Hesai Responds To Allegations Raised By Members Of Congress
Portfolio Pulse from Benzinga Newsdesk
Hesai Technology (NASDAQ:HSAI) has responded to allegations by the House of Representatives Select Committee on the Chinese Communist Party, denying claims about its lidar technology. Hesai asserts that its lidars do not store or wirelessly transmit data, as confirmed by TÜV Rheinland and Dekra. The company has ISO/SAE 21434 certification and passed TISAX assessments. Hesai lidars, which cannot capture biometric data, are not designed for military use and are EAR99 classified. Hesai also won an ITC case against Ouster (NYSE:OUST), proving it did not infringe on Ouster's IP. Hesai is a publicly traded company that operates independently of the Chinese government and has not received government equity investments or intervention.
November 29, 2023 | 7:00 pm
News sentiment analysis
Sort by:
Ascending
NEGATIVE IMPACT
Ouster's allegations of IP infringement against Hesai have been dismissed by the ITC, which may negatively impact Ouster's credibility and investor confidence in the short term.
The ITC's decision to dismiss Ouster's complaint against Hesai could be seen as a legal setback for Ouster, potentially affecting its stock negatively as it may raise concerns about the strength of Ouster's IP portfolio.
CONFIDENCE 80
IMPORTANCE 75
RELEVANCE 80
POSITIVE IMPACT
Hesai Technology has addressed and refuted allegations regarding its lidar technology, emphasizing its data security, non-military use, and independence from government intervention. The company's clarification and certifications may positively influence investor sentiment.
Hesai's comprehensive response to the allegations, along with certifications and legal victories, is likely to reassure investors and could lead to a positive short-term impact on the stock price.
CONFIDENCE 85
IMPORTANCE 90
RELEVANCE 100