TuSimple Trucks Cruise Past the 10 Million Mile Mark

Rhea-AI Summary

TuSimple (Nasdaq:TSP) announced a significant milestone, having driven over 10 million cumulative miles through testing and freight delivery. This achievement showcases the company's advancements in autonomous driving technology, with only one at-fault incident recorded, significantly lower than traditional truck fleets. TuSimple, established in 2015, has been a pioneer in the sector, being the first to demonstrate autonomous semi-trucks on highways and launching the Autonomous Freight Network. The company aims to transform the $4 trillion truck freight industry with its technology, enhancing safety and reducing fuel consumption by over 10%.

Positive

• Achieved over 10 million cumulative miles in testing and freight delivery.
• Only one at-fault incident recorded, outperforming traditional truck fleets.
• Pioneered several industry firsts, including the Autonomous Freight Network.

Negative

• None.

• TuSimple trucks have recorded more than 10 million cumulative miles through testing, research and freight delivery
• This latest milestone is one of many industry firsts for the autonomous driving technology company
• TuSimple has recorded only one at-fault incident in its 10 million miles, which is below the average yearly accidents for a traditional truck fleet according to a 2022 Fleet Safety Study

SAN DIEGO, March 16, 2023 /PRNewswire/ -- TuSimple (Nasdaq:TSP), a global autonomous driving technology company, announced today its trucks have driven more than 10 million cumulative miles through testing, research and freight delivery.

"This is an incredible achievement and one that we do not take lightly," said Cheng Lu, President and CEO of TuSimple. "It's an opportunity for us to look back on everything we have achieved as a company and a reminder of what is still to come as TuSimple continues to innovate and re-imagine the future of the autonomous commercial trucking industry."

This latest milestone is among several others recorded by the company since its creation in 2015.

• Becoming the first company to demonstrate an autonomous semi truck's capabilities on surface streets and highways with its 1,000-meter perception breakthrough in 2018.
• Launching the Autonomous Freight Network in 2020
• Establishing itself as the first autonomous vehicle company to go public with a traditional IPO in 2021
• Becoming the first company to successfully demonstrate the ability to fully remove the driver from its trucks and navigate 80 miles, traveling on surface streets and highways, naturally interacting with other motorists in December 2021
• Recording a "first" for Europe late last year when its technology enabled commercial goods to be transported approximately 300 kilometers in regular traffic conditions using its autonomous driving system.

Cheng adds, "This is an important moment for TuSimple and its employees and an opportunity to celebrate our achievements. While we have a lot to be proud of, we're always focused on what comes next. TuSimple is excited to continue hitting even more milestones through the advancement of our autonomous driving technology."

About TuSimple
TuSimple is a global autonomous driving technology company headquartered in San Diego, California, with operations in Arizona, Texas, Europe, and China. Founded in 2015, TuSimple is developing a commercial-ready, fully autonomous (SAE Level 4) driving solution for long-haul heavy-duty trucks. TuSimple aims to transform the $4 trillion global truck freight industry through the company's leading AI technology, which makes it possible for trucks to drive safely autonomously, operate nearly continuously, and reduce fuel consumption by 10%+ relative to manually driven trucks. Global achievements include the world's first fully autonomous, 'driver-out' semi-truck run on open public roads, and development of the world's first Autonomous Freight Network (AFN). Visit us at www.tusimple.com.

Forward-Looking Statements
This press release contains forward-looking statements. These statements are based on current expectations as of the date of this press release and involve a number of risks and uncertainties, which may cause results to differ materially from those indicated by these forward-looking statements. Many important factors could cause actual future events to differ materially from the forward-looking statements in this press release, including but not limited to those related to the Company's ability to complete the Form 10-Q and Form 10-K within the anticipated time period, the Company's ability to regain compliance with Nasdaq listing standards, the Company's ability to engage an independent auditor, autonomous driving being an emerging technology, the development of the Company's technologies and products, the Company's limited operating history in a new market, the regulations governing autonomous vehicles, changes in the Company's board of directors and senior management, the Company's dependence on its senior management team, reliance on third-party suppliers, potential product liability or warranty claims, the protection of the Company's intellectual property, securities class action litigation, strategic alternatives for the Company's Asia business, and government or regulatory policies, inquiries and actions. Moreover, the Company operates in a competitive and rapidly changing environment, and new risks may emerge from time to time. The foregoing list of factors is not exhaustive. You should carefully consider the foregoing factors and the other risks and uncertainties described under the caption "Risk Factors" in our most recent annual report on Form 10-K, filed with the SEC on February 24, 2022, and the Company's other filings with the SEC. These SEC filings identify and address other important risks and uncertainties that could cause actual events and results to differ materially from those contained in the forward-looking statements. Forward-looking statements speak only as of the date they are made. Readers are cautioned not to put undue reliance on forward-looking statements, and we assume no obligation and do not intend to update or revise these forward-looking statements, whether as a result of new information, future events, or otherwise. We do not give any assurance that we will achieve our expectations.

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SOURCE TuSimple Holdings, Inc.

FAQ

What is the recent milestone announced by TuSimple (TSP)?

TuSimple announced that its trucks have driven over 10 million cumulative miles through testing and freight delivery.

How many at-fault incidents has TuSimple (TSP) recorded during its testing?

TuSimple has recorded only one at-fault incident in its 10 million miles, which is below the industry average.

What distinguishes TuSimple (TSP) from traditional trucking companies?

TuSimple has achieved significant advancements in autonomous driving technology with a lower accident rate and several industry firsts.