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Benzinga
Benzinga
Business
Anusuya Lahiri

TuSimple Shares Soar As It Looks To Divest China Operations

TuSimple China TSP United States TuSimple Holdings Inc
  • Autonomous trucking startup TuSimple Holdings Inc (NASDAQ:TSP) looked to divest its China business for up to $1 billion, Reuters reports.
  • TuSimple approached several Chinese investors, including private equity firm Boyu Capital, searching for potential buyers.
  • TuSimple aimed to focus on the U.S. market.
  • Also Read: TuSimple Paves The Way For Its Truck Technology Commercialization
  • The startup recently agreed to restrict the China unit's access to data due to U.S. security concerns.
  • TuSimple suffered $732.7 million in losses in 2021 and had not "recognized a material amount of revenue" to date.
  • Price Action: TSP shares traded higher by 25.4% at $11.93 on the last check Wednesday.
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