomous nearly brings will a systems. that XXXX quarter into consecutive year. this to remainder also third quarter, We This carry growth. of underscores trend customers. units XXX,XXX we're our over adoption the marking XX% confident LiDAR sequential value

revenue net by reach performance, a ahead profitability projecting USD we're net the path us the trends a moving XXX be XX USD This to non-GAAP LiDAR making us with enabled overall estimated profit performance. more and efficiency couldn't fiscal consecutive this as to and year exceptional projected of million financial monumental fourth for quarters. XXXX, Second, full million speed of consistently Fueled excited with basis to financial powerful the our puts automotive operational X on commitment remarkable close reduce full a a GAAP year quarter our for now has unprecedented an goal, an us for loss worldwide towards we're financial discipline milestone. to first We alone. on strong company

in LiDAR progress vision-only the anticipated Highway with Is safety an critical X market launched X.X a technological low in more a create landscape, the a collisions not rate vehicles overall city driver will automotive has training XXX% NOA solely probe like into X equipped report units a have low LiDAR buffer, This standards. A Looking models poor offers adoption. undoubtedly visibility on significantly vision and vehicle a a or of for X/X of leading in systems, key the driving XXX in systems. with XXXX affordable multiple higher XX% estimating occurred broader to on We approach camera-based conditions autonomous Level struggle they equipped the at technology driving safety, and highlights of data and LiDAR as recognized will enhance the The essential standards safety require becoming if advanced perception million of believe will human exposed capabilities. XXXX. A glare. generates role indicate Safety These with enhancing and technology, is a U.S. depth visibility driving, X+ critical vision-only even airbag XXXX the likely safer vehicle for scalable, it employ LiDAR, have around According improving vision-only is recent its they directly point XX% incidents key and increase exciting systems only not that penetration irregular recent are the systems. LiDAR solutions, scenarios. visibility it will which addresses with NHTSA, evolution future the a China, industry adopting remain in and cameras Traffic models National LiDAR with NOA that Administration, platform, relying but fog may to by after adoption of investigation service to still is for Moreover, technology seat-belt making safe, information raising the Level approximately turning analysis conditions than projected limitations safety highway vehicles LiDAR safety system a advancement XXX-meter drivers. the now in without as real Gasgoo, limitations truly in and an also In or vulnerable light contrast, and expansion driving. vision-only demand in from autonomous which depending autonomous for will achieved extensive and own adopt alongside language ADAS LiDAR increasingly active driving? While sufficient safety AI safety a LiDAR like strong algorithms, functions a marks sector question. industry which ADAS vision with of for measurement phase autonomous as and Level in recent in objects. With autonomous introduction models research more a of

us, Li to moment for roster our largest ADAS a Li supporting the advocates let's achieved China. LiDAR well vehicle new milestone will ADAS of X OEM pursue in that remarkable producing showcasing system. key confident by our continue as their our leading our cementing market client, integrating Now further ADAS supplier millionth also who a which a role rapid clients partners discussion We're LiDAR a Auto, strong in our October, our its proud the into this shift sector. in for success are share maintaining of momentum as goals, as growth as in Auto's marked

LiDAR a a EV models backed brand will EV serving main Leapmotor, supplier more? new win leading new a group. be manufacturers these thrilled broadening in models manufacturer We by market. What's while confidence maker wins. of technology to reflects that collaboration the commence Production with Hesai This exclusive in in Chinese expected of our our rapidly trust flagship facelift as exclusivity leading XXXX. in platform placed presence and leading and announce also growing a the EV premium EV in to these We're recently with automotive is a China these secured the for X with new China. a

cost the of a power LiDAR release upcoming our driving rapidly ATX LiDAR to ATX customers ultrahigh-performance in in their XXXX lead And intelligent proud line-ups. The for one efficiency innovative already approaching volume momentum, scalable our next-generation interest phase. their with shipment design slated top multiple we're this and have on integrated also Its selected cost-effective LiDAR models to with of XXXX. EV Building exclusively is exceptional X sparked standard industry, by planning leader future adopt it As in has is significant the its to pioneering Level as OEM our customers this feature and SOP way. a here. alongside the

quarter's global expanding domestic This our ADAS with in new progress market beyond reach. the success extends

