Trucking news and briefs for Friday, June 30, 2023:
Autonomous truck tech manufacturer TuSimple announced Thursday it’s exploring strategic alternatives for its U.S. business, including a possible sale.
With the unanimous support of the TuSimple Board of Directors, the company has engaged Perella Weinberg Partners as a financial advisor to explore possible transactions for the U.S.-based portion of its business.
Since its establishment in 2015, TuSimple has built distinct businesses both in the U.S. and in the Asia-Pacific region. These businesses operate with stand-alone engineering teams, software code base, and infrastructure. If a transaction involving the U.S.-based business occurs, TuSimple will continue to be a global Level 4 autonomous driving technology company with greater emphasis on Asia-Pacific and other major global markets.
TuSimple has been embroiled in controversy of late, with a single-vehicle crash involving its autonomous driving system last April, followed by the departure of its legal chief amid a lawsuit, the firing and replacement of its CEO, the end of a partnership with Navistar and numerous rounds of layoffs.
No assurances can be given that TuSimple's exploration of strategic alternatives will result in any change in strategy or a transaction, the company noted. The decision to explore strategic alternatives for the U.S. business was guided by the company's review of multiple business factors and commercial opportunities.
The company does not plan to make further public comment regarding these matters until the Board of Directors has approved a specific transaction or other alternative, or otherwise concluded its review of strategic alternatives.
