Caixin
Caixin Global – Latest China News & Headlines

Home >

ABOUT US

CX Tech is Caixin Global's real-time tech news portal, featuring 24-hour news, short-form analysis, and roundups from business and tech media in China.

Chinese Autonomous Truck Startup Raises $120 Million From UPS, Others

By Ye Zhanqi and Denise Jia / Sep 18, 2019 02:24 AM / Business & Tech

Photo: VCG

Photo: VCG

A Chinese self-driving truck startup attracted $120 million of funding from a group of investors including package logistics giant UPS.

TuSimple, based in San Diego and Beijing, said Tuesday that other investors in its Series D round of financing include Chinese private equity firm CDH Investments and Korean auto parts supplier Mando Corp.

TuSimple raised $95 million in a funding round in February led by Chinese internet giant Sina Corp. At that time, the company was valued at $1 billion. The new investment brings TuSimple’s total funding to $298 million.

The company said the new funds will be used to expand long-haul services for fleets and develop a commercial self-driving truck.

TuSimple is working on the validation of its self-driving truck solution with UPS and the U.S. Postal Service, aiming to transform the $800 billion U.S. trucking industry, the company said in a press release. Currently UPS and TuSimple conduct daily testing between Phoenix and Tucson.

The company has 50 trucks on the road worldwide serving 18 contracted customers.

Contact reporter Denise Jia (huijuanjia@caixin.com)


Share this article
Open WeChat and scan the QR code