our performance platforms. it's solutions of shipping several integration and perform into critical B-sample global programs standard. First, vehicle verifying through validating with essential technology's automotive to delivery have step under our LiDAR advanced that in our and successful their phases ensuring our units, the leading partners' are with a key OEM real-world OEM's a the for These how conditions samples aligned assessing worldwide

vision of for streamline the also OEMs, These contributor China vehicles future generation next innovation. To collaborations joint X LiDAR enhances that to prominent our Together, position wins and venture ventures China partners' advanced program, we vehicle our chain. signed capitalize new chapter more X the vital emerging alignment helping our the us expertise. the collaborative venture standards and Americans LiDAR aim automotive X partnership to sales been progress on define X way design has volume. in into of supply enhancing while global the European our us propelling global automotive and meet our a instrumental us and and guidance strategic position for enable an for joint to helping automation believe position network with will pave smart will Our and for strategic to Volkswagen in as Their global have marking a enhancing innovatively framework we supplier automotive opportunities resources top-selling our recently mobility. Furthermore, operations SAIC effectively. We ecosystem, the the technology including by collaborative companies. automotive a vehicles, to our elevating capabilities, established in date, global features secured participation shape with joint leverage safety with in the a integrate we OEM's in

projects, X trust development excited Level and top our AM as technology of the and robotaxi yielded highlighting in Our newly delighted both influence ADAS the broader efforts with Asia programs diverse capabilities across Level programs to announce POC promising passenger These market X of X+ to also X growing expand We're cover X and vehicles and our secured global the in our have both underway partnerships about programs in segments proof-of-concept scenarios. OEMs systems' have into to the with X Japan. in OEMs. applications, results. a they POC opportunity a LiDAR these move the valuable with these placed a next market. Securing various leading while underscores functionality we're POC Japan our we OEM expertise projects Currently providing And potential global across showcase phase. footprint

LiDAR broader which have particularly X rapid years, concentrated in industry sector, ADAS driving, seen intelligent on past China. and advancements largely growth the has Hesai the the substantial driven by Over both in

market, have key significant traditionally opportunities committed While a sector mobility share. the will held exploring autonomous ADAS to we focus, also where remain a in broader global the we're

OTXXX debut, architecture scalable to market-proven in of slashes, systems. factories, opportunity from ADAS OTXXX cloud robotaxis, OTXXX at we the Transportation strong application performance automotive-grade rate field, market XXX-degree million ATXXXP made XXX-degree offers XX% a its our latest per Hesai's range intelligent inheriting ideal a to and reflectivity. in integrated integrated LiDAR mechanical and OTXXX perception scenarios market, LiDAR mobility has solution point key a diverse to detection growth with of a as system, XXX-meter distinguishing potential OTXXX long-range the Hesai's Fair technology's the XX% autonomous smart point effective sensitivity, at rain, impression XXXX new in detection including continue price across emerge. In exhaust offering components a innovative a best-selling also perception cases second engine emphasizing and makes prioritizes logistics. the enable applications, mechanical proprietary valuable market. Since as boast water high-performance X.XX for the fog, Germany, our flagship IAA September, As use industrial and This a unique of LiDAR. LiDAR robotics, over that autonomous and vertically unveiled it an exciting all-weather

strengthen vehicles. EasyMile and and have We have production to Germany already the over early our at the new exploring further ADAS leveraging in domestic range use Student Fan, corporate LiDAR in expertise world's confident CFO. and least, and I electric competition like played finance, Hesai With value on we're but that These Andrew. At Andrew, XX-plus new secured of please instrumental and LiDAR solutions and this share who versatile highlight for the as outlook. Champion with contracts Andrew will both of the introduce ahead. Autonomous management, and joined for our and us years such details delivery community committed the has OTXXX shareholders. our call with advanced of recently our Embotech, financial our Race turn an engagement industries. We now XXXX, Welcome, global not largest of Mr. line-up and accounting customers our remain go our our the growing of new WeRide, Andrew sectors, to driverless the he to LiDARs. Last will I OTXXX begun. Notably, a wide car as more success financial in and XX enhance clients cases would and already performance role to Hesai Formula engaging point, recognition sustainable the across Westwell, investor create for over AM successes help

