SHANGHAI, Oct 11 (Reuters) - Self-driving truck startup Plus has split its Chinese and U.S. operations and struck a deal in which a key shareholder, China's Full Truck Alliance (FTA) (YMM.N), will focus on the China unit, Plus said on Wednesday.
Plus, which had headquarters in Suzhou, China, and California, separated its operations into two independent companies.
FTA increased its stake in Zhijia Technology via a stock swap arrangement that reduced its ownership in Plus, the company said.
Plus declined to comment on the size of FTA's shareholding in Zhijia Technology.
The stake in Zhijia Technology will help the company's work to develop autonomous trucking fleets - a potentially lucrative market amid a truck driver shortage in China.
Persons:
Uber, Zhang Yan, Roxanne Liu, Brenda Goh
Organizations:
Alliance, Reuters, U.S, Sequoia, GGV, Zhijia Technology, Technology, New York Stock Exchange, Thomson
Locations:
SHANGHAI, China, Beijing, U.S, Suzhou, California, Huochebang, United States