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A global trucking company TuSimple Holdings Inc. it is said to be laying off at least 700 workers in the run-up to Christmas next week.
The A technology company based in San Diego, Arizona, Texas and with operations in China, the company has about 1,430 full-time employees. TuSimple executives intend to cut that number of employees by about half as the company scales back its efforts to build and test autonomous truck driving systems. “The Wall Street Journal” reported on this friday
The cuts would come at a tumultuous time for the company, which underwent a leadership change in October after it revealed that the FBI, Securities and Exchange Commission (SEC) and Committee on Foreign Investment in the United States (CFIUS) were each investigating its ties to TuSimple. Chinese startup Hydron Inc.
The layoffs are expected to be announced on Tuesday. The magazine reported that TuSimple would “significantly” scale back its efforts to build self-driving systems. test self-driving trucks On public roads in Arizona and Texas. “As part of the downsizing, most of TuSimple’s operations in Tucson, Arizona will be eliminated, and the team working on the algorithms for the self-driving app will be significantly scaled back. “, – it is stated in the information.
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TuSimple fleet of self-driving trucks. (You simple)
| Ticker | Security | End | Change | Change % |
|---|---|---|---|---|
| TSP | TUSIMPLE HOLDINGS INC. | 1.54 | -0.06 | -3.75% |
People familiar with the company’s plans said TuSimple will focus on improving its software product that matches shippers with self-driving trucks to offer lower-cost freight than human-driven trucks.
FOX Business reached out to TuSimple for comment, but did not receive a response.
There were workers preparing for layoffs. TuSimple CEO Cheng Lu, who previously led the company and returned in November, sent an email to employees earlier this month to announce that management was reviewing “people costs, the biggest part of our cash burn,” the magazine reported.
Lu told the Journal that he “intends to right the ship, and that’s to make sure the company is capital efficient.”
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TuSimple self-driving truck. The company is reportedly planning to cut around half of its workforce before Christmas 2022. (You simple)
“TuSimple has cut costs and scaled back its ambitions as it emerged from a series of crises this year, including the crash of one of its self-driving trucks in April, the loss of key business partnerships, two CEO changes, and a plummeting stock price. and parallel government investigations,” the report said.
The company is losing money. TuSimple reported just $4.9 million in revenue and a $220.5 million loss for the first half of 2022, according to the report. It cooperates with other firms, including Navistar International Corp. and McLane Company Inc. also broke up during arguments.
“McLane is aware of recent leadership, operational and route changes at TuSimple and has been in contact with their team. We are in the process of evaluating the business relationship with TuSimple and will determine the next course of action in due course,” McLane’s Chief Administrative Officer Larry Parsons told the Journal said.
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Xiaodi Hou, CEO, TuSimple speaks on stage during TechCrunch Disrupt 2022 in October. 19, 2022, in San Francisco. (Getty Images for Kelly Sullivan/TechCrunch/Getty Images)
In October, TuSimple fired its chief executive and co-founder, Xiaodi Hou, after the board’s internal investigation revealed that it was Hou. had shared classified information with Hydron, a Chinese trucking startup that operates primarily in China and is funded by Chinese investors. After he was ousted, Hou hired TuSimple co-founder and Hydron founder Mo Chen to attack the board and fired them. Together, they brought Lu back to run the company, the magazine reported.
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The company is now trying to comply with US regulators.
