SAN DIEGO, May 10, 2021 /PRNewswire/ --
TuSimple (Nasdaq: TSP), a self-driving technology company
based in San Diego, California,
announced today it has received 6,775 reservations for a new line
of purpose-built SAE Level 4 (L4) International®
LT® Series autonomous trucks in partnership with
Navistar International Corporation (NYSE: NAV). The
self-driving trucks will be equipped with TuSimple's advanced
autonomous driving system and manufactured by Navistar beginning in
2024. Among the first customers to place reservations are Penske
Truck Leasing, Schneider, and U.S. Xpress, among other large
freight transportation companies in North
America.
U.S. Xpress has been working closely with TuSimple for two years
to better understand and prepare their operations for the arrival
of autonomous technologies, and has had a front row seat in
following the progress of TuSimple's autonomous system.
"We have been working with TuSimple since 2019, and we see them
as the clear leader in autonomous trucking technology, which is why
U.S. Xpress is among the first in line for reservations," said
Eric Fuller, President and CEO, U.S.
Xpress. "Autonomous technology is complementary to other
investments we've made to broaden our portfolio of services across
the supply chain."
TuSimple and Navistar previously announced a strategic
partnership to co-develop L4 autonomous heavy-duty trucks. TuSimple
and Navistar will launch a fully integrated engineering solution
manufactured by Navistar and targeted for production in 2024.
"These early reservation numbers reflect the appetite
surrounding self-driving technology in long-haul applications,"
said Bob Walsh, Vice President,
Emerging Technologies, Strategy & Planning, Navistar. "We are
happy to partner with TuSimple to offer this integrated autonomous
solution to our customers."
These reservations represent the first wave of customer
commitments as TuSimple and Navistar began the reservation process
by approaching a select group of large customers.
"Our first wave customers recognize that a TuSimple and Navistar
partnership is a winning combination, bringing together TuSimple's
industry-leading autonomous technology with Navistar's world-class
engineering and manufacturing capabilities," said Cheng Lu,
President and CEO, TuSimple. "Autonomous trucks are poised to
transform the trucking industry in powerful new ways by setting a
new standard for safety, while dramatically increasing efficiency
and reducing fuel consumption."
Today, TuSimple's Autonomous Freight Network (AFN) operates a
fleet of 50 L4 autonomous trucks across the states of Arizona, New
Mexico and Texas. The
company plans to expand the AFN network coast-to-coast by 2023 and
today transports freight for revenue on highways and surface
streets for customers such as UPS, U.S. Xpress and the Arizona
Association of Food Banks, among others.
About TuSimple
TuSimple is a global autonomous driving
technology company, headquartered in San
Diego, California, with operations in Arizona, Texas, China,
Japan and Europe. Founded in 2015, TuSimple is
developing a commercial-ready Level 4 (SAE) fully autonomous
driving solution for long-haul heavy-duty trucks. TuSimple aims to
transform the $4 trillion global
truck freight industry through the company's leading proprietary AI
technology, which makes it possible for trucks to see 1,000 meters
away, operate nearly continuously and consume 10% less fuel than
manually driven trucks.
Visit us at www.tusimple.com, and follow us on Twitter,
YouTube and LinkedIn. Images and video can be found in our
press kit at www.tusimple.com/media.
About Navistar
Navistar International Corporation
(NYSE: NAV) is a holding company whose subsidiaries and affiliates
produce International® brand commercial trucks, proprietary diesel
engines, and IC Bus® brand school and commercial buses. An
affiliate also provides truck and diesel engine service parts.
Another affiliate offers financing services. Additional information
is available at www.navistar.com.
Forward-Looking Statements
This press release contains
certain forward-looking statements within the meaning of the
Private Securities Litigation Reform Act of 1995, as amended. All
statements contained in this press release that do not relate to
matters of historical fact should be considered forward-looking,
including statements regarding TuSimple's business strategy and
plans, the impact of autonomous trucks on the trucking industry,
the expected efficiencies and savings from autonomous trucks,
market opportunity and objectives of management for future
operations. These forward-looking statements generally are
identified by the words "anticipate," "believe," "contemplate,"
"continue," "could," "estimate," "expect," "forecast", "future",
"intend," "may," "might", "opportunity", "plan," "possible",
"potential," "predict," "project," "should," "strategy", "strive",
"target," "will," or "would", the negative of these words or other
similar terms or expressions. The absence of these words does not
mean that a statement is not forward-looking. Forward-looking
statements are predictions, projections and other statements about
future events that are based on current expectations and
assumptions and, as a result, are subject to risks and
uncertainties. Many important factors could cause actual future
events to differ materially from the forward-looking statements in
this press release, including but not limited to the fact that
autonomous driving is an emerging technology and involves
significant risks and uncertainties; TuSimple's business model is
relatively new; unfavorable changes to, or TuSimple's failure to
comply with, applicable government regulations, including those
related to autonomous vehicles; TuSimple's ability to develop its
Autonomous Freight Network and market, sell or lease purpose-built
L4 autonomous semi-trucks could be harmed if TuSimple's L4
autonomous semi-trucks fail to perform as expected; TuSimple's
ability to commercialize its offerings at scale; various other
factors relating to TuSimple's business, operations and financial
performance, including, but not limited to, the impact of the
COVID-19. The foregoing list of factors is not exhaustive. You
should carefully consider the foregoing factors and the other risks
and uncertainties described under the caption "Risk Factors" in our
final prospectus dated April 14, 2021
filed with the Securities and Exchange Commission (the "SEC") on
April 16, 2021 and TuSimple's other
filings with the SEC. These SEC filings identify and address other
important risks and uncertainties that could cause actual events
and results to differ materially from those contained in the
forward-looking statements. Forward-looking statements speak only
as of the date they are made. Readers are cautioned not to put
undue reliance on forward-looking statements, and we assume no
obligation and do not intend to update or revise these
forward-looking statements, whether as a result of new information,
future events, or otherwise. We do not give any assurance that we
will achieve our expectations.
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SOURCE TuSimple Holdings Inc.