Trucking start-up TuSimple Holdings Inc. is looking to sell its China business for up to $1 billion in hopes of reducing regulatory risk and focusing on its US operations, Reuters reported on Thursday, citing people familiar with the matter. The Nasdaq-listed startup has approached potential buyers, including private equity firm Boyu Capital, days after the company reached an agreement with US authorities to restrict key information from its China unit. Founded by two Chinese entrepreneurs and backed by Weibo parent company Sina, TuSimple operates a testing fleet of 100 autonomous trucks in China and the US.
Autonomous trucking startup TuSimple Holdings Inc , backed by Chinese social media firm Sina Corp , is looking to sell its business in China and focus on the U.S. market, sources said.
TuSimple Holdings Inc on Wednesday said its autonomous trucks have completed more than 550 miles (885 km) of public road driving in Arizona without a human behind the wheel.
