TuSimple

TuSimple Holdings, Inc. is an American autonomous trucking company, based in San Diego, California, with offices in Arizona, Texas, and China. It was founded in 2015 by Xiaodi Hou and Mo Chen.[1] Initial financial backers include Volkswagen, United Parcel Services, and U.S. Xpress Enterprises.[1] The company was the first autonomous trucking company to go public on the NASDAQ composite index in April 2021.[1] TuSimple and its leadership are currently under investigation by the Federal Bureau of Investigation (FBI), U.S. Securities and Exchange Commission (SEC), and Committee on Foreign Investment in the United States (CFIUS) on suspicions of illicit technology transfer.[2]

TuSimple Holdings, Inc.
TuSimple
TypePublic
Nasdaq: TSP
IndustryTrucking
Founded2015 (2015)
FounderXiaodi Hou and Mo Chen
Headquarters
San Diego, California
,
USA
Websitewww.tusimple.com

History

In April 2021, the company raised over US$1 billion in an initial public offering, leading to a valuation of almost $8.5 billion.[3]

In early 2022, the company announced that it had been running trucks without human drivers on over 550 miles of public roads between Phoenix and Tucson, Arizona.[4] This practice distinguishes the company from its competitors, which operate trucks with human safety drivers to take over when necessary.[4] The company stated that it is the first company to "operate fully driverless heavy-duty trucks."[4]

The company also announced that it planned to expand autonomous freight services to Texas by the end of 2023.[4]

Safety issues

On May 26, 2022, the U.S. National Highway Traffic Safety Administration launched an investigation of an April 6, 2022 accident in which one of the company's autonomous trucks crashed into a concrete barrier while on Interstate 10 near Tucson.[1] Company officials blamed the accident on "human error," but former employees and experts in the field of autonomous vehicles suggest that there were issues with the company's technology.[1]

Illicit technology transfer

In October 2022, the company's CEO, Chief Technology Officer, and co-founder, Xiaodi Hou, was fired by the company's board, which cited a "loss in trust and confidence" in Hou's judgment in connection with an alleged sharing of confidential information with a Chinese company, Hydron Inc.[5][6] Hydron is a hydrogen truck startup founded by Mo Chen, who co-founded TuSimple with Hou.[7] TuSimple's Chief Operations Officer, Ersin Yumer, was named interim CEO.[6] Hou responded to his ouster by stating that he would be "vindicated."[6] The FBI, the SEC, and CFIUS are investigating TuSimple on suspicions of illicit technology transfer to Hydron in China.[8][2] CFIUS recommended that the United States Department of Justice bring criminal charges of economic espionage against the management of TuSimple.[9]

References
  1. "Self-Driving Truck Accident Draws Attention to Safety at TuSimple". The Wall Street Journal. 1 August 2022. Retrieved 2022-11-01.
  2. "TuSimple Co-Founder Ousts Board That Fired Him Last Month". The Wall Street Journal. 10 November 2022. Retrieved 2022-11-11.
  3. "TuSimple raises over $1 billion in U.S. IPO at nearly $8.5 billion valuation". Reuters. 2021-04-15. Retrieved 2022-11-01.
  4. "TuSimple says it has completed 550 miles of fully driverless trucking, plans Texas expansion". Reuters. 2022-02-02. Retrieved 2022-11-01.
  5. "TuSimple Fires CEO Xiaodi Hou Amid Federal Probes". The Wall Street Journal. 31 October 2022. Retrieved 2022-11-01.
  6. Rosevear, John. "Self-driving truck startup TuSimple fires its CEO over improper ties to a Chinese firm". CNBC. Retrieved 2022-11-01.
  7. Ohnsman, Alan. "Robot Truck Developer TuSimple Ousts CEO After Report Of Ties To Chinese Startup". Forbes. Retrieved 2022-11-01.
  8. "TuSimple probed by FBI, SEC over ties to Chinese startup, the Wall Street Journal reports". Reuters. 2022-10-30. Retrieved 2022-11-01.
  9. "Leaders of Self-Driving-Truck Company Face Espionage Concerns Over China Ties". The Wall Street Journal. February 1, 2023. Retrieved 2023-02-01.
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