A Self-Driving Truck Firm Opened for Trading. Investors Went Down a Flat Road.

Barrons2021-04-16

TuSimple, which went public Thursday, is looking to revolutionize the $800 billion trucking industry with self-driving technology. The San Diego company develops software that puts long-haul trucks on...

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JovenTey
2021-04-16
JovenTey
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Investors Went Down a Flat Road. \n</h2>\n\n<h4 class=\"meta\">\n\n\n2021-04-16 09:11 GMT+8&nbsp;&nbsp;&nbsp;<a href=https://www.barrons.com/articles/tusimple-rebounds-and-snags-8-5-billion-valuation-51618522574?mod=RTA><strong>Barrons</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>TuSimple, which went public Thursday, is looking to revolutionize the $800 billion trucking industry with self-driving technology.\nThe San Diego company develops software that puts long-haul trucks on...</p>\n\n<a href=\"https://www.barrons.com/articles/tusimple-rebounds-and-snags-8-5-billion-valuation-51618522574?mod=RTA\">Source Link</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","isBrief":false,"type":0,"news_type":1,"symbol":null,"symbol_name":null,"start_time":0,"source_url":"https://www.barrons.com/articles/tusimple-rebounds-and-snags-8-5-billion-valuation-51618522574?mod=RTA","article_id":"1149515663","we_media_id":null,"thumbnails":[],"rights":null,"url":"https://stock-news.laohu8.com/highlight/detail?id=1149515663","pubTimestamp":1618535475,"sourceInfo":{"source_id":"lsy1601382232898","name":"Barrons"},"weMediaInfo":null,"summary":"TuSimple, which went public Thursday, is looking to revolutionize the $800 billion trucking industry","collect":0,"end_time":0,"defaultTopTitle":"barrons.com","property":[],"viewcount":null,"language":"en","relate_stocks":{},"translate_title":"一家自动驾驶卡车公司开业交易。投资者走了一条平坦的路。","themeId":null,"isJumpTheme":false,"ttsUrl":null,"symbols_score_info":{"TSP":0.9},"content_text":"TuSimple, which went public Thursday, is looking to revolutionize the $800 billion trucking industry with self-driving technology.\nThe San Diego company develops software that puts long-haul trucks on the road without a human driver. TuSimple’s (ticker: TSP) technology is different from the kind developed for cars—Tesla (TSLA) and Alphabet (GOOG) have self-driving projects—because long-haul trucks are wider, heavier and can’t see the back of the trailer, said President and CEO Cheng Lu.\n“It takes a truck 15 second to make a left-hand turn, which is three times longer than a car,” he said.\nAnd on a highway, trucks need about two times longer stopping distance than a passenger vehicle,the TuSimple prospectus said. “Everything a truck does is magnified,” Lu said.\nTuSimple is partnering with Navistar(NAV) to develop trucks for the North American market by 2024. The company has 5,700 truck reservations for the launch, Lu said. “That’s going to the first wave of customers,” he said.\nThe company has another partnership with Volkswagen subsidiary TRATON for trucks in Europe.Navistar,TRATON, and United Parcel Service(UPS) are all investors of TruSimple whichhad raised $800 million in fundingbefore the IPO.\nThe company has 70 trucks in operation globally, including 50 in the U.S., that use its software. All currently operate with a safety driver and a safety engineer, Lu said.\nTuSimple plans to launch a driverless pilot program, where trucks haul freight for 100 miles, by the end of this year, he said. “We just outfitted about 12 more trucks for the pilot program,” said Lu, who declined to disclose how many vehicles would be part of the program.