Black Sesame International Holding's stock plummeted 5.33% in intraday trading on Tuesday, following the company's clarification on its relationship with electric vehicle manufacturer BYD.
In a filing with the Hong Kong Stock Exchange, Black Sesame confirmed that it is one of the manufacturers in partnership with BYD. However, the company did not mention any connection to BYD's new automated driving system, which had fueled speculation that Black Sesame could be providing chips for BYD's self-driving cars equipped with the God's Eye self-driving system.
The clarification from Black Sesame appears to have dampened investor enthusiasm, as there were earlier reports suggesting that Black Sesame's chips were being used by BYD for its self-driving vehicles. The stock's plummet may reflect investor disappointment over the lack of confirmation regarding Black Sesame's involvement in BYD's autonomous driving initiatives.
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