Key points of the restructuring plan:
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Focus on capital discipline given macroeconomic conditions and industry readiness.
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Strategic investments on highest value-added projects, namely the validation and commercialization of TuSimple’s leading autonomous trucking technology.
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Restructuring impacts approximately 350 employees, or 25% of TuSimple’s workforce; 80% of the remaining approximately 1,100 TuSimple employees are in R&D functions.
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One-time restructuring charge of approximately $10 million to $11 million, with the majority recognized in the fourth quarter of 2022 and paid in the first quarter of 2023.
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Compensation related restructuring savings expected to be $55 million to $65 million on an annual basis.
SAN DIEGO, Dec….
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