Tesla Inc's TSLA lawsuit in London against a U.S. technology firm, InterDigital Inc IDCC, and a patent licensing platform, Avanci, was overturned by the court today.
Tesla was seeking a patent license ahead of the automaker's introduction of 5G vehicles in the U.K.
Elon Musk's company had sued InterDigital and Avanci, which licenses patents for automotive uses, in London's High Court in 2023, reported Reuters.
Tesla sought the court's determination on the fair, reasonable, and non-discriminatory (FRAND) terms for using patents owned by holders, including InterDigital, which Avanci licenses.
Tesla's lawyers indicated that the company plans to launch 5G vehicles in the U.K. soon.
InterDigital and Avanci requested the court dismiss Tesla's bid for a ruling on FRAND terms. On Monday, Judge Timothy Fancourt ruled in their favor, stating that Tesla's bid for a license must be dismissed.
Also Read: Tesla Offers Model Y RWD Owners Extended Range Option With $1.6K Software Update
However, Tesla's claim to revoke three of InterDigital's patents will proceed. The dispute revolves around Tesla's request for FRAND terms to use certain 5G patents.
FRAND terms are meant to ensure fair and accessible licensing, which is critical for the development and deployment of new technologies.
The outcome of Tesla's ongoing claim to revoke InterDigital's patents could impact future licensing agreements and the introduction of 5G technology in automotive applications.
Tesla stock has lost more than 14% in the last 12 months. Investors can gain exposure to the stock via two ETFs. They include the Consumer Discretionary Select Sector SPDR Fund XLY and Fidelity MSCI Consumer Discretionary Index ETF FDIS.
Price Action: At the last check on Monday, TSLA shares were trading higher by 5.47% at $261.65.
Read Next:
Disclaimer: This content was partially produced with the help of AI tools and was reviewed and published by Benzinga editors.
Photo: Shutterstock
© 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
Comments
Trade confidently with insights and alerts from analyst ratings, free reports and breaking news that affects the stocks you care about.
