$3 bln autonomous-truck upstart TuSimple may sell its China unit. Splitting the firm would allay data concerns. Partners like UPS make its U.S. business more appealing. Other Chinese entrepreneurs may struggle to take such an exit, says mak_robyn
Autonomous trucking startup TuSimple is planning to sell its business in China and focus on the U.S. market, Reuters reported on March 16, citing sources. The company hopes to fetch up to $1 billion for the unit.
The company, which raised more than $1 billion in a New York initial public offering in April 2021, has approached Chinese investors including private equity firm Boyu Capital, the reported added. Separately, TuSimple in February reached a settlement with the Committee on Foreign Investment in the United States to end a security probe. Under the agreement, the company agreed to limit access to certain data, adopt a"technology control plan", and periodically meet with and report to CFIUS, among other things.
Chinese social media company Sina holds a 13.1% stake in TuSimple, according to filings dated Feb. 14.Semi-trucks line up near Pier J to retrieve shipping containers from China-based ship at the Port of Long Beach, in Long Beach, California, U.S., April 4, 2018. REUTERS/Bob Riha Jr. - RC1CA12EBB50
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