TuSimple Announces Restructure of US Operations
Global autonomous driving technology company, TuSimple (Nasdaq: TSP), has announced a restructuring plan for its US operations in order to preserve its balance sheet.
The company stated a number of factors led to its decision to restructure, including deteriorating global economic growth, significantly reduced capital availability in the self-driving industry and redundant hardware availability.
As part of its restructure, TuSimple will reorganize US operations and make approximately 30% reduction to TuSimple’s global workforce to focus development efforts. The reduction in workforce will only impact TuSimple locations within the US.
The restructuring is expected to lead to between $12-13 million in one-time charges, and result in an expected annual cash compensation expense savings of approximately $64 million to $68 million.
TuSimple previously completed a restructuring in December 2022.
Since its founding in 2015, TuSimple’s fleet of autonomous trucks has clocked more than 10 million testing, research and freight delivery miles.
About TuSimple Holdings
TuSimple is a global autonomous driving technology company headquartered in San Diego, California, with operations in the United States and Asia. Founded in 2015, TuSimple is developing a commercial-ready, fully autonomous (SAE Level 4) driving solution for long-haul heavy-duty trucks. TuSimple aims to transform the $4 trillion global truck freight industry through the company’s leading AI technology, which makes it possible for trucks to drive safely autonomously, operate nearly continuously, and reduce fuel consumption by 10%+ relative to manually driven trucks. Global achievements include the world’s first fully autonomous, ‘driver-out’ semi-truck run on open public roads, and development of the world’s first Autonomous Freight Network (AFN).