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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 to restructure US business, lay off 30% staff
▼ + stars: | 2023-05-18 | by ( ) www.reuters.com time to read: +1 min

May 18 (Reuters) - TuSimple Holdings Inc (TSP.O) said on Thursday it will cut 30% of its workforce in the United States under a restructuring as the autonomous driving technology company looks to preserve its balance sheet amid a funding crunch in the sector. The move comes days after the firm received a delisting notice from Nasdaq for not filing its quarterly report on time. TuSimple said following restructuring it would continue to retain its level 4 technology development capabilities and focus on autonomous freight transportation technology. It follows a restructuring the company announced in December and cut about 350 jobs. Reporting by Akash Sriram in Bengaluru; Editing by Savio D'SouzaOur Standards: The Thomson Reuters Trust Principles.

The Justice Department has been urged by representatives of a U.S. national-security panel to consider economic-espionage charges against leaders of TuSimple Holdings Inc., an American self-driving-truck company with ties to China, according to people familiar with the matter. The recommendation for criminal charges, made late last year, stemmed from concerns that two founders and the current chief executive of the San Diego-based company were improperly transferring technology to a Chinese startup, the people said. The concerns were based on material gathered as part of a national-security review of TuSimple launched earlier last year.

☆ Factbox: Tech firms leading job cuts in Corporate America
▼ + stars: | 2023-01-04 | by ( ) www.reuters.com time to read: +9 min

Jan 9 (Reuters) - Big Tech firms are leading a string of layoffs across corporate America as companies look to rein in costs to ride out the economic downturn. Microsoft Corp (MSFT.O):The software giant laid off under 1,000 employees across several divisions in October, Axios reported, citing a source. However, Bloomberg later reported Twitter was reaching out to dozens of employees who lost their jobs, asking them to return. HP Inc (HPQ.N):The computing devices maker said it expected to cut up to 6,000 jobs by the end of fiscal 2025. CNN:Warner Bros Discovery-owned (WBD.O) CNN's top boss Chris Licht informed employees in an all-staff memo that job cuts were underway.

☆ TuSimple to lay off 25% of workforce
▼ + stars: | 2022-12-21 | by ( ) www.reuters.com time to read: +1 min

Dec 21 (Reuters) - TuSimple Holdings Inc (TSP.O) said on Wednesday it will lay off 25% of its workforce, or nearly 350 employees, as the self-driving truck company seeks to chart a course out of the economic upheaval that has been raging throughout the year. The company said it expects to record a one-time charge of nearly $10 million to $11 million, most of which would be recorded in the fourth quarter. The downsizing also follows the dramatic removal of chief executive Xiaodi Hou in October after an investigation by the company's board revealed that some employees spent paid hours last year working for Hydron Inc, a startup working on autonomous trucks mostly in China. Earlier this month, TuSimple also ended a deal with Navistar to co-develop trucks with autonomous driving capability. Reporting by Niket Nishant in Bengaluru; Editing by Anil D'SilvaOur Standards: The Thomson Reuters Trust Principles.

☆ Stocks making the biggest moves midday: Disney, Tesla, Mesa Air and more
▼ + stars: | 2022-12-19 | by ( Michelle Fox | ) www.cnbc.com time to read: +4 min

Check out the companies making the biggest moves midday Monday:Disney — Disney fell 3.6% after its film, "Avatar: The Way of the Water" fell short of box office expectations. The highly-anticipated movie brought in $134 million, less than the $175 million expected by analysts and under the $135 million to $150 million range Disney had forecast. Casino operators — Wynn Resorts fell 4.2%, while MGM Resorts lost 2.9% and Las Vegas Sands dropped 1.6%. Mesa Air Group — Shares of the airliner jumped 5% after Mesa Air announced it is finalizing a deal to run regional flights for United Airlines, while ending its partnership with American Airlines. Warner Music Group — Shares gained 2.5% following an upgrade to overweight from Atlantic Equities.

☆ TuSimple plans to layoff half its workforce next week - WSJ
▼ + stars: | 2022-12-17 | by ( ) www.reuters.com time to read: +1 min

[1/2] TuSimple truck-trailers are parked at their facility at AllianceTexas, a 27,000 acre business complex boasting some of the country’s largest freight operations, in Fort Worth, Texas, U.S. May 18, 2022. REUTERS/Cooper NeillDec 16 (Reuters) - Self driving trucking company TuSimple Holdings Inc (TSP.O) plans to potentially cut half of its workforce next week, WSJ reported. The job cut would likely affect at least 700 employees, the report said citing people familiar with the matter. During November, TuSimple reinstated its former CEO Cheng Lu and removed four independent directors and appointed co-founder and major shareholder Mo Chen as executive chairman of the board. Reporting by Sneha Bhowmik in Bengaluru; Editing by Michael PerryOur Standards: The Thomson Reuters Trust Principles.

☆ 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.

☆ Self-driving trucking firm TuSimple appoints CFO, reconstitutes audit panel
▼ + stars: | 2022-12-16 | by ( ) www.reuters.com time to read: +1 min

Dec 16 (Reuters) - TuSimple Holdings Inc (TSP.O) appointed interim financial chief Eric Tapia on a permanent basis and reconstituted its audit committee, the self-driving trucking firm said on Friday, weeks after an internal probe revealed links to a China-backed firm. The company reappointed former chief executive Cheng Lu as its top boss last month after it fired his predecessor Xiaodi Hou following the probe. The investigation by its board revealed that some employees spent paid hours last year working for Hydron Inc, a startup working on autonomous trucks mostly in China. TuSimple also said on Friday it had appointed three new independent board members last week. Tapia joined TuSimple in 2021, and has been the interim chief financial officer since July 7.

