The Chinese leading supplier of LiDAR technology has denied a report saying it has links to China's military. Hesai Technology's Nasdaq-traded shares fell about 10% after the stock research group Blue Orca Capital issued a report that also accused the company of misleading investors.
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“We are aware of the report published by short-seller Blue Orca Capital,” Hesai said in an emailed statement. “Hesai is committed to stringent standards of business ethics and regulatory compliance. We strongly disagree with the allegations in the Blue Orca report and are of the view that they are without merit.”
LiDAR is short for “light detection and ranging.” It uses lasers in remote sensing to measure distances and surfaces around a device, supplementing information detected by cameras and other sensors. It’s used in autonomous driving and other applications such as consumer robots and industrial automation.which General Motors GM bought in 2016 with high hopes of developing a profitable fleet of robotaxis.
The Blue Orca report includes still images of tanks shown on the Chinese national broadcaster CCTV or in other state-run media and at industry exhibitions that appear to be equipped with Hesai LiDAR units, with close-ups showing the brand name on the devices.
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