TuSimple Announces First Quarter 2021 Results

Rhea-AI Summary

TuSimple (TSP), a global self-driving technology company, announced its Q1 2021 financial results, detailing significant progress in AI technology and autonomous truck development. The company successfully raised $1 billion in its IPO, enhancing its financial capacity to innovate in autonomous trucking. CEO Cheng Lu highlighted partnerships in the autonomous vehicle ecosystem and the expansion of their Autonomous Freight Network, positioning TuSimple for continued growth in the $4 trillion truck freight industry.

Positive

• Raised $1 billion in IPO, enhancing financial stability.
• Developed proprietary AI technology for autonomous trucks.
• Expansion of the Autonomous Freight Network.

Negative

• None.

SAN DIEGO, May 10, 2021 /PRNewswire/ -- TuSimple (Nasdaq: TSP), a global self-driving technology company based in San Diego, California, today announced unaudited financial results for the first quarter period ending March 31, 2021. TuSimple's complete quarterly financial results and management commentary can be found by accessing the company's shareholder letter on the quarterly results page of the investor relations website at ir.tusimple.com.

TuSimple President and CEO, Cheng Lu, commented, "TuSimple continued to gain momentum throughout Q1 2021 by refining our proprietary artificial intelligence technology and designing our purpose-built L4, Class 8 truck with Navistar. Alongside these technology developments, we led the industry in building autonomous vehicle ecosystem partnerships and expanded our Autonomous Freight Network."

Lu continued, "In April, we became the first autonomous driving company to list on a stock exchange. The $1 billion of growth capital we raised through our IPO provides us with a substantial runway to focus on our technology and continue our industry leadership in autonomous trucking. With this capital, we are more confident than ever that we will achieve our mission to bring a reliable, low-cost trucking solution to market while setting a new standard for safety and efficiency."

Conference Call
TuSimple will hold a conference call at 2 p.m. Pacific Time (5 p.m. Eastern Time) to discuss the company's business and financial results.

What:
TuSimple Q1 FY2021 Earnings Conference Call

When:
Monday, May 10, 2021

Time:
2 p.m. Pacific Time (5 p.m. Eastern Time)

To Listen via Telephone:
North America (toll-free): +1 (833) 519-1404
International (caller-paid): +1 (270) 215-9738
Conference ID: 2176603

To Listen via the Internet:
https://ir.tusimple.com/events/event-details/tusimple-q1-2021-earnings-conference-call 

An archived version of the webcast will be available on TuSimple's Investor Relations website at ir.tusimple.com. A telephone replay will be available two hours after the end of the conference call until May 17, 2021. To access the replay, please dial +1 (855) 859-2056 for North American callers or +1 (404) 537-3406 for international callers and enter the conference ID 2176603.

About TuSimple
TuSimple is a global autonomous driving technology company, headquartered in San Diego, California, with operations in Arizona, Texas, China, Japan and Europe. Founded in 2015, TuSimple is developing a commercial-ready Level 4 (SAE) fully autonomous driving solution for long-haul heavy-duty trucks. TuSimple aims to transform the $4 trillion global truck freight industry through the company's leading proprietary AI technology, which makes it possible for trucks to see 1,000 meters away, operate nearly continuously and consume 10% less fuel than manually driven trucks.

Visit us at www.tusimple.com, and follow us on Twitter, YouTube and LinkedIn. Images and video can be found in our press kit atwww.tusimple.com/media.

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SOURCE TuSimple Holdings Inc.

FAQ

What were TuSimple's financial results for Q1 2021?

TuSimple announced its Q1 2021 financial results, highlighting progress in AI technology and partnerships, but specific financial metrics were not detailed.

How much capital did TuSimple raise in its IPO?

TuSimple raised $1 billion through its IPO, providing substantial growth capital.

What is TuSimple's focus in the autonomous trucking industry?

TuSimple aims to develop a reliable, low-cost trucking solution while enhancing safety and efficiency in the $4 trillion global freight industry.

When will TuSimple hold its earnings conference call?

TuSimple will hold its Q1 FY2021 earnings conference call on May 10, 2021, at 2 p.m. Pacific Time.