Pentagon Removes Hesai from Blacklist, Stock Surges 19.9%

Aug 13, 2024, 03:37 AM

The Pentagon has decided to remove Hesai Technology, a Chinese lidar maker, from its blacklist of Chinese military-affiliated companies. This decision comes after the Pentagon judged that Hesai, the world's largest maker of laser sensors for electric vehicles, did not meet the legal criteria for inclusion on the list. The original listing had raised concerns about its legal scrutiny, leading to what has been described as an embarrassing U-turn by the Financial Times. Following the announcement, Hesai's stock surged 19.9% in after-hours trading on Nasdaq.