Image Source: Visual China
BEIJING, February 26 (TMTPOST) — TuSimple (NASDAQ: TSP), a California-based self-driving trucking technology startup, had reached a settlement with the U.S. government to end a national security probe targeting it, the company announced earlier on February 22.
The authorities in the United States were conducting a security probe into TuSimple’s data operations and link to China, citing concerns over national security.
TuSimple has agreed to limited U.S. oversight and pledged to keep U.S.-developed core technologies out of China. In addition, TuSimple also agreed that two members of its board with connection to Sina will leave the board this year.
The Committee on Foreign Investment in the United States (CFIUS) targeted TuSimple because the company operates both in China and the United States. The CFIUS also pointed out that Sun Dream, a major TuSimple, is closely connected to Chinese Internet company Sina as it is controlled by Sina’s chairman Cao Guowei. Cao and Sina’s CFO Zhang Yi are on TuSimple’s board. Sun Dream held 20% of the equity at the time of TuSimple’s initial public offering in April 2021. The stake triggered the probe from the CFIUS.
Established in 2015, TuSimple specializes in the making of autonomous trucks. It was founded to develop and commercialize driverless trucks with L4 autonomous driving capabilities. Autonomous vehicles with L4 capacity allow human drivers to intervene when necessary and they can operate in self-driving mode in most circumstances. The company was on Forbes China’s 2019 Most Innovative Company List. The company went public on NASDAQ in the United States in April 2020, with each share priced at US$40. The company announced on its debut day that it had raised over US$1 billion through its IPO, which set the company’s valuation at around US$8.5 billion. Morgan Stanley, Citigroup and J.P. Morgan were the lead underwriters for the offering.
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