Beijing (PingWest)—Self-Driving Truck company TuSimple made its debut on the Nasdaq Thursday, raising more than $1 billion through IPO.
TuSimple said that it sold around 27 million shares and a stockholder sold about 6.8 million shares, at $40 each. Under the ticker "TSP," the company raised $1.081 billion in gross proceeds, valuing the company at about $8.5 billion.
TuSimple is developing an autonomous driving system as well as self-driving trucks for long-haul trucking with Navistar International and Volkswagen subsidiary Traton, both of which make commercial and heavy trucks. VW's Traton is acquiring Navistar International for an inroad into North America.
Production of TuSimple's self-driving trucks is set for 2024.
The company counts shipping giant UPS and the US Postal Service among its backers and partners. The Postal Service is exploring the feasibility of utilizing autonomous delivery vehicle technology to reduce fuel costs, increase safe truck operation and improve its fleet utilization rate through longer hours of operation.
Founded in 2015 by Jianan Hao, Mo Chen, and Xiaodi Hou, the San Diego-based company also runs offices in Tucson and Beijing.