- TuSimple is exploring strategic alternatives for the U.S.
business, including a possible sale.
- If this process results in a sale of TuSimple's U.S.
business, TuSimple would remain a global Level 4 autonomous driving
technology company with an emphasis on operations in Asia-Pacific and other major global
markets.
SAN
DIEGO, June 28, 2023 /PRNewswire/
-- TuSimple (Nasdaq:TSP), a global autonomous driving
technology company, announced today that it is evaluating strategic
alternatives for its U.S. business with a goal to maximize
shareholder value. 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 strong and
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's U.S. business has built a track record of achieving
industry firsts, including the first in the world to successfully
complete multiple fully driver-out operations on open public roads.
At the core of TuSimple's technology is its full-stack onboard
autonomous driving software with industry leading capabilities
across perception, planning, and control, and its world-class
offboard toolchain, simulation platform, and data infrastructure to
power the rapid development and validation of its technology.
Coupled with its testing operations, hardware integration
experience, and proprietary autonomous domain controller, TuSimple
aims to be the first to commercially launch continuous,
cost-competitive autonomous freight operations. TuSimple's core
intellectual property is protected by one of the largest
organically developed patent portfolios in the self-driving
industry.
No assurances can be given that TuSimple's exploration of
strategic alternatives will result in any change in strategy or a
transaction. 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.
About TuSimple
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 in the U.S. and China, and
development of the world's first Autonomous Freight Network (AFN).
Visit us at www.tusimple.com.
Forward-Looking Statements
This press release contains
forward-looking statements. These statements are based on current
expectations as of the date of this press release and involve a
number of risks and uncertainties, which may cause results to
differ materially from those indicated by these forward-looking
statements. 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 Company's plan to
seek strategic alternatives for its U.S. business, autonomous
driving being an emerging technology, the development of the
Company's technologies and products, the Company's limited
operating history in a new market, the regulations governing
autonomous vehicles, changes in the Company's board of directors
and senior management, the Company's dependence on its senior
management team, reliance on third-party suppliers, potential
product liability or warranty claims, the protection of the
Company's intellectual property, securities class action
litigation, the Company's ability to regain compliance with Nasdaq
listing standards, and government or regulatory policies, inquiries
and actions. Moreover, the Company operates in a competitive and
rapidly changing environment, and new risks may emerge from time to
time. 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 most recent annual report on Form 10-K, filed with
the SEC on February 24, 2022, and the
Company'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.
SOURCE TuSimple Holdings, Inc.
TuSimple Investor Relations
Ryan Amerman -
ryan.amerman@tusimple.ai
TuSimple Media Relations
pr@tusimple.ai
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SOURCE TuSimple Holdings, Inc.