TuSimple to lay off 25% of workforce (updated)

CreateAl Holdings

21/12/2022 21:36

(Adds restructuring charge, background)
       Dec 21 (Reuters) - TuSimple Holdings Inc  TSP.O  said on
Wednesday it will lay off 25% of its workforce, or nearly 350
employees, as the self-driving truck company seeks to chart a
course out of the economic upheaval that has been raging
throughout the year.
    The company said it expects to record a one-time charge of
nearly $10 million to $11 million, most of which would be
recorded in the fourth quarter.
    The downsizing also follows the dramatic removal of chief
executive Xiaodi Hou in October after an investigation by the
company's board revealed that some employees spent paid hours
last year working for Hydron Inc, a startup working on
autonomous trucks mostly in China.
    Earlier this month, TuSimple also ended a deal with Navistar
to co-develop trucks with autonomous driving capability.
 (Reporting by Niket Nishant in Bengaluru; Editing by Anil
D'Silva)
 ((Niket.Nishant@thomsonreuters.com;))