Why These 10 Stocks Soared Today

2. Hesai Group (NASDAQ:HSAI)

Hesai Group extended its winning streak for a seventh straight day on Tuesday, jumping 18.49 percent to end at $18.20 apiece, followed by new lidar technology launches coupled with announcements that it would ramp up its production capacity 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.