\nOn Thursday, TuSimplemade its public equity markets debut. Shares opened at $40.25, hit a high of $41.50, and then dropped below its $40 offer price. The stock rebound Thursday afternoon with shares closing flat at $40. With 212,263,328 shares outstanding, TuSimple has a near $8.5 billion market cap.\nThe roughly 6-year old start-up chose to go public because autonomous driving companies haven’t been as “transparent as they need to be …Going through the traditional IPO route adds transparency to the process. We were vetted by investors and research analysts,” said Lu, who spoke toBarron’sbefore TuSimple’s shares started trading.\nWith the IPO, TuSimple will have $1.5 billion of capital on its balance sheet, he said. The company plans to use proceeds to invest in research and development, and to hire, Lu said. “We have 400 open positions in the U.S. alone. We are ready to invest in more people,” he said.\nTuSimple has come to the attention of the Committee on Foreign Investment in the U.S., or CFIUS, which reviews foreign investments. Sun Dream, an affiliate of Chinese internet media company Sina Corp, invested in TuSimple in 2017 and was the company’s biggest shareholder, owning nearly 20% before the IPO. In March, CFIUS informed TuSimple that it was looking at Sun Dream’s investment for any threat to national security and may require that Sun Dream sell its stake, the prospectus said.\nTuSimple and Cina will make a voluntary filing to CFIUS in the next few weeks, which will have 45 days to review, Lu said. Cina’s stake will drop to 5.8% of voting power after the IPO,the prospectus said. “This will not have any material impact on our business,” Lu said of the review.","kind":"news","is_publish_news":true,"is_publish_highlight":true,"is_publish_live":false,"is_publish_wemedia":null,"editions":null,"column":"","sentiment":"0","news_tag":"","news_rank":0,"symbols":[],"gpt_button":1},"commentList":[{"id":370017895,"gmtCreate":1618536156717,"gmtModify":1704712347654,"author":{"id":"3579935024398704","authorId":"3579935024398704","name":"JovenTey","avatar":"https://static.tigerbbs.com/c5ff355ce66d2d38bade5b7ba95269dc","vip":1,"crmLevel":2,"crmLevelSwitch":0,"idStr":"3579935024398704","authorIdStr":"3579935024398704"},"htmlText":"Sick","listText":"Sick","text":"Sick","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":1,"repostSize":0,"link":"https://ttm.financial/post/370017895","repostId":1149515663,"repostType":4,"isVote":1,"likeStatus":false,"favoriteStatus":false,"reportStatus":false,"tweetType":1,"comments":[{"id":4049825,"gmtCreate":1618542545768,"gmtModify":1680784290553,"authorId":3570479349727470,"author":{"id":3570479349727470,"idStr":"3570479349727470","authorId":3570479349727470,"name":"ALIBINHASSAN","avatar":"https://static.tigerbbs.com/1a7c31b79e7bff28841c5f18dca737f4","vip":1,"crmLevel":2,"crmLevelSwitch":0,"individualDisplayBadges":[]},"repliedAuthorId":0,"objectId":370017895,"type":1,"supId":0,"prevId":0,"content":"Why","text":"Why","html":"Why"}],"langContent":"EN"}],"isCommentEnd":false,"newsSizeData":{"likeSize":28,"commentSize":1,"repostSize":0,"favoriteSize":0,"likeStatus":false,"favoriteStatus":false},"APP":{"userAgent":"Mozilla/5.0 AppleWebKit/537.36 (KHTML, like Gecko; compatible; ClaudeBot/1.0; +claudebot@anthropic.com)","isDev":false,"isTTM":true,"deviceId":"web-server-community-laohu8-v3","version":"4.29.3","shortVersion":"4.29.3","platform":"web","vendor":"web","appName":"ttm","isIOS":false,"isAndroid":false,"isTiger":false,"isTHS":false,"isWeiXin":false,"isWeiXinMini":false,"isWeiBo":false,"isQQ":false,"isBaiduSwan":false,"isBaiduBox":false,"isDingTalk":false,"isToutiao":false,"isOnePlus":false,"isHuaWei":false,"isXiaomi":false,"isXiaomiWebView":false,"isOppo":false,"isVivo":false,"isSamsung":false,"isMobile":false},"href":"/m/news/1149515663"}