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The
company did not disclose the number of shares it plans to offer
to investors or the price range for its offering.
Dozens of startups, automakers, and large technology companies,
including Google's Waymo and China-based Xpeng Inc, are
accelerating work on self-driving car systems to cash in on the
technology, which is expected to bring a sea change in the
transportation industry.
Other self-driving companies such as Velodyne, Luminar
Technologies and Aeva have also recently filed to go public,
banking on a historic boom in U.S. capital markets.
Companies raised roughly $167 billion through stock market
floats in 2020, according to Dealogic -- a record that might be
eclipsed again this year, according to investment bankers.
San Diego, California-based TuSimple, backed by Volkswagen's
commercial trucking unit TRATON SE and United Parcel Service
Inc, is developing self-driving trucks with Navistar
International Corp that are slated to start production in 2024.
It launched a self-driving freight network partnership with UPS
and Berkshire Hathaway Inc's supply chain unit, McLane, in July
that it said should be operational nationwide by 2024.
Founded in 2015, TuSimple was under the scanner of the Committee
on Foreign Investment in the United States due to its ties with
China, the Wall Street Journal reported https://www.wsj.com/articles/autonomous-trucking-startup-tusimple-plans-to-go-public-in-march-11614230411
earlier. But the committee did not pursue any action against the
company.
TuSimple's revenue more than doubled to $1.8 million in the year
ended Dec. 31, 2020.
Net loss attributable to common stockholders widened to $198.8
million, from a loss of $145 million a year earlier.
Morgan Stanley, Citigroup and J.P. Morgan are the lead
underwriters for the offering.
(Reporting by Niket Nishant and Sohini Podder in Bengaluru;
Editing by Aditya Soni)
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