Another autonomous vehicle (AV) company is joining the race to the public markets: this time it’s TuSimple. Its self-driving truck network, which was developed in partnership with UPS and Berkshire Hathaway, is set to be fully operational in the US by 2024.
The San Diego-based firm’s net loss grew to $199m in 2020, from $145m the year before. This IPO will give it a chance to use the capital for different purposes, such as paying off debt or investing in new technology.
TuSimple joins a whole host of companies in the auto industry (not just in the self-driving market, but in the electric vehicle market too) that are trying to accelerate their tech advancements by monetizing from the current IPO environment — including Luminar Technologies, Velodyne, and Arrival Ltd (a bus and van maker listing today on the Nasdaq).