Hesai

Hesai's lawsuit comes as Seyond prepares for its Hong Kong listing.

As of this writing, Hesai rose 11 percent to HK$236.2 per share in Hong Kong, with a market capitalization of HK$36 billion.

This marks Hesai's second LiDAR order announcement from a US company this month.

Hesai plans to raise up to $500 million in its secondary listing in Hong Kong, with shares set to begin trading on September 16.

Hesai did not disclose the name of the Toyota joint venture, but said that the automaker's models equipped with its ATX LiDAR will go into mass production in 2026.

Hesai is the second Chinese company after Pony AI to be reported this month to have confidentially filed for a Hong Kong listing.

Hesai's ATX LiDAR will be used in multiple production models of Leapmotor from 2025 onwards.

Hesai will break ground on its first overseas project by the end of this year, targeting production in 2026, according to the Financial Times.

This is the first time a foreign automaker has sought to apply this Chinese-made technology to models sold outside China, according to Reuters.

Hesai has unveiled the AT1440, which it said has the world's highest number of channels for an automotive LiDAR, with a resolution more than 30 times higher than mainstream automotive LiDARs.