These 10 Firms Soared Last Week, Here’s Why

4. Hesai Group (NASDAQ:HSAI)

Hesai Group surged by 19.5 percent week-on-week to end Friday’s session at $18.29 versus the $15.30 close a week earlier, as investors gobbled up shares in the company following news that it was aggressively expanding its production by fourfold this year.

Last week, Hesai Group (NASDAQ:HSAI) founder and CEO David Li Yifan said that the company will expand its manufacturing capacity to 2 million units this year from 502,000 units last year to keep up with the strong demand for its products used in driver-assistance systems in cars.

“We can guarantee capacity expansion to 2 million units within a few months,” he was quoted as saying at a media briefing. “Supply chain will not be an issue. For us, it is just a matter of building more facilities.”

In other news, Hesai Group (NASDAQ:HSAI) recently launched the Infinity Eye, a lidar solution for level 2 to 4 autonomous driving.

According to the company, the new technology includes three configurations—Infinity Eye A, B, and C—each tailored to meet the specific requirements of L4+ high-level autonomous systems, L3 conditional autonomous driving, and L2 assisted driving, respectively.