Autonomous trucking company TuSimple is considering selling its U.S. business, according to documents filed Tuesday with the U.S. Securities and Exchange Commission.
The decision to explore strategic alternatives for the U.S. business, including a possible sale, “was guided by the company’s review of multiple business factors and commercial opportunities,” according to a TuSimple press release.
A company spokesperson said Thursday that the board was “regularly evaluating a range of business factors that includes macro environment, access to capital, commercial partnerships and timelines. Those factors led to the board to make the decision to explore a possible sale at this time. We are very early in the process, so we don’t have any specific prospects that we are able to discuss at this time.”
TuSimple, of San Diego, develops autonomous driving technology for long-haul, heavy-duty trucks. The company operates in the U.S. and Asia.
If the U.S. business is sold, TuSimple would turn its attention primarily to operations in Asia-Pacific and other global markets, according to the release.
TuSimple has previously pursued strategic alternatives for its Asia-Pacific business but ultimately backtracked on those plans.
The company in May announced a restructuring plan for U.S. operations in an attempt to buoy its struggling balance sheet. That plan included reducing its U.S. work force by approximately 300 employees — 30 percent of the global work force.
Challenges have abounded for TuSimple in the past few years. After several changes in leadership and the loss of manufacturing partner Navistar Inc., the company was threatened with delisting from the Nasdaq in May for failing to file financial reports on time.