- Seyond is Nio's sole LiDAR supplier, with 91.6 percent of its 2024 revenue derived from the EV maker.
- Seyond will become the third Chinese LiDAR maker to list in Hong Kong, joining RoboSense and Hesai.
Seyond Holdings, the LiDAR supplier for Nio Inc (NYSE: NIO), has passed the Hong Kong Stock Exchange's listing hearing, with trading expected to commence on December 10, according to a filing document on Wednesday.
Seyond will become the third Chinese LiDAR maker to list in Hong Kong, following RoboSense Technology (HKG: 2498) on January 5, 2024, and Hesai Group (HKG: 2525, NASDAQ: HSAI) on September 16 this year.
Seyond's listing differs from the other two larger LiDAR makers as it's achieved through a merger with special purpose acquisition company (SPAC) TechStar Acquisition Corporation.
Founded in 2016, the company operates R&D centers in Silicon Valley, Suzhou, and Shanghai, with LiDAR manufacturing bases in Ningbo and Suzhou in China. Originally named Innovusion, it was rebranded as Seyond in December 2023.
On March 28, 2022, Nio delivered its first batch of ET7 vehicles, marking the mass production of Seyond's LiDAR products.
Starting with the ET7, all Nio models are equipped with LiDARs provided by Seyond, with some models featuring three units. Neither the Onvo sub-brand of Nio Inc nor Firefly models utilize any LiDAR sensor.
Seyond's revenue relies heavily on Nio, serving as the latter's sole LiDAR supplier to date.
Its revenue for 2022, 2023, 2024, and the five months ended May 31, 2024 and 2025, was $66.3 million, $121 million, $160 million, $51.6 million, and $52 million, respectively.
Revenue from Nio amounted to $58.8 million, $110 million, $146 million, and $44.8 million, respectively, accounting for 88.7 percent, 90.6 percent, 91.6 percent, and 86.2 percent of total revenue during the corresponding periods.
In 2024, Seyond delivered about 230,000 automotive-grade LiDAR units, ranking fourth globally in sales revenue for ADAS (Advanced Driver Assistance System) LiDAR solutions with a market share of 12.8 percent.
Late last month, Hesai formally sued Seyond for patent infringement, according to a report by local media outlet Yicai on October 28.
The case involves Seyond's Robin E1X, showcased at CES 2025 earlier this year, and Hesai's AT series products, the report said.
