11:43 AM EDT, 10/01/2024 (MT Newswires) -- Hesai Group ( HSAI ) said Tuesday it signed a cooperation framework with SAIC Volkswagen to develop an automotive lidar program.

Financial details weren't disclosed.

This collaboration seeks to establish a new ecosystem for the automotive industry by utilizing Hesai's ( HSAI ) advanced lidar products and technology, the company said.

SAIC Volkswagen Automobile is a joint venture, run by SAIC and Volkswagen Group, according to the company.

Shares of Hesai ( HSAI ) were down 4.3% in recent trading.

Price: 4.49, Change: -0.20, Percent Change: -4.26