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Earnings/results
TuSimple Q3 update: 100 new preorders registered; driverless operations to commence later this year
Truck Industry Tech
Nov 3, 2021
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Truck Industry Tech

Truck Industry Tech

Nov 3, 2021

TuSimple Q3 update: 100 new preorders registered; driverless operations to commence later this year

Earnings/results

  • TuSimple, an autonomous truck manufacturer, reported its Q3 2021 results today and revealed that the company had secured 100 new reservations for its trucks during the quarter, bringing total reservations to 6,875 (up 1.5% QoQ).

  • TuSimple’s Q3 revenue amounted to USD 1.8 million (vs. USD 584,000 in Q3 2020), driven by revenue-generating deliveries made within its US autonomous freight network (AFN). Its Q3 loss from operations was USD 115.9 million, 1.5x the quarterly loss incurred a year ago.

  • TuSimple has been testing its trucks on roads since 2018 in the US, China, and Sweden, and by the end of the quarter, the company reported to have driven 5.4 million cumulative road miles (up 2.5x YoY), utilizing a fleet of roughly 80 trucks.

  • The company expanded its operations to the East Coast in Q3 and expanded its partnership with UPS North American Air Freight (NAAF) to provide services in the area by adding NAAF terminals in Orlando and Charlotte to its AFN.

  • TuSimple also revealed that it plans to begin driverless pilots (without a safety driver) by the end of the year. The company is currently on track to complete the validation process required for driverless operations.

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