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TuSimple

Truck Industry Tech
Segments:
Autonomous trucks
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Product stage:
Early
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TuSimple, listed on Nasdaq since April 2021, outfits trucks with sensors and processing units for Level 4 autonomous conversions (fully autonomous vehicles limited to specific locations and/or conditions). Its technology uses AI, LiDAR, radar, and an HD camera system to achieve 360-degree awareness, 30 seconds ahead and 1,000 meters away event recognition, and functionality in the dark or in bad weather. The trucks are built in partnership with truck OEMs Navistar (partnership ended in December 2022) and TRATON (a subsidiary of Volkswagen Group), and tech providers such as NVIDIA. 

In addition to its autonomous trucks, the company also offers a proprietary automotive-grade camera and vision system that can be installed into its autonomous trucks. The system is capable of night and low light autonomous operations. 

The company operates under two business models 1) a carrier-owned capacity model for fleets to purchase autonomous trucks directly and subscribe to TuSimple Path for a roughly USD 0.35 per mile fee, which enables autonomous operations across the AFN; and 2) the TuSimple capacity model for fleets to access autonomous trucks owned and operated by TuSimple and pay around USD 1.45 per mile. 

TuSimple began testing on public roads in 2018, first in Arizona and Shanghai. It later expanded operations to include Texas, Beijing, and Sweden. As of September 2022, the company operated a fleet of roughly 100 trucks in the US. It started fully autonomous road testing in December 2021, and had completed 550+ miles by February 2022. However, in May 2022 , TuSimple announced plans to downsize its US operations in a strategic move to enhance its focus on China markets. In June 2023, the company received a license to carry out fully driverless testing in Shanghai and also commenced Level 4 autonomous test runs in Japan . In June 2023, TuSimple announced plans to launch its operations in Western Australia

However, the company announced plans to wind down US operations in December 2023, resulting in further layoffs, as the company failed to find a buyer for the business (potential sale first announced in June 2023). The company would focus its operations in Asia-Pacific and other global markets. In January 2024 , TuSimple announced plans to voluntarily delist its common stock from Nasdaq and terminate its stock registration with the Securities and Exchange Commission (SEC).

Key customers and partnerships

TuSimple’s autonomous freight network (AFN) includes 20+ commercial contracted customers, such as UPS, McLane, U.S. Xpress, Union Pacific Railroad (its first customer to deploy fully autonomous trucks), and Hegelmann Group (to supply fully autonomous trucks. As of December 2022, the company had secured 5,585 reservations for its trucks from shippers, carriers, and truck lessors including Penske, Schneider, U.S. Xpress, and DHL . The company also entered into a partnership with Swedish commercial vehicle manufacturer Scania in mid-2022 to test fully autonomous trucks in Europe.

The company partnered with fleet management solutions provider Ryder System to utilize the latter’s selected fleet maintenance facilities as terminals for the nationwide expansion (July 2021) . It also partnered with truckload transportation and logistics services company Werner Enterprises to utilize the latter’s roadside service network to support its driverless operations (May 2022).

Key funding and financials

For the year ended December 2022, the company posted revenue of USD 9.4 million, up by 49.6% YoY. However, TuSimple has yet to turn a profit and reported an operating loss of USD 489.1 million in 2022, 1.2x the loss incurred in 2021.

Truck Industry Tech

Truck Industry Tech

Key stats
Featured companies
81
Total funding (USD)
33.4 Bn
Total addressable market (USD)
125.5 Bn
Key competitors
 
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EDGE Insights

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Recent Updates

Management news
Jan 17, 2024
TuSimple announces delisting from Nasdaq and deregistration with SEC
Truck Industry Tech
Management news
Dec 4, 2023
TuSimple lays off 150 employees; winds down US operations
Truck Industry Tech
Management news
Jun 29, 2023
TuSimple announces a potential sale of its US business
Truck Industry Tech
Geographic expansion
Jun 8, 2023
TuSimple receives license to carry out fully driverless testing in China
Truck Industry Tech
Geographic expansion
Jun 5, 2023
TuSimple commences Level 4 autonomous test runs on Japan’s Tomei Expressway
Truck Industry Tech
Management news
May 18, 2023
TuSimple to downsize the US operations in a strategic move to enhance focus on China markets
Truck Industry Tech

Company Brief


HQ location:
9191 Towne Centre Drive Suite 600 San Diego CA USA
Founded year:
2015
Employees:
1,001-5,000
Total Funding:
USD 648.1 million

Funding


Investors


No investor data is available

Funding data are powered by Crunchbase
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