TuSimple Plans To Cut Half Its Workforce: Report

TuSimple Holdings Inc TSP reportedly plans to slash at least half of its workforce next week.
The company scales back its measure to build and test autonomous truck-driving systems, the WSJ reported.
The proposed jobs cut is expected to affect about 700 employees.
As of June, the self-driving truck company had 1,430 full-time employees globally, with operations in San Diego, Arizona, Texas and China.
The company removed its CEO in October, after a board of investigation found TuSimple had shared confidential information with a Chinese startup, Hydron Inc.
The report noted that federal authorities are probing if the company improperly financed and transferred technology to Hydron.
The cutback will likely wipe out much of its operations in Tucson, Arizona.
TuSimple had recently terminated its partnership with Navistar.
Price Action: TSP shares are trading higher by 1.30% at $1.56 in premarket on the last check Monday.
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