TuSimple IPO Submitting Reveals Self-Driving Vans Nonetheless a Cash-Loser

Self-driving company TuSimple Inc. released filing for its initial public offering on Tuesday, showing it lost more than $ 300 million in the past three years when it became the first to bring fully autonomous long-haul trucks to market Has.

TuSimple had already submitted in confidence For an IPO, the Wall Street Journal reported, and Tuesday’s filing provided the public with the first detailed look at a startup that has received more funding than many of its Silicon Valley counterparts and has maintained separate operations in California and China.

The China connections have caught the attention of US regulators. The U.S. Foreign Investment Committee, or Cfius, has identified TuSimple as a company worthy of review because of its ties with China and the fact that autonomous driving technology is viewed as a critical technology for the Department of Defense. Cfius warned TuSimple this month that it was considering a Chinese investment in the company from 2017, according to its IPO filing.

TuSimpleFounded in 2015, the company has raised approximately 800 employees and hundreds of millions of dollars from investors. The company had sales of $ 1.8 million and a net loss of $ 177.9 million for the past year.

TuSimple has made money so far as a traditional freight forwarder, not from selling its self-driving technology in 2024. It has customer reservations for more than 5,700 trucks, even though they don’t match revenue.