TuSimple to restructure US business, lay off 30% staff

[May 18, 2023]  (Reuters) -TuSimple Holdings Inc said on Thursday that it will restructure its U.S. operations and reduce headcount by 30% as it looks to preserve its balance sheet.   

The autonomous driving technology company also said it is no longer seeking strategic alternatives for its Asia Pacific unit.

TuSimple truck-trailers are parked at their facility at AllianceTexas, a 27,000 acre business complex boasting some of the country’s largest freight operations, in Fort Worth, Texas, U.S. May 18, 2022. Picture taken May 18, 2022. REUTERS/Cooper Neill

Its shares fell about 8% in premarket trading.

The move comes days after the firm received a delisting notice from Nasdaq for not filing its quarterly report on time.

The restructuring is expected to cost the company between $12 million and $13 million, it said in a statement, adding that the layoffs will only impact its employees in the U.S.

(Reporting by Akash Sriram in Bengaluru; Editing by Savio D'Souza and Shweta Agarwal)

[© 2023 Thomson Reuters. All rights reserved.]
This material may not be published, broadcast, rewritten or redistributed.  Thompson Reuters is solely responsible for this content.