☆ TuSimple, Navistar scrap deal to develop self-driving trucks
▼ + stars: | 2022-12-05 | by ( ) www.reuters.com time to read: +1 min

Dec 5 (Reuters) - TuSimple Holdings Inc (TSP.O) and Navistar have ended a deal to co-develop self-driving trucks, the companies announced on Monday. In 2020, Illinois-based Navistar bought a minority stake in TuSimple and announced a deal to co-develop heavy-duty self-driving trucks by 2024, as the autonomous driving technology space boomed with investor attention. The trucks would have operated at Level 4 autonomy - where vehicles can operate without a driver under set conditions. TuSimple also received nearly 7,000 orders for the self-driving trucks from companies including DHL Supply Chain, Schneider (SNDR.N) and U.S. Xpress (USX.N). San Diego, California-based TuSimple, which in October said it plans to focus on initial commercialization of its trucks in 2023, did not specify reasons for ending the deal.

☆ 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 names new CEO, replaces ex-boss fired after probe into ties to Chinese firm
▼ + stars: | 2022-11-11 | by ( ) www.reuters.com time to read: +1 min

Nov 11 (Reuters) - TuSimple Holdings Inc's (TSP.O) former chief executive Cheng Lu is returning to the role, days after the self-driving trucking company fired his predecessor following an internal probe that showed some employees had ties and shared information with a China-backed firm. TuSimple said the investigation also found that confidential information had been shared with Hydron that was not brought to the attention of audit and government security committees. "I'm returning as TuSimple's CEO with a sense of urgency to put our company back on track," new CEO Lu said in a statement. Lu replaces Ersin Yumer, the vice president of operations who has been serving as its interim CEO since the board fired Hou on Oct. 31. Hou, 37, is a co-founder of TuSimple and had been at the helm of the self-driving company since 2018 and led TuSimple during its IPO.

☆ 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 fires CEO over ties to Chinese firm; exec denies wrongdoing
▼ + stars: | 2022-10-31 | by ( ) www.reuters.com time to read: +2 min

Oct 31 (Reuters) - Shares of TuSimple Holdings Inc (TSP.O) nearly halved on Monday after the self-driving truck startup said it had removed Chief Executive Xiaodi Hou in connection with the company's ties to a China-backed firm. TuSimple said in a securities filing that an investigation by its board showed some of its employees spent paid hours last year working for Hydron Inc, a startup working on autonomous trucks mostly in China. "It is so unfair to let politics get in the way of the dream we were pursuing together," he said. San Diego, California-based TuSimple has named Ersin Yumer, the vice president of operations, as its interim CEO. The company also said that it had not been able to determine the value of confidential information shared with Hydron.

☆ Wall St drops as focus shifts to Fed rate decision
▼ + stars: | 2022-10-31 | by ( Amruta Khandekar | ) www.reuters.com time to read: +4 min

A policy decision from the Fed is due on Wednesday, with investors expecting a fourth straight 75-basis point interest rate hike to curb decades-high inflation. Among S&P 500 sectors, information technology (.SPLRCT) and communication services (.SPLRCL) were the lead decliners, falling 1.2% and 1.5%, respectively. Meanwhile, traders' bets of a 50 basis point rate hike in December stood at 44.6%, according to CME Group's Fedwatch tool. Among single stocks, TuSimple Holdings (TSP.O) plunged 46.8% after the trucking firm said its board terminated its chief executive officer. The S&P index recorded 22 new 52-week highs and seven new lows, while the Nasdaq recorded 101 new highs and 79 new lows.

☆ TuSimple Fires Its CEO Xiaodi Hou Amid Probe
▼ + stars: | 2022-10-31 | by ( Heather Somerville | Kate O'Keeffe | ) www.wsj.com time to read: 1 min

Xiaodi Hou, the co-founder and former chief executive of San Diego-based TuSimple. TuSimple Holdings Inc., a self-driving trucking company, said Monday it had fired its chief executive and co-founder, Xiaodi Hou . The San Diego-based company said in a news release and securities filing that its board of directors on Sunday had ousted Mr. Hou, who was also the board chairman and chief technology officer.

☆ TuSimple Fires CEO Xiaodi Hou Amid Federal Probes
▼ + stars: | 2022-10-31 | by ( Heather Somerville | Kate O'Keeffe | ) www.wsj.com time to read: 1 min

Xiaodi Hou was ousted as chief executive of TuSimple, which faces probes of whether it improperly financed and transferred technology to a Chinese startup. TuSimple Holdings Inc., a self-driving trucking company, said Monday it had fired its chief executive and co-founder, Xiaodi Hou . The San Diego-based company said in a news release and securities filing that its board of directors on Sunday had ousted Mr. Hou, who was also the board chairman and chief technology officer.

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.

☆ TuSimple probed by FBI, SEC over ties to Chinese startup, the Wall Street Journal reports
▼ + stars: | 2022-10-30 | by ( ) www.reuters.com time to read: +2 min

Oct 30 (Reuters) - Self-driving truck startup TuSimple Holdings Inc (TSP.O) is being investigated by the FBI, U.S. Securities and Exchange Commission (SEC) and Committee on Foreign Investment about its relationship with China-backed Hydron Inc, the Wall Street Journal reported on Sunday. They are also trying to find out whether TuSimple shared intellectual property developed in the United States with Hydron and whether that action defrauded TuSimple investors by sending valuable technology to an overseas adversary, the newspaper said. A TuSimple spokesman told WSJ that the company isn't aware of any FBI or SEC investigations and that Hou has never been a Hydron employee or received payment from Hydron. TuSimple revealed in its IPO prospectus last year that its backer Chinese social media firm Sina Corp's investments in TuSimple had been put under review by the Committee on Foreign Investment in the United States (CFIUS). TuSimple and the SEC did not respond to a Reuters request for comment on the report.

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