Hesai Denies Military Links Amid US Court Battle

Hesai, a leading LiDAR technology provider, opposes allegations of military ties and awaits a US court ruling on its inclusion in a Defence Department list. The company, a key supplier to Chinese electric vehicle makers, reported profitability last year amidst accusations from Blue Orca Capital.

Hesai, China's leading LiDAR technology supplier, is embroiled in controversy as it awaits a US court's decision on whether it should remain on a Defence Department list accusing it of military ties. The company vehemently denies these allegations, maintaining its commitment to ethical business practices and compliance.

Shares of Hesai, a Nasdaq-listed firm, saw a sharp decline following a report from Blue Orca Capital. The accusation that Hesai misled investors, combined with implications of military connections, has sparked a fierce response from the company. In an official statement, Hesai dismissed the claims as baseless and unfounded.

Hesai continues to play a pivotal role in the LiDAR industry, providing technology crucial for autonomous vehicles and other applications. However, the ongoing court proceedings and reports of potential military affiliations pose significant challenges to its operations and reputation, particularly in the American market.

(With inputs from agencies.)