Autonomous truck startup TuSimple Holdings Inc. has scored a significant milestone as the company became the world's first autonomous-driving technology sector, with NASDAQ listing to go public by raising $1.35 billion. The firm got a nice premium for its first-to-market status, as it beat out names like Argo AI and Plus that are eyeing their listings. TuSimple is engaged in a more arduous battle to convince the world that it US-based company.
TuSimple's stock during the trading days surged after its NASDAQ debut. The company's share was priced at $40, higher than the earlier published range of $35 to $39. This showed the enthusiasm of investors across the globe about TuSimple's first-to-market status. The company has stated that it is all set to sign a development agreement with Volkswagen's Traton SE unit, which will help the company to focus on its organic growth.
TuSimple is a relatively attractive global customer purely based on a business standpoint. It has a solid series of alliances with major players, and the company is primarily focusing on the long-distance truck sector, which is simpler than autonomous cars. Its revenue has grown steadily in the last two years. From a purely financial and strategic standpoint, the company looks relatively solid.