TuSimple, a leading developer of autonomous driving technology for heavy-duty trucks, is aiming to sell its U.S. business. The move to find a buyer is part of a year-long upheaval marked by management turmoil, the replacement of its board, the loss of a key partnership and accusations of improperly sharing sensitive technology with a Chinese startup.
“You can think of TuSimple today as a holding company that’s publicly traded, that has cash and two very distinct businesses, one in Asia Pacific … and one in the U.S.,” CEO Cheng Lu told. “Both sides have independent engineering teams, management teams, back office functions, source code and software development.”
There’s no specific buyer lined up for a deal as of yet. But if there is a sale, “this would be the most meaningful step in terms of mitigating any future national security concerns CFIUS could have,” Lu said. “If you don't even have R&D in the U.S., then there is no national security concern.”