Tuesday, March 23, 2021

TuSimple Files For IPO

San Diego-based TuSimple, which is developing self driving truck technology, has filed for an IPO, saying it is looking to raise up to $100M in a public offering. The company's IPO is being underwritten by Morgan Stanley, Citigroup, and J.P. Morgan. The company has not yet selected an exchange or a trading symbol. TuSimple--in addition to working on autonomous trucks--is looking to create its own autonomous freight network, with trucks it say can be on the streets 24 hours a day, 365 days a year. TuSimple says its software and hardware enables autonomous vehicles which are Level 4 autonomous, and work both on highways and surface streets. The company's major investors are Sun Dream Inc., Composite Capital Master Fund, and Navistar.