TuSimple, the self-driving truck company that is backed by a diverse consortium of strategic investors, including Volkswagen AG’s heavy-truck business The Traton Group, Navistar, Goodyear, and freight company U.S. Xpress, filed Tuesday for an initial public offering.
TuSimple is taking the traditional path to going public, a departure from the recent trend — particularly among electric and autonomous vehicle startups — to merge with a blank check company.
The number of shares to be offered and the price range for the proposed offering have not yet been determined, according to the regulatory filing. TuSimple intends to list its common stock on the Nasdaq Global Select Market under the ticker symbol “TSP.” Morgan Stanley, Citigroup and J.P. Morgan will act as lead book-running managers for the proposed offering.
According to the company’s S-1, which was filed Tuesday, TuSimple has primarily financed its operations through the sale of redeemable convertible preferred stock and loans from stockholders. The company’s principal sources of liquidity were $310.8 million of cash and cash equivalents, exclusive of restricted cash of $1.5 million. Cash and cash equivalents consist primarily of cash on deposit with banks as well as certificates of deposit.
TuSimple, which was founded in 2015, was one of the first autonomous trucking startups to emerge in what has become a small, yet bustling industry that now includes Aurora, Embark, Kodiak and Waymo. While TuSimple’s founding team and its earliest backers Sina and Composite Capital are from China, a chunk of its operations are in the United States, including its global headquarters in San Diego. TuSimple also operates an engineering center and truck depot in Tucson and more recently set up a facility in Texas to support its autonomous trips —always with a human safety operator behind the wheel. TuSimple also has operations in Beijing and Shanghai.
This story is developing and will be updated.
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