TuSimple to restructure US business, lay off 30% staff (updated)

CreateAl Holdings

18/05/2023 13:21

(Adds details on restructuring, layoffs, shares in paragraphs 2
and 4, background in paragraph 3)
       May 18 (Reuters) - TuSimple Holdings Inc  TSP.O  said on
Thursday that it will restructure its U.S. operations and reduce
headcount by 30% as it looks to preserve its balance sheet.
    The autonomous driving technology company also said it is no
longer seeking strategic alternatives for its Asia Pacific unit.
    Its shares fell about 8% in premarket trading.
    The move comes days after the firm received a delisting
notice from Nasdaq for not filing its quarterly report on time.
    The restructuring is expected to cost the company between
$12 million and $13 million, it said in a statement, adding that
the layoffs will only impact its employees in the U.S.

 (Reporting by Akash Sriram in Bengaluru; Editing by Savio
D'Souza and Shweta Agarwal)
 ((Akash.Sriram@thomsonreuters.com; @HoodieOnVeshti on Twitter;
+91-74116-87774;))