TuSimple considers possible sale of its US business - PingWest
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TuSimple considers possible sale of its US business
TuSimple considers possible sale of its US business
1 hours ago
Self-driving truck developer TuSimple said it was exploring strategic alternatives for its U.S. business, including a possible sale.
TuSimple said in a filing with the US Securities and Exchange Commission that if it sells the U.S. business, it will focus on Asia-Pacific and other global markets.
The company, whose founding team and earliest backers are from China, is on the verge of being delisted from the Nasdaq stock exchange after failing to file two quarterly reports.
In recent years, the future trajectory of Tucson has experienced significant transformations impacted by various factors, such as the deterioration of US-China ties, the bursting of the self-driving bubble, internal drama, a tighter monetary policy in the US, and more.
When TuSimple launched in 2015, it became the most prominent self-driving truck startup with a group of renowned investors in China and the US, such as Sina, Compound Capital, Volkswagen's heavy-duty trucking business Traton Group, Goodyear and freight company US Xpress.
Last March, the company considered selling its China business amid regulatory scrutiny of its ties to the country. However, the startup bucked its previous stance, announcing this May that it would keep its China business and would not seek a sale.
Additionally, the internal management turmoil within the company has contributed to a state of instability.
The company has also carried out layoffs within the US, with the most recent round occurring in June.
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