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TuSimple Reports Receiving 6,775 Orders For Its Self-Driving Electric Truck

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TuSimple Reports Receiving 6,775 Orders For Its Self-Driving Electric Truck

Self-driving trucking company TuSimple Holdings (NASDAQ: TSP) said on Monday it scored 1,000 new bookings in April and added 1,200 in the first quarter, taking its total booking to 6,775 trucks so far.

What Happened: The San Diego-based autonomous trucking company that raised $1.35 billion in a public offering last month is gearing up to launch driverless 18-wheelers in partnership with Navistar International Corp (NYSE: NAV) beginning 2024.

The company said trucking companies Penske Truck Leasing, Schneider National Inc (NYSE: SNDR) and US Xpress Enterprises Inc (NYSE: USX) are among the large freight transportation companies in North America to place the orders. 

TuSimple and Navistar had last year announced a strategic partnership to co-develop L4 autonomous heavy-duty trucks. 

About 53% of its total bookings now are from truck carriers, 30% from rail operators and 17% are from shippers and parcel carriers, the company CEO Cheng Lu said.

Reservations are non-binding and require a $500 truck deposit.

Why It Matters: The development comes at a time as competition in self-driving technology picks up pace. On Monday, Plus announced a SPAC deal with plans to launch autonomous trucks in 2021.

Plus is working on mass production-ready, low-cost Level 4 autonomous driving technology for the long-haul trucking sector. 

See Also: Autonomous Trucking Company Plus Announces SPAC Deal: What Investors Should Know

In the trucking industry, there is a driver shortage, high driver turnover and about two-thirds of costs are made up from labor and fuel.

Price Action: TuSimple shares closed 0.54% lower at $37.09 on Monday.

 

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