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TuSimple - 1 Cassidy Araiza - 1
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☆ TuSimple Winds Down U.S. Operations as It Looks for Buyer
  + stars: | 2023-12-05 | by ( Heather Somerville | ) www.wsj.com   time to read: 1 min
TuSimple has had to grapple with safety concerns as well as government scrutiny of its dealings with a Chinese trucking startup. Photo: Cassidy Araiza for The Wall Street JournalSelf-driving trucking company TuSimple Holdings said Monday that it is winding down its U.S. business, reducing its workforce to about 30 people as it looks for a buyer for its assets that remain in the country. The demise of TuSimple’s U.S. operations marks a precipitous fall for the one-time leader in autonomous long-haul trucking. The San Diego-based company in the past year has had to grapple with safety concerns as well as government scrutiny of its dealings with a Chinese trucking startup.
Persons: TuSimple, Cassidy Araiza Organizations: Wall Street, TuSimple Holdings, TuSimple’s Locations: TuSimple’s U.S, San Diego
☆ TuSimple Plans Layoffs That Could Cut at Least Half Its Workforce Next Week
  + stars: | 2022-12-16 | by ( Heather Somerville | ) www.wsj.com   time to read: 1 min
As part of the downsizing, much of TuSimple’s operation in Tucson, Ariz., where it does a lot of its test driving, will be eliminated. Self-driving trucking company TuSimple Holdings Inc. plans to cut potentially half its workforce next week, people familiar with the matter said, as it scales back efforts to build and test autonomous truck-driving systems. A staff reduction of that size would likely affect at least 700 employees, the people said. As of June, TuSimple had 1,430 full-time employees globally. It has operations in San Diego, Arizona, Texas and China.
☆ TuSimple Co-Founder Takes Control of Self-Driving Trucking Company
  + stars: | 2022-11-17 | by ( ) www.wsj.com   time to read: 1 min
TuSimple Holdings Inc. co-founder Mo Chen has taken control of the self-driving trucking company as federal authorities continue to investigate TuSimple’s relationship with Mr. Chen’s other startup, a Chinese hydrogen-trucking company. A TuSimple filing with the Securities and Exchange Commission on Wednesday shows that Mr. Chen has 59% of the voting power at the San Diego-based company, giving him control as of Nov. 9, a day before the company announced it had ousted its board of directors. Mr. Chen acquired the stake through stock purchases using his family trust and British Virgin Islands-based entities, according to the securities filing.
☆ TuSimple Co-Founder Ousts Board That Fired Him Last Month
  + stars: | 2022-11-10 | by ( Kate O'Keeffe | Heather Somerville | ) www.wsj.com   time to read: 1 min
TuSimple was founded in 2015 and went public in April 2021, raising more than $1 billion at an $8.5 billion valuation in the process. Co-founder and former chief executive of TuSimple Holdings Inc. Xiaodi Hou combined forces with another major shareholder to oust the self-driving trucking company’s board of directors, according to a securities filing Thursday. The extraordinary move by Mr. Hou and fellow TuSimple co-founder Mo Chen follows the board’s decision on Oct. 30 to oust Mr. Hou from his roles as CEO and chairman. Board members at the time said they made the move in connection with a continuing investigation they were conducting into TuSimple’s relationship with a Chinese startup called Hydron Inc.
☆ TuSimple Probed by FBI, SEC Over Its Ties to a Chinese Startup
  + stars: | 2022-10-30 | by ( Heather Somerville | Kate O'Keeffe | Yang Jie | ) www.wsj.com   time to read: 1 min
TuSimple Holdings Inc., a U.S.-based self-driving trucking company, faces federal investigations into whether it improperly financed and transferred technology to a Chinese startup, according to people with knowledge of the matter. The people said the concurrent probes by the Federal Bureau of Investigation, Securities and Exchange Commission and Committee on Foreign Investment in the U.S., known as Cfius, are examining TuSimple’s relationship with Hydron Inc., a startup that says it is developing autonomous hydrogen-powered trucks and is led by one of TuSimple’s co-founders.
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