Autonomous-trucking company TuSimple to slash 25% of staff, citing “macroeconomic conditions”

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TuSimple Holdings Inc. [s:tsp], a company developing autonomous-truck technology, said Wednesday it would lay off 25% of its total workforce, or around 350 employees, and pull back on some trucking and freight operations, citing “macroeconomic conditions.” Most of the cuts will take place in TuSimple’s U.S. business, the company said, adding that it “continues its plan to explore strategic alternatives for its Asia business, including a divestiture.” Eighty percent of the staff still at the company are in research and development, the company said. Executives said they would retrain their focus on the “highest value-added projects,” particularly as it relates to developing new autonomous technology. The company expects to take a one-time restructuring charge of around $10 million to $11 million, with much of it recognized in the fourth quarter and paid out in the first quarter. Shares were up 0.7% after hours. The cuts follow the recent return of Cheng Lu as chief executive, the naming of three independent directors to its board, and a reshuffling of its board committees.

This article was originally published by Marketwatch.com. Read the original article here.

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