(This May 18 story has been corrected to say that the company will reduce its global workforce by 30%, not the U.S. workforce, in paragraph 1)
(Reuters) – TuSimple Holdings Inc said on Thursday it will cut 30% of its global workforce under a restructuring as the autonomous driving technology company looks to preserve its balance sheet amid a funding crunch in the sector.
The shares of the company fell more than 8% in premarket trading.
The San Diego-based company also said it is no longer seeking strategic alternatives for its Asia Pacific business, backtracking on plans it announced in March last year for the unit.
Industry executives and investors have been worried about the funding poured into the self-driving technology sector at a…
Read the full article at: https://finance.yahoo.com/news/tusimple-restructure-us-business-lay-120727527.html