Self-driving trucking company TuSimple Holdings TSP said Monday that it is winding down its U.S. business, reducing its workforce to about 30 people as it looks for a buyer for its assets that remain in the country, the Wall Street Journal reported. The demise of TuSimple’s U.S. operations marks a precipitous fall for the one-time leader in autonomous long-haul trucking. The San Diego-based company in the past year has had to grapple with safety concerns as well as government scrutiny of its dealings with a Chinese trucking startup. TuSimple is now moving its business to China, according to company filings. The company said on Monday that it laid off about 150 employees or 75% of its U.S. staff. That brings its global workforce down to about 700 full-time employees — half of what it had in the summer of 2022. Most of the remaining employees are in China. TuSimple has repeatedly reduced its U.S. staff since late last year. TuSimple has stopped hauling freight in its trucks and closed most of its autonomous driving testing and development efforts, according to company statements. It told investors in a company filing that it expects no significant revenue this year. TuSimple said the remaining employees are charged with winding down what’s left of the company, including selling its assets. TuSimple has been seeking a buyer for months. The company is valued at about $229 million. It went public on a U.S. exchange in 2021 at a $8.5 billion valuation. Its shares jumped 6% Monday to $1.00.