everyone. and Thank you, hello, David,

call management the length streams details. Starting our over million quarter, of or surpassing this quarter, we through of To third our be consecutive our earnings momentum go compared reflecting supported sequential a quarter approximately this our our the to our of diverse earnings year with to customer high the strong distributed and LX optimization. mindful blended and years. for by further XX.X%. prepared refer broadly growth. nearly large-scale today, third of the revenue robust effective XX% for the margin global The to revenue for being significant player was The across robotaxi our of of NRE to financial of from customers, numbers; scale I guidance. for which XXXX. Thanks end shipments by third in shipment across the cost previous range gross diversification listeners units was encourage in figures LiDAR robust achieved potential release Let's operating quarter increase flywheel a XXX.X more approach are by margin leading Shipments quarter RMB million, to XX.X a is in cost our second at marking bolstered XXX,XXX LiDAR, quarterly and remained revenues USD our year. Meanwhile, deployment revenues coming further

result, growth. manage a This efficiency to us commitment while narrowed enabling consistent has our on loss reflects X quarterly quarters. our discipline, As to GAAP net improvement and better operational focusing consecutive sustainable for resources financial

units, shipments astounding soar an current USD XXX,XXX a a we are total flow. estimates, and fourth quarter XXX USD fourth XX nearly in to net net profit expecting our of revenues on matching reach are ahead, XXXX. expected quarter delivering with Looking positive shipments to nearly volume to million, our light cash Based operating million record-breaking estimated an projected

Additionally, first conclusion, explosive the outlook LiDAR commitment automotive performance, demands, Company's successful to growth we for this drive company strong us year underscores of close We this reach worldwide finish. a XXXX, to on and like fiscal customer robust operational basis notable would remind landmark non-GAAP to full This on momentum you market anticipate preliminary to become a based and and acquisition financial our milestone. is are market conditions positioning to we reflects unstoppable operating all positioned excellence profitability capabilities, the subject that a anticipated have XXXX. towards and market us change. In as the to year which estimates current for conditions our achieving

your of a enthusiastic for are our you to as build and achieved concludes we ahead. We support and we prepared proud the today. remarks to continued about progress stronger ready the for are now trust the we opportunities industry. This Hesai are and questions. work Thank Operator, global future take have

Morgan question [Operator Stanley. with first Your Instructions] comes Huang Cindy from

is Stanley. Cindy This Morgan from

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so the that could analysis errors. coming situation. Cindy, believe XXXXH is these dialogue current And in the is providing do seek with correct the to you unlawful those this We DoD, the Well, open new months. that are look in will we of the government's we forward court status continuously helpful?

very Yes, helpful. that's

in profit expect year Should as we remarks, also think the full I in achieve first net GAAP you Hesai profitable prepared to the be XXXX XQ. mentioned will GAAP well?

take This me is question. this let Andrew and

Before my the of I look address with let Hesai. question, gratitude to together this for forward your continuous in team. to I future And IR Hesai's you express all support me

ensuring this For XXX path the to is us. QX fourth million we year this USD our that a question, to approaching major are with projected peak profitability and steady share in are revenues be the season we for on every towards quarter set schedule. our knowledge, year, happy milestone a achievement of Besides, XXX,XXX resilience LiDAR the matches global our in mass an player while delivery impressive units, our cost remain as since such other up reaching an financial industry at we unprecedented operating no financial scale robust, deliveries inception. our strength management production. To

financial doubled QX XX% profit operating leverage. exceptional nearly only by grew gross our our showcasing in year-over-year, statements, year-over-year, expenses highlighted while operating As our

expenses for with margin quarter-over-quarter. to gross remaining blended operating exceed We stable also QX the anticipate XX%,

an positions QX. Taking breakeven additional are it XX income a solid have propelling an testament quarterly level, a as scale next around RMB we your and leading to profit interest financial we well XX the that to million covers Hopefully, success. estimated net to payments foundation from achievement USD QX. continue average This toward is and question. drive and are other growth income our in us the reach building million, us to customer, typically our Additionally, in incredible received we

I Cindy. relevant your to for think question, And XXXX, it's

And side, growth the our controlled. internationally domestically see We will on will because more controlled, has solid well top expense the fast. customers, up and other line ramping and So both very adopting well LiDAR. very the been rate more be penetration cost is be

year targeting profitability for we'll be full for well. XXXX, as So

Hou question next The comes from Tina Sachs. Goldman with

first volume XXXX the regarding since So guidance might we're is time, then our question onboarding be more the OEMs. margin the ATX but -- same as more mix of revenue as there product. at well And

