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☆ 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.

☆ Self-driving cars were supposed to take over the road. What happened?
▼ + stars: | 2022-11-01 | by ( Matt Mcfarland | ) edition.cnn.com time to read: +8 min

Caitlin O'Hara/Bloomberg/Getty ImagesGeneral Motors bought a self-driving company in 2016. Big talk, smaller resultsUrmson, while leading Google’s self-driving car project before founding Aurora, talked of his preteen son never needing to get a driver’s license. A self-driving car, without a steering wheel or pedals, would have to be able to drive itself in literally every situation possible. “It’s really, really hard,” Waymo’s then-CEO John Krafcik said in 2018 of self-driving technology. Companies developing lidar, widely seen as a key component for self-driving vehicles, as well as self-driving companies, have seen their stocks plummet recently.

☆ 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's Hou says he was removed as chair, CEO 'without cause'
▼ + stars: | 2022-10-31 | by ( ) www.reuters.com time to read: 1 min

Oct 31 (Reuters) - The former chief executive of self-driving technology company TuSimple (TSP.O), Xiaodi Hou, on Monday confirmed he had been removed as chairman and CEO by the company's board, adding in a WeChat post the move was "without cause." Hou's ouster came after The Wall Street Journal reported the company was 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.Hou described the board's process as "questionable at best," denied any wrongdoing, and said he did not intend to sell shares in the company. Reporting By Kevin Krolicki; editing by Peter Henderson and Chris ReeseOur Standards: The Thomson Reuters Trust Principles.

☆ 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.

☆ Self-driving truck startup TuSimple fired its CEO over improper ties to a Chinese firm
▼ + stars: | 2022-10-31 | by ( John Rosevear | ) www.cnbc.com time to read: +2 min

TuSimple, partly owned by UPS, makes self-driving trucks, a technology that may be among the innovations to help lower longer-run inflation in the transport sector. Self-driving truck startup TuSimple has fired its CEO, Xiaodi Hou, after an internal investigation found improper dealings and possible tech transfer to a Chinese firm led by TuSimple's now-departed co-founder, the company said Monday. The San Diego-based startup's operations chief, Ersin Yumer, will serve as interim CEO and president while TuSimple's board of directors searches for a permanent successor. Those employees shared confidential information with Hydron before a non-disclosure agreement was signed, TuSimple said. Hydron was founded in 2021 by Mo Chen, a co-founder of TuSimple who had previously served as its executive chairman.

☆ Stocks making the biggest moves midday: Wynn Resorts, TuSimple, Newell Brands, First Solar and more
▼ + stars: | 2022-10-31 | by ( Carmen Reinicke | ) www.cnbc.com time to read: +4 min

Newell Brands – Shares of Newell Brands, a consumer goods manufacturer, slipped 7.3%. Paramount Global –Shares of Paramount Global shed 3.6% after being downgraded by Wells Fargo Securities to underweight from equal weight. Meta Platforms – Shares of Meta Platforms fell 5.5%, leading declines in megacap technology stocks following disappointing earnings results last week. The firm has an equal weight rating on the stock. Amgen — The biopharma stock dipped 1.5% after Barclays downgraded Amgen to underweight from equal weight, saying investor enthusiasm ahead of an obesity drug update next week may be overdone.

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.

☆ U.S. autonomous vehicle group picks ex-Senate aide as director
▼ + stars: | 2022-10-25 | by ( David Shepardson | ) www.reuters.com time to read: +3 min

The Autonomous Vehicle Industry Association (AVIA) has tapped Jeff Farrah as its first executive director, the group told Reuters. U.S. lawmakers have been divided for years over how to amend current auto safety regulations to encompass self-driving cars, including the scope of consumer and legal protections. In August, U.S. House members launched a bipartisan effort to help revive stalled legislative efforts to boost self-driving vehicles. In July, the National Highway Traffic Safety Administration said GM's Cruise and Ford sought exemptions to deploy up to 2,500 self-driving vehicles annually without human controls. The Transportation Trades Department for the AFL-CIO, told U.S. lawmakers in 2021 that autonomous vehicles place "millions of jobs at risk" and any self-driving legislation should not apply to commercial trucks.

☆ IKEA teams with self-driving truck startup Kodiak Robotics to test deliveries in Texas
▼ + stars: | 2022-10-18 | by ( John Rosevear | ) www.cnbc.com time to read: +2 min

Self-driving truck startup Kodiak Robotics said that it has begun a pilot program with IKEA in Texas. Kodiak's CEO, Don Burnette, said that he isn't looking to put truck drivers out of business – in fact, he's aiming to make their lives easier. Texas has become a hotbed for self-driving truck testing, in part because of favorable regulations -- and also because the long highway stretches between its cities are ideal for automation. Self-driving truck startup Aurora Innovation has also been testing trucks in Texas. Another startup, TuSimple , has been testing its self-driving semitrucks in Arizona and is planning to expand to Texas next year.

☆ Ukrainians Sift Through Debris; Civilians Urged to Leave Eastern Regions
▼ + stars: | 2022-04-06 | by ( ) www.wsj.com time to read: 1 min

Self-Driving Truck Firm TuSimple Face Probes Over China TiesU.S. government regulators are investigating whether self-driving trucking company, TuSimple, defrauded investors by sharing its technology with a Chinese startup, according to people familiar with the matter. The company has fired its CEO as part of its own probe. WSJ tech reporter Heather Somerville joins Zoe Thomas to discuss the investigations and what it says about the global race to develop self-driving tech. Photo: TuSimple

☆ There's a shortage of truckers, but TuSimple thinks it has a solution: no driver needed
▼ + stars: | 2021-07-14 | by ( Jacopo Prisco | ) edition.cnn.com time to read: +12 min

One solution to the problem is autonomous trucks, and several companies are in a race to be the first to launch one. The journey was completed in 14 hours versus the usual 24 with a human driver, mostly because a truck doesn't need to sleep. Its plans are dependent on state legislation, however, because currently some states do not allow for testing of autonomous trucks on public roads. According to Lu, that's still cheaper than paying for a human driver. But you're saving the cost of a human driver, which based on average US wages is about $80,000 to $120,000 per year -- or 80 cents to $1.20 per mile.

☆ Opinion Journal: The Trump-Modi Friendship
▼ + stars: | 2017-11-13 | by ( ) www.wsj.com time to read: 1 min

☆ Putinisms: Vladimir Putin’s Top Six One Liners
▼ + stars: | 2014-03-05 | by ( ) www.wsj.com time to read: 1 min

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