The local tech startup TuSimple is exploring its options after layoffs and a business shake-up in recent months
Months after slashing its workforce and terminating its CEO San Diego self-driving truck company TuSimple says that it may sell off its U.S. business.
A potential sale means TuSimple, which is developing technology for fully autonomous driving semi-trucks, would sever its United States operations and continue to operate its existing arms in the Asia-Pacific markets. The startup said it’s “evaluating strategic alternatives for its U.S. business with a goal to maximize shareholder value.” The decision to explore a possible sale received unanimous approval from TuSimple’s board.TuSimple was founded in 2015 and is headquartered in San Diego. It also has operations in Texas and Arizona, as well as Europe and China.
“We are committed to evaluating options to drive the highest long-term value for our shareholders and are continuously exploring the commercial viability to split the operations as a way to increase value to our key stakeholders and lend stability to our employees,” said TuSimple CEO Cheng Lu in an emailed statement to the U-T on Thursday. “We have built strong, independent businesses in the U.S.
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