Self-driving truck technology start-up TuSimple is facing yet another round of restructuring as it shifts its focus from the U.S. to Asia. The company recently filed documents with the Securities and Exchange Commission, announcing plans to cut approximately 150 jobs, which accounts for 75% of its U.S. workforce and 19% of its global head count. This news comes as a blow, considering TuSimple’s previous restructuring plans disclosed in December 2022 and May 2023, which also involved job cuts.
While the remaining U.S. employees will be tasked with winding down operations and facilitating the sale of U.S. assets, the company’s strategic attention will now be directed towards the Asia-Pacific region. TuSimple expects to face one-time charges ranging between $7 million and $8 million as a result of these additional layoffs.
TuSimple initially made headlines in April 2021 when it entered the trading market with a valuation of $8.5 billion, with hopes of transforming the $800 billion trucking industry through its self-driving technology. However, the company’s current market capitalization sits at $229 million, reflecting a significant decline.
It remains to be seen how these changes will impact TuSimple’s trajectory moving forward.