- Autonomous trucking startup TuSimple Holdings Inc TSP looked to divest its China business for up to $1 billion, Reuters reports.
- TuSimple approached several Chinese investors, including private equity firm Boyu Capital, searching for potential buyers.
- TuSimple aimed to focus on the U.S. market.
- Also Read: TuSimple Paves The Way For Its Truck Technology Commercialization
- The startup recently agreed to restrict the China unit's access to data due to U.S. security concerns.
- TuSimple suffered $732.7 million in losses in 2021 and had not "recognized a material amount of revenue" to date.
- Price Action: TSP shares traded higher by 25.4% at $11.93 on the last check Wednesday.
© 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
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