Restructuring plans can be beneficial for companies and investors but three in the space of a year is never a good sign.
Self-driving truck technology start-up
TuSimple
said Monday it plans to cut more jobs as it looks to wind down its U.S. operations and shift its focus to Asia.
The company said it will cut approximately 150 jobs, or 75% of its U.S. workforce and 19% of its global head count, in a filing with the Securities and Exchange Commission late Monday.
TuSimple
previously announced restructuring plans in December 2022 and May 2023, both involving job cuts. The company said the latest cuts were part of an “additional restructuring plan.”
The company’s remaining U.S. employees will focus on winding down operations, the sale of U.S. assets, and helping with the strategic shift to Asia-Pacific, TuSimple said.
It expects to incur one-time charges of between $7 million and $8 million as a result of the latest layoffs.
TuSimple made its trading debut in April 2021 with a valuation of $8.5 billion as it looked to revolutionize the $800 billion trucking industry with its self-driving technology.
The company had a market capitalization of $229 million, as of Monday’s close.
TuSimple stock edged 0.4% higher in premarket trading. Shares in self-driving tech company
Aurora Innovation
fell 2% ahead of the open, and autonomous car company
Ouster
was down 1.8%.
Write to Callum Keown at [email protected]
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