DECEMBER 6, 2023 — ANOTHER 150 LAID OFF
The company continues to wind down its operations after a five-month review apparently found no takers for its business. The remaining 150 employees will be terminated after the wind-down is completed.
According to an SEC filing, “TuSimple Holdings Inc. previously announced a broad restructuring plan to rebalance the Company’s cost structure in alignment with its strategic priorities in Current Reports on Form 8-K filed with the Securities and Exchange Commission on December 21, 2022, and May 18, 2023. The Company also previously disclosed its strategy to pause freight revenue operations in the U.S. and the evaluation of strategic alternatives for its U.S. business, including a sale of the U.S. operations or a sale of certain U.S. assets, as the Company aims to shift its focus to the Asia-Pacific region.
On November 30, 2023, the Company’s Board of Directors authorized an additional restructuring plan, which includes a reduction in the Company’s U.S. workforce by approximately 150 employees, or 75% and 19% of the Company’s U.S. and global workforces, respectively. Following the workforce reduction pursuant to the Restructuring Plan, the Company’s global full-time employees are expected to be approximately 700 FTEs. The Company anticipates that the remaining U.S. workforce will focus on winding down the Company’s U.S. operations, including through sales of U.S. assets, and assisting with the Company’s strategic shift to the Asia-Pacific region.
The Company currently estimates that it will incur one-time charges of approximately $7 million to $8 million in connection with the Restructuring Plan, consisting primarily of cash expenditures for employee transition, notice period and severance payments, employee benefits, and related costs. The majority of the restructuring charges per the Restructuring Plan will be recorded in the fourth quarter of 2023, and the full execution of the Restructuring Plan will be substantially completed by the end of the fiscal year 2024.
The foregoing estimates of the charges the Company expects to incur under the Restructuring Plan are subject to assumptions and actual charges may differ from such estimates.”
MAY 20, 2023 — 30% IN THIS ROUND OF LAYOFFS
The company continues to restructure and has announced that it will be laying off 30% of its workforce to conserve cash in these perilous times. Approximately 320 employees will be impacted as the employee count is reduced from 550 to 220.
According to a company spokesperson, “We believe this is the right number of employees to work toward achieving our goals while preserving the cash on our balance sheet as well as retain strong publicly listed company capabilities.”
DECEMBER 22, 2022 — CONFIRMED 25%, 350 EMPLOYEES
The company has confirmed the targeted layoff of 25% of its workforce or nearly 350 employees,
DECEMBER 20, 2022 — Original post…
San Diego, California-based TuSimple, a technology company devoted to developing and applying artificial intelligence and computer vision technologies in the trucking industry, has announced a mass layoff.
At least one-half of the company’s workforce is likely to be impacted or approximately 700 employees. "As part of the downsizing, much of TuSimple’s operation in Tucson, Ariz., where it does a lot of its test driving, will be eliminated, and the team that works on the algorithms for the self-driving software will be pared back significantly,"
The company appears in financial difficulty, and the layoffs are part of a cost containment initiative to reduce cash burn. The company also appears to be under investigation by the U.S. federal authorities for potentially unauthorized technology transfer to Communist China.
Change is coming. There will always be a tomorrow, no matter how much you may try to ignore it. There are no guarantees in life or promises for a bright future. We see good people being laid off through no fault of their own. Just because something bad hasn't happened yet, doesn't mean it won't. It can happen to anyone, anytime, anywhere. No one is guaranteed to wake up tomorrow and still have a job by evening. Are you now wondering, Am I Next?
