Exhibit 99.1
TuSimple to Explore Strategic Alternatives for its U.S.-based Operations
| | • | | TuSimple is exploring strategic alternatives for the U.S. business, including a possible sale. |
| | • | | If this process results in a sale of TuSimple’s U.S. business, TuSimple would remain a global Level 4 autonomous driving technology company with an emphasis on operations in Asia-Pacific and other major global markets. |
SAN DIEGO, (JUNE 28, 2023) – TuSimple (Nasdaq:TSP), a global autonomous driving technology company, announced today that it is evaluating strategic alternatives for its U.S. business with a goal to maximize shareholder value. With the unanimous support of the TuSimple Board of Directors, the company has engaged Perella Weinberg Partners as a financial advisor to explore possible transactions for the U.S.-based portion of its business.
Since its establishment in 2015, TuSimple has built strong and distinct businesses both in the U.S., and in the Asia-Pacific region. These businesses operate with stand-alone engineering teams, software code base, and infrastructure. If a transaction involving the U.S.-based business occurs, TuSimple will continue to be a global Level 4 autonomous driving technology company with greater emphasis on Asia-Pacific and other major global markets.
TuSimple’s U.S. business has built a track record of achieving industry firsts, including the first in the world to successfully complete multiple fully driver-out operations on open public roads. At the core of TuSimple’s technology is its full-stack onboard autonomous driving software with industry leading capabilities across perception, planning, and control, and its world-class offboard toolchain, simulation platform, and data infrastructure to power the rapid development and validation of its technology. Coupled with its testing operations, hardware integration experience, and proprietary autonomous domain controller, TuSimple aims to be the first to commercially launch continuous, cost-competitive autonomous freight operations. TuSimple’s core intellectual property is protected by one of the largest organically developed patent portfolios in the self-driving industry.
No assurances can be given that TuSimple’s exploration of strategic alternatives will result in any change in strategy or a transaction. The decision to explore strategic alternatives for the U.S. business was guided by the company’s review of multiple business factors and commercial opportunities. The company does not plan to make further public comment regarding these matters until the Board of Directors has approved a specific transaction or other alternative or otherwise concluded its review of strategic alternatives.
About TuSimple
TuSimple is a global autonomous driving technology company headquartered in San Diego, California, with operations in the United States and Asia. Founded in 2015, TuSimple is developing a commercial-ready, fully autonomous (SAE Level 4) driving solution for long-haul heavy-duty trucks. TuSimple aims to transform the $4 trillion global truck freight industry through the company’s leading AI technology, which makes it possible for trucks to drive safely autonomously, operate nearly continuously, and reduce fuel consumption by 10%+ relative to manually driven trucks. Global achievements include the world’s first fully autonomous, ‘driver-out’ semi-truck run on open public roads in the U.S. and China, and development of the world’s first Autonomous Freight Network (AFN). Visit us at www.tusimple.com.
