Investing.com -- On Monday, shares of Hesai Group, a company specializing in automotive lidar technology, rose sharply, climbing as much as 15%, following a company announcement that the firm has delivered over 100,000 lidar units in December.
Hesai Group, in a statement released on Monday, also shared its future production goals, indicating that by 2025, the company anticipates its annual production capacity to surpass 2 million units.
The company's stock performance has been strong, with an increase of 52% in value from the beginning of the year up to the last close.
Lidar, or Light Detection and Ranging, is a critical technology used in the development of autonomous vehicles. It allows cars to perceive their surroundings with high accuracy by emitting light waves and measuring the reflections.
As automakers and tech companies push forward with the development of self-driving cars, suppliers like Hesai Group are poised to benefit from the growth in this market.
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