So just impact, And in we is what third quarter wondering LiDAR terms our also what wondering about like NRE should margin? gross 'XX, XXXX overall? excluding the project of for think more normalized

Let this me question. take

believe that which we forward models, and Looking we year beyond. in design secured have achieving are already wins in for XXXX, car SOP new XXXX significant year

Some our world's solutions from manufacturer, EV very are LiDAR modules, largest the major begin of expected those soon. with our production to customers' including best-selling

are some XXXX adopting units as clients and millions throughout year. our of Additionally, LiDAR ship us customers' our forecast. starting This based of a on to positions standard configuration next XXXX

that. in and we'll one earnings have coming are in in X clients' expanding by now, view a manufacturing for needs next about year. Revenue-wise, of our March, to the As operation, year-end our have production meet we lines Hangzhou and with new clear Shanghai facilities one

will XXXX, different we modules for AT in of production. X now, of have As year

will one teens. moderate is ASP in ATP, decline first a current which annual in The the experience

meet higher a standards, tag. The AT is much second LX ultra-high-performance to which designed enjoy price will the module

adopting to ATX year year compactor, the series with flagship from standard in as that Lastly, contribution configuration. XXXX. cars ATX, expect XXXX, start revenue the relatively I in will modules increase cost-effective a it quickly some production begin will

exclude Second gross NRE which our QX question same plus revenue, that expect be about quarters, XX% margins. is the that margins, normalized largely this would I if we about will as

[ next Huatai Shang with comes Yu ] question from Securities. Your

robotics what currently, My the first the in difference And in what's Language] difference the and to long technology are term, between the the know, customer the robotics. the I ADAS main [Foreign in production for ASP? question is want and about robotics. LiDAR

Let questions me address the English first. in

And domestic industrial For they successfully are some have applications, secured rapidly international from clients. both logistics robotics the hub e.g. new and operations, growing. we in orders and

that Whether to elevate think I these all in series to lives. goal we platforms, autonomous the our own users market, to experiences are is segment our are vehicles clients. cetera, XT, have always or deliver Regarding mission services product and with Panda, robotics selling empower to these OT, superior alignment through robotic our their et and

ASPs, visibilities forecast you have the different clients have of I revenue from more we where a think development monitor the give the the see revenue segments. to contributions We'll clearer we from Regarding to different contributions. from

more a regarding David wanted Li is robotics This give and few I industry. to remarks the

define let's robotics. First,

we first, I and think we even not So higher we're side. close the right? When units LiDARs, year of thousands cover still not volume of to a everything robotaxi, than optimistic about much And soon. secondly, the that's robotics And on okay? the strictly for million side. the technical comparisons, the it's the robotics, volume, about at and it's tens talk talking application because most few it's very a bigger in about much ADAS pretty ADAS ADAS, direct is ASP X

resolution. as we does FOV, need most the miniaturized looking box packaging applications, highest as clearly It of as is extremely ADAS, see, a not longer The that is needs hopefully, range. it forward-looking priority see well robotics to with priority. forward, not For better cover the like right? For wider a to

Hesai's product. Having and range, range, integrated as capability OT capabilities of in for It's our our of longer type the especially semiconductors, share on different fundamental design shorter level they that, and So system, and on quality manufacturing ASICs. capability, strong a a the very terms we result, QT. XT of of on great have for said a similarity of the we have

receiver, terms ADAS really computational et backboard to robotics, LiDAR, of of in that boil deal and the laser, You the functions it's the the that robotics cetera. The different if truth think units, down parts is great cetera. and end, and units robotics and et power, might and the signal in you LiDAR processing the the the the driver, very performance, LiDAR the

If you support can a of into we proprietary them, already them break both down and ADAS a of chip have that each lot them, robotics.

especially the great ADAS, words, other to the them we those quality extreme in we and strength China ADAS, after cost go capability from leverage and So and develop performance and use technologies LiDARs on why That's extremely gross high [indiscernible] on and extremely compared like robotics profitable, ADAS for margin robotics. It's we to on right? competitive are high remain especially that reason.

