Autonomous trucking startup TuSimple Holdings Inc, backed by Chinese social media firm Sina Corp, is looking to sell its business in China and focus on the U.S. market, sources said.
The company hopes to sell the China unit for up to $1 billion, and has approached several Chinese investors, including private equity firm Boyu Capital, in its search for potential buyers, according to one of three people who confirmed TuSimple's plans to sell, but declined to be named as they were not authorised to speak to media.
TuSimple posted $732.7 million in losses last year, and said it had not"recognised a material amount of revenue" to date. Tighter cybersecurity laws in China have made it difficult for companies to transfer data collected there to another country. TuSimple revealed in its IPO prospectus last year that Sina's investments in TuSimple had been put under review by the Committee on Foreign Investment in the United States .