10 Firms Outperform Broader Market on Tuesday

3. Hesai Group Inc. (NASDAQ:HSAI)

Shares of Hesai Group jumped by 17.77 percent on Tuesday to end at $17.43 apiece following news that Baidu deployed 1,000 unmanned vehicles in Dubai, all equipped with HSAI’s lidar technology.

The collaboration stemmed from an exclusive agreement with Baidu Apollo in July 2024 to equip Apollo with HSAI’s lidar technology, as it aims to facilitate level 4 autonomous driving in the city’s complex environment.

HSAI CEO David Li emphasized the importance of their lidar technology in achieving safe and efficient autonomous vehicle operations, particularly in intricate urban settings.

In recent news, HSAI announced that it broke 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.