TuSimple to restructure US business, lay off 30% staff – Reuters

May 18 (Reuters) – TuSimple Holdings Inc (TSP.O) said on Thursday it will cut 30% of its workforce in the United States 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 time when access to capital has been tight.

The restructuring is expected to cost the company between $12 million and $…

Read the full article at: https://www.reuters.com/business/autos-transportation/tusimple-restructure-us-business-lay-off-30-staff-2023-05-18/