San-Diego-based autonomous truck tech company TuSimple announced it’s exploring strategic alternatives for its U.S. business, including a possible sale.
If it finds a buyer, the company said, TuSimple would remain a global Level 4 autonomous driving technology company with an emphasis on operations in Asia-Pacific and other global markets.
Since it was founded in 2015, TuSimple has built 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, according to the company.
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, according to a news release.
TuSimple's Struggles and Successes
Last year, TuSimple went through a leadership shake-up after ousting co-founder Xiaodi Hou amidst an investigation into his ties to Chinese startup Hydron.
In December the company announced layoffs and restructuring, primarily in its U.S. operations.
That same month, Navistar and TuSimple abruptly announced an end to their autonomous-truck partnership.
TuSimple claimed its U.S. business was the first in the world to successfully complete multiple fully driver-out operations on open public roads. It said its goal is to be the first to commercially launch continuous, cost-competitive autonomous freight operations.
The company has engaged Perella Weinberg Partners as a financial advisor to explore possible transactions for the U.S.-based portion of its business.
In its announcement, TuSimple said there’s no guarantee this “exploration of strategic alternatives” will result in any change in strategy or a transaction.