Samreen Ahmad · · 1 min readNasdaq-listed autonomous trucking firm to cut 350 jobs
TuSimple, a US-based autonomous trucking company, is laying off 350 employees or 25% of its total workforce as part of a restructuring plan to “focus on capital discipline” amid current macroeconomic conditions.
Photo credit: TuSimple
Founded in 2015, the Nasdaq-listed company also operates in Europe and China. Most of the restructuring, which will cost US$10 million to US$11 million, will be implemented in the US business. Around 80% of the remaining staff – approximately 1,100 workers – are in R&D roles.
According to a media statement, TuSimple is exploring various options for its Asia unit, including a potential sell-off.
“While I deeply regret the impact this has on those affected, I believe it is a necessary step as TuSimple continues down our path to commercialization,” said CEO and president Cheng Lu.
The company is developing a commercial-ready, fully autonomous driving solution for heavy-duty trucks. It counts companies such as DHL and Schneider among its customers.
See also: Tracking layoffs across Asia’s startup ecosystem (Updated)
Editing by Thu Huong Le and Eileen C. Ang
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