Self-Driving Truck Maker TuSimple Hires Morgan Stanley To Help Raise $250M In Fresh Funding: Report

TuSimple is looking to raise up to $250 million in a fresh funding round, TechCrunch reported late Friday.

The self-driving-truck maker has hired Morgan Stanley MS to help raise the funds, according to TechCrunch.

The investment bank is already sending out proposals to potential investors on why TuSimple is poised to succeed as a company, TechCrunch noted.

The California-based company is backed by Chinese technology company Sina Corp. SINA, graphics processing units maker NVIDIA Corporation NVDA, supply chain company United Parcel Service, Inc. UPS and South Korean original equipment manufacturer Mando Corporation.

TuSimple is valued at more than $1 billion, having raised at least $298 million to date, according to TechCrunch. The company competes with the likes of Tesla Inc.'s TSLA, Alphabet Inc.'s GOOGL GOOG Waymo, and Uber Technologies Inc. UBER in the self-driving technology space.

Image by TuSimple

Posted In: Morgan Staleyself-driving truckstechcrunchNewsFinancingTechMedia

Ad Disclosure: The rate information is obtained by Bankrate from the listed institutions. Bankrate cannot guaranty the accuracy or availability of any rates shown above. Institutions may have different rates on their own websites than those posted on Bankrate.com. The listings that appear on this page are from companies from which this website receives compensation, which may impact how, where, and in what order products appear. This table does not include all companies or all available products.

All rates are subject to change without notice and may vary depending on location. These quotes are from banks, thrifts, and credit unions, some of whom have paid for a link to their own Web site where you can find additional information. Those with a paid link are our Advertisers. Those without a paid link are listings we obtain to improve the consumer shopping experience and are not Advertisers. To receive the Bankrate.com rate from an Advertiser, please identify yourself as a Bankrate customer. Bank and thrift deposits are insured by the Federal Deposit Insurance Corp. Credit union deposits are insured by the National Credit Union Administration.

Consumer Satisfaction: Bankrate attempts to verify the accuracy and availability of its Advertisers' terms through its quality assurance process and requires Advertisers to agree to our Terms and Conditions and to adhere to our Quality Control Program. If you believe that you have received an inaccurate quote or are otherwise not satisfied with the services provided to you by the institution you choose, please click here.

Rate collection and criteria: Click here for more information on rate collection and criteria.