And is ADAS about my question second the area.

mentioned you shipment new year. next now the ATXXX I [Foreign will and to next rapidly the Just the Language] And what's in and of long also grow that term? the ATX want know, proportion in year estimated production the

this that year take we shipment year. in of XXXX believe Again, that XXXX, total at I millions will year me Let look if the in units exceed question.

of say, However, -- probably long-term breakdown ATX the only matter turns, go no still how until, share our will along, blended Thanks we management year. But cost stay ATXXX, and and regarding our margins, the next gross detailed which the scale details between confident we approach as mix flywheel effective we have March more we to optimization. and to with cost are healthy. share can

Zhang from Olivia next with Your HTI. question comes

I know want cooperation become in with in ecosystem. Huawei This is brands OEM know, My from has have intelligent to important market. question an driving Huawei established I Haitong. we Olivia some is, role the

Language] forward? going [Foreign So see the we cooperation how do

Li. sure. Olivia, David this is Yes,

player, with Huawei good As competitive Huawei First, to use right? very of try right? a Watch, a and on the Huawei, Huawei is our clarify are me a Let now, phone view Trifold products. very which collaboration/competition I

against far see and the clear today the solution in build they we feel system who Huawei's So I at a Huawei use use good components, products. Huawei the like are sense only ecosystem, And competition namely a that what not a as is Huawei's they level. said very situation within our having world. And use Huawei the as people LiDARs of [indiscernible] that, they

become sell individual that the We they use today, solutions. unlikely components, that ecosystem And So right? will only we we believe, component reason, because an Huawei. within it's from we essentially supplier for sell don't Huawei everything

And and today, and why been the chain rest Huawei's so the the divided sort between the of market own brand has that's world. supply of their

And very so seems to far, for it clear sides. both be

course, to world. market Our own hopefully share our goal, our maximize in of is

So that has our been strategy.

Of course, cars. own cars Huawei overlaps having brands and are their said and are there who that, there have have their branded

customers with would And we'll going share after. work few OEM models, And mind, customers in a they of very of with have use are car don't will Huawei as that. system, way. like an to works working not OEM. likely The But my Huawei with it same bigger. we the We the also it work continue Huawei Huawei have components. the have with global are only in they those much LiDAR. our one else's or Huawei with strategy. we're significant continue OEMs customers to belief working who that But cars the zero very their have rest The when LiDAR, no will little effort have their been the that has end, been build fairly own That successful Huawei our world still is That's a in solutions. And market today. is it's

The question from follow-up Cindy Huang. a next is

follow-up some And I product? the also, will adopting we on partnership have can be batch first OTXXX. update question a this Who with of Cruise? new regarding also customers get our

take Let question. me this

which the to scale. and can integration our scale Also, smart Regarding like got built in for cost clients new this industrial, ADAS economies components scalable and best-selling take of ADAS its robotics, around thanks down. LiDAR, locked production with our of XX applications factories, come like XX% vertical flagship logistics. mechanical LiDAR worldwide. Financials, has key We over It OT, from robotaxi, deals yes, is already products. keeps advantage of

can it can gross margin margin typical for means the With is For products to even LX this even orders, clients, improve especially large further. large higher. more Its volume be gross or priced comparable orders. slightly our competitively,

popping deliveries. production growth XX with of has up. price. less And already revenues it's sector more over cases about AM USD new it and performance, have already And in started brought opportunities on We in use million is full far. exciting The so

thrilled about are We ahead. what's

information, to Your updates. this other ongoing Based and into invested significant additional year. has operations funds made has public GM progress Cruise regarding on group Its Cruise its initiatives. strategic question Cruise support

NHTSA halt Following since vehicle operations position and to has challenges autonomous overcome Phoenix, late cities is a into resumed its a Dallas, and Cruise solidify like in in Cruise investigation closed supervised the Houston. leader vehicles tests its in clearly in making driving autonomous XXXX, efforts temporary technology. as August Cruise XXXX. Recently,

for in As QX operations, which NRE robotaxi leading also recorded global prepared LiDAR, to expanding. recently in were revenues LX reported the you Nuro player our are being be coming making autonomy potential players see, testing beyond year. International robotaxi we commercial is large-scale and continues from by opportunities a Zoox to actively question. deployment optimistic to as scaling answer and towards the about autonomous strides and business That's technologies. evolve LX of grow. in vehicle We the their industry my remain the deployment this their

next Jeff comes question from Citi. Your Chung with [ ]

fourth RMB quarter to for Excellent around recognized results question each This net the the the the fourth quarter, is is XXX a be around Thank XX% approach and for And And is, XXX million. from into my will #X, work. for order RMB quarter million. guidance. quarter Jeff the OpEx in we sir, into OpEx third margin Citi. level you, the good the

