FAST NEWS: TuSimple completes first driverless semi-truck run in China
The latest: Autonomous truck technology company TuSimple (TSP.US) said on last Friday it has successfully completed China’s first fully autonomous semi-truck run on open public roads without a human in the vehicle and without human intervention.
Looking up: Over the course of approximately 62 kilometers, its autonomous truck demonstrated its capability to navigate complex road and different weather conditions in both urban and highway environments within the port area of Shanghai.
Take Note: Although the company has reached a new milestone, it said last month that it would complete a restructuring plan by the end of this year due to continued losses, with plans to cut its global workforce by about 30%.
Digging Deeper: Founded in 2015 and listed on Nasdaq in 2021, TuSimple claimed it has completed the world’s first fully unmanned test of a heavy truck on the open road, with the goal of bringing the technology into mass production by 2024. But the company was plunged into chaos at the end of October after its board suddenly fired its chairman and chief technology officer for failing to disclose his dealings with another autonomous truck company. Just two weeks later, the fired chairman, together with TuSimple’s other co-founder, fired the company’s entire board and its interim CEO.
Market Reaction: TuSimple’s shares fell 7.3% to $2.15 on last Friday after the announcement. The stock now trades near the lower end of its 52-week range.
Translation by Jony Ho
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