Jessie Lo's questions to Hesai Group (HSAI) leadership • Q1 2025
Question
Jessie Lo of Bank of America asked about the Average Selling Price (ASP) trajectory for ADAS LiDAR given the product mix shift, and also requested an update on domestic capacity expansion and details regarding the new Southeast Asia plant, including CapEx and timeline.
Answer
CFO Andrew Fan detailed the ASPs for different products, noting ATP at ~$350, high-performance AT at ~$500, and the volume-driving ATX at ~$200. CEO Yifan Li added that cost structures are set by design and scale, making ASP declines predictable. Regarding capacity, Mr. Fan confirmed the 2 million domestic unit capacity is on track for year-end and the Southeast Asia plant lease was signed, with operations expected by late 2026/early 2027. Total 2025 CapEx is guided at $30-$50 million.