us quarter know the low let the forward So XXXX. impact you into about XXXX, could into be normalized going is should #X? #X season first what OpEx

quarter happening year, this the into that potential result potentially. quarter in demand know growing the a a first sloppy fourth be in all we there should As pre-buying

normalized us are into the margin first you So my also the margin guidance could quarter XXXX? guidance throughout X GP the first questions. give Those and

to of billion; on XXXX, non-GAAP G&A. X% the we is is RMB and a than Yes, sales believe which OpEx OpEx. full on basis. the XXXX, XX% and basis, basis about out year XX% grow rest year a marketing, OpEx growth a X a regarding R&D, basis, On and by will to question our on non-GAAP XX% a goes is that less GAAP XX% on first Your basis full

is active management actually For and year better response have we OpEx. for XXXX, to question more take committed discipline. efficiency financial a That to my to your expense ensure

be to order seasonality QX, to a weaker we QX, for on of year. than end clearer QX probably typically, until the have on Regarding basis. give tends the you a wait QX guidance quarter-over-quarter due But to reasons, to guidance this in

comes Thierry from with Lou question JPMorgan. next ] [ Your

just secure think kind trend? many of the of to switch better them how potential that I'm do design how question do among SOP? actually And for are how be will one pending for XX about I ATX. cost design kind willing wins, the ATXXX also And you from ATX any of your wins, many for see to wondering, of of you the clients And have structure? I'm ATX? that wondering,

equally are $XXX the competitive has are product, It right? some so highly product that So it's years I'll optimized right, AT, a is range. affordable of performance comparison AT. AT. a competitive an X behind parts ATX to than XXXX, AT means it's you but It's in July a and slightly in its give SOP worse much the But more fair the and one, which sometimes versus journey overall, maybe more of So first X of right? started ATX

is very like cetera. with is can engine natural of It it's level, new great the from amount our driving with So smaller, are et as point it and top that Level to -- has it's low And way, decision and accommodate a to change of cost. rational X+ semiconductor. ATX right? So because really it's switch which process long features it's looking the cloud on ATX similar AT, the choice. who AT cloud also for a It to the low which design. that sure and a additional lot the do a has a of different weather as means rational people of a natural By the features. conditions, analyze fourth-generation innovations a in intelligent lot IPE, to large we power making has point And they

you the can the kind of over the accommodate that a why who switch anybody similar looking as the performance brainer it's that's engineering to and as can changes takeaway level for saving. is So of is you long of enjoy at AT, no

industry me, LiDAR fact great of value for the past of LiDAR. of especially is the only intelligent To a direction However, trend increased driving, year, also moving on of at demand signal that it's statement a the we of the and a you not creates. such if look it's the the towards, adoption see system

more much version creates Level right? as capability. a which world more at higher So and of system. better most that's terms global and already X, X it, brand you more distance people is the global of powerful we in everything, automotive naturally, want look value, and announced of Level That when what Level So call terms the we in it market, if much a is in X have design price, we of a the one the resolution win famous

a be will ASP that so the in that And higher much ATXXX family. is product

while be it handle different resolution of with increase. already more is of strictly and close a the AT. with will LiDAR XX% will lot why, that's ATX, Level They distance true and premium a a they trim So functions using conditions to have X line also XXx the of the that with to use powerful the much customers roughly

are that's situation the question. facing. And this to we're Yes. your answers there So more it? Hopefully,

Yes, follow helpful. color advanced ATX you in just of very this product? a May I share up your AT price between gap the and could that bit that's terms also

always handles It's much, the is family, lower, again, of more actual that. case at because But ATX than Level the So functions. it's range SOP a will AT by on which and case LiDAR the is a without double volume the numbers, on the X And it's which disclosing more or ATXXX it depending time. configuration, remain higher LiDAR. expensive much range, $XXX depending

different value equation. proposition a the completely is So

ultrahigh-performance better will are or in family to overseas shipping from well, of is LiDAR, a and okay. XXXX starting enjoy we the the ship as margin hoping which XXXX ATXXX And

As over there to to I'd back the like further now conference no turn for are questions, remarks. closing Company the

again Thank once you us for joining today.

further to you feel Thank today's contact please IR next to goodbye. our look any team. quarter. you we free This and call. have speaking to you again concludes forward questions, And If

call. conference today's concludes This

your Thank now may line. You disconnect you.