Hyperdrive
TuSimple Sees Rapid Path to Profits Once Driverless Trucks Roll
- Startup just raised $1.35 billion in a public stock offering
- CEO claims it can cut the cost of long-haul trucking by 50%
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TuSimple Holdings Inc., the self-driving semi-truck startup that raised $1.35 billion in a public offering Thursday, sees a rapid path to profits once it gets its driverless 18-wheelers on the road in 2024.
The San Diego-based company, with significant operations in China, has lost more than $300 million over the last three years. And it failed to deliver on a promise to book $1 million a month in revenue in the second half of 2019. Instead, it reported revenue of $1.8 million last year with a $178 million loss.