Trucking news and briefs for Thursday, Dec. 7, 2023:
Autonomous truck developer TuSimple Holdings has taken another step toward exiting the U.S. market.
TuSimple announced in June that it was exploring the possible sale of its U.S. business and a restructuring of the company.
On Nov. 30, the company’s Board of Directors authorized an additional restructuring plan, which includes a reduction in the company’s U.S. workforce by approximately 150 employees, or 75% and 19% of its U.S. and global workforces, respectively, according to a filing with the U.S. Securities and Exchange Commission.
[Related: Autonomous firm TuSimple exploring possible U.S. exit]
Following the workforce reduction, TuSimple is expected to have approximately 700 global full-time employees. The company anticipates that the remaining U.S. workforce will focus on winding down the company’s U.S. operations, including through sales of U.S. assets, and assisting with the company’s strategic shift to the Asia-Pacific region.
TuSimple added that it estimates that it will incur one-tiem charges of approximately $7-8 million in connection with the restructuring plan, consisting primarily of cash expenditures for employee transition, notice period and severance payments, employee benefits, and related costs.
