Autonomous truck boot TuSimple Holdings Inc. applied for a US initial public offering (IPO) this Tuesday, joining a group of companies that want to capitalize on the growing investment interest in the sector.
The company did not disclose the number of shares it plans to offer investors or the price range for its offering.
Dozens of companies, automakers and large technology companies, such as Google’s Waymo and China-based Xpeng Inc., are accelerating work on autonomous car systems to take advantage of the technology, which is expected to lead to a maritime change in the transportation industry.
Other self-driving companies such as Velodyne, Luminar Technologies and Aeva have also recently filed their statement to make public their bank investment in a historic boom in US capital markets.
According to Dealogic, companies raised about $ 167 billion through stock exchanges in 2020, a record that could be overshadowed this year, according to investment bankers.
TuSimple, based in San Diego, California, with the support of the Volkswagen TRATON SE commercial truck unit and United Parcel Service Inc, is developing self-driving trucks with Navistar International Corp that will begin production in 2024.
It launched in July a stand-alone freight driving partnership with UPS and Berkshire Hathaway Inc’s supply chain unit, McLane, which it said should be operational nationwide by 2024.
Founded in 2015, TuSimple was under the scanner of the U.S. Foreign Investment Committee because of its ties to China, the Wall Street Journal reported https://www.wsj.com/articles/autonomous-trucking -startup-tusimple -plans-to-go-public-in-march-11614230411 previous. But the committee took no action against the company.
TuSimple’s revenue more than doubled to $ 1.8 million in the year ended December 31, 2020.
Net loss attributable to ordinary shareholders expanded to $ 198.8 million, after a loss of $ 145 million the previous year.
Morgan Stanley, Citigroup and JP Morgan are the main subscribers to the offer.