TuSimple may be selling US operations as it focuses on Asia

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By Webdesk

Self-driving truck developer TuSimple may be selling its U.S. business, the company said in a filing Wednesday.

TuSimple, which is on the brink of delisting from the Nasdaq for failing to file two quarterly reports, said it is exploring strategic alternatives for its US business, including a possible sale.

The company also has operations in China and Japan, and has doubled its sales in recent weeks. In June, TuSimple began testing its self-driving technology on public roads in Japan and also completed its first fully autonomous test drive on public roads in China, meaning no human driver is behind the wheel.

In a filing with the U.S. Securities and Exchange Commission, TuSimple said that if it sold its U.S. operations, it would focus its business on Asia Pacific and other global markets. This is something of a turnaround for TuSimple. Since going public in 2021, TuSimple has unwaveringly identified itself as a US company with overseas operations, despite its founding team and initial backers from China. The company even considered selling its Asia-Pacific business after facing regulatory scrutiny over its ties to the country, eventually firing then-CEO Xiaodi Hou over TuSimple’s relationship with Hydron Motors.

In May, TuSimple said it would no longer sell its Asian business. Instead, the company began its second round of layoffs in the past six months, both of which affected only U.S. employees.

TuSimple said it hired Perella Weinberg Partners as a financial advisor to research potential transactions for the US-based part of the company.

The Nasdaq held a hearing with TuSimple last week to determine its status on the Nasdaq, but the results of the hearing have not yet been released.

TuSimple did not respond to TechCrunch in time to comment.

This story is evolving.

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