Shares of TuSimple Holdings Inc nearly halved on Monday after the self-driving truck startup said it had removed Chief Executive Xiaodi Hou in connection with the company's ties to a China-backed firm.
TuSimple truck-trailers are parked at their facility at AllianceTexas, a 27,000 acre business complex boasting some of the country’s largest freight operations, in Fort Worth, Texas, U.S. May 18, 2022. Picture taken May 18, 2022. REUTERS/Cooper Neillnearly halved on Monday after the self-driving truck startup said it had removed Chief Executive Xiaodi Hou in connection with the company's ties to a China-backed firm.
The company had also shared confidential information with Hydron, which was being evaluated as a potential original equipment manufacturer, that was not brought to the attention of audit and government security committees, according to TuSimple. by the FBI, the U.S. Securities and Exchange Commission and the Committee on Foreign Investment about its relationship with China-backed Hydron.Separately, TuSimple reported revenue of $2.7 million for the third quarter ended Sept. 30, up 49% from a year earlier but below analysts' estimate of $3.2 million, according to Refinitiv data.
San Diego, California-based TuSimple has named Ersin Yumer, the vice president of operations, as its interim CEO.
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