10 Firms Kick Off Monday Leading Gains

1. Hesai Group (NASDAQ:HSAI)

Hesai Group jumped by 12.63 percent on Monday to end at $22.30 apiece as investors cheered news that it was breaking ground for its first overseas factory to shield itself from the growing trade tensions between the United States and China.

In a report by the Financial Times, HSAI is slated to build its first overseas plant next year as it looks to build production lines overseas in addition to its factories in China “to avoid risks related to geopolitics and tariffs.”

“Our clients who are hoping to diffuse the risks have found it a wise approach,” HSAI Chief Finance Officer Andrew Fan was quoted as saying.

HSAI is a leading manufacturer of lidar systems. Earlier this month, it bagged a new deal with a leading European OEM to supply advanced ultra-long-range automotive lidars for the latter’s upcoming platform, including both internal combustion engine (ICE) and electric vehicle (EV) models.

“This multi-year program will last into the next decade, marking it the largest global program for the automotive lidar industry,” it said.

Additionally, HSAI secured a new design win with China’s 5th largest electric vehicle maker for the supply of its ATX lidar, which is expected to enhance the EV’s intelligent driving systems.

While we acknowledge the potential of HSAI as an investment, our conviction lies in the belief that some AI stocks hold greater promise for delivering higher returns and doing so within a shorter time frame. If you are looking for an AI stock that is as promising as HSAI but trades at less than 5 times its earnings, check out our report about the cheapest AI stock.

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Disclosure: None. This article is originally published at Insider Monkey.