Whats new: Nasdaq-traded self-driving truck startup TuSimple Holdings Inc. plans to slash its workforce by 25% as part of a broader business restructuring, the company said.
TuSimple said the plan would affect 350 workers as the company seeks to elevate its capital efficiency. After the layoffs, TuSimples workforce will decline to about 1,100, 80% of whom will focus on research and development.
The downsizing will save TuSimple $55 million to $65 million per year, the company said. TuSimple said it will shift focus to providing self-driving technology and solutions to partners in transportation businesses.
The context: Backed by Chinese social media giant Sina Corp., TuSimple operates about 100 Level 4 driverless trucks, mostly in the U…
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