TuSimple Holdings Inc. - TSP STOCK NEWS

TüV SÜD has audited TuSimple, confirming that the company conforms to the SAE J3018 guidelines and AVSC best practices for autonomous vehicle testing.

As the first U.S.-based autonomous trucking company to publicly announce such results, TuSimple's audit revealed no non-conformances, showcasing its commitment to safety and public acceptance of autonomous truck technology.

This voluntary audit highlights TuSimple's adherence to industry best practices in driver selection, training, and operational procedures. Safety remains a core focus for TuSimple as it develops its autonomous driving system.

TuSimple (Nasdaq: TSP) has launched its proprietary TuSimple Domain Controller (TDC), an automotive-grade central compute unit designed to support advanced driver-assistance systems (ADAS) and Level 4 (L4) autonomous driving solutions. Following a multi-year development using NVIDIA technology, the TDC is set for production in Q4 2023. The system provides OEMs with a comprehensive, low-cost platform capable of processing data from multiple sensors. It aims to enhance vehicle safety and efficiency, targeting commercial mobility markets in China, with plans for expansion to the U.S. and Europe. The TDC features high performance and reliability, complying with several industry standards.

TuSimple (Nasdaq:TSP) announced a significant milestone, having driven over 10 million cumulative miles through testing and freight delivery. This achievement showcases the company's advancements in autonomous driving technology, with only one at-fault incident recorded, significantly lower than traditional truck fleets. TuSimple, established in 2015, has been a pioneer in the sector, being the first to demonstrate autonomous semi-trucks on highways and launching the Autonomous Freight Network. The company aims to transform the $4 trillion truck freight industry with its technology, enhancing safety and reducing fuel consumption by over 10%.

TuSimple Holdings Inc. (Nasdaq: TSP) announced the appointment of J. Tyler McGaughey and Zhen Tao as independent directors on March 15, 2023. McGaughey brings extensive experience in federal government roles, particularly in investment security at the U.S. Treasury, and will oversee compliance with regulations. Tao, a Senior Partner at Third Square Capital Management, joins the Audit Committee and possesses over 20 years of investment management expertise, enhancing the company's financial oversight. These additions aim to strengthen TuSimple's governance as it develops autonomous driving technology for long-haul trucks.

TuSimple (Nasdaq: TSP) announced a delay in filing its Annual Report on Form 10-K for the fiscal year ended December 30, 2022, due to the need for additional time to select new principal accountants. The company must file this report by May 15, 2023, following an extension granted by Nasdaq. TuSimple received a notice from Nasdaq about non-compliance with the Listing Rule for not filing the Form 10-K timely. The Audit Committee is actively working on this matter to regain compliance and aims to file as soon as possible.

TuSimple (Nasdaq:TSP) announced that the Federal Motor Carrier Safety Administration (FMCSA) has closed its investigation into an incident from April 6, 2022, where a TuSimple truck made contact with a concrete barrier in Tucson, Arizona, without resulting in injuries. The investigation concluded without penalties against the company. TuSimple also confirmed that the National Highway Traffic Safety Administration (NHTSA) did not open an investigation. Following the incident, the company halted autonomous operations and conducted an internal review, resulting in improvements to its systems and operations. TuSimple remains committed to developing fully autonomous driving solutions for long-haul trucks.

TuSimple (Nasdaq:TSP) has promoted Evan Dunn to General Counsel, overseeing the legal department, compliance, corporate governance, litigation, and intellectual property. Dunn replaces Susan Marsch, who served on an interim basis since September 2022. Previously, Dunn was Deputy General Counsel and Corporate Secretary at TuSimple, with experience in public company guidance and capital market transactions. CEO Cheng Lu expressed gratitude for Marsch's contributions and confidence in Dunn's leadership. TuSimple aims to transform the $4 trillion global trucking industry with its autonomous driving technology.

On January 17, 2023, TuSimple (NASDAQ:TSP) announced the appointment of independent board members James Lu and Wendy Hayes to its Government Security Committee after receiving a non-objection from the Committee on Foreign Investment in the U.S. (CFIUS). This move ensures that all independent members now sit on the committee, which aims to bolster corporate governance and compliance with national security regulations. TuSimple, focused on advancing autonomous driving technology for heavy-duty trucks, continues to prioritize legal requirements while aiming to enhance stability within its board.