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On April 6, 2022, one of TuSimple’s autonomously driven truck got out of control and had a serious accident.
The Federal Motor Carrier Safety Administration has launched a “safety compliance investigation” into TuSimple.
Back in April 2021, TuSimple successfully completed its initial public offering, selling approximately 33.78 million shares at $40.00 per share.
According to IPO documentation, TuSimple listed safety as the first key advantage of its AFT solution design, although doubts existed regarding TuSimple’s ability to overcome both the technological and regulatory issues the company was facing.
The Wall Street Journal article published on August 1, 2022, entitled “Self-Driving Truck Accident Draws Attention to Safety at TuSimple: Leading autonomous-truck developer blames human error, while analysts say it is the technology; regulators are investigating” has drawn attention to the safety issues in TuSimple’s technology.
The situation may indicate that TuSimple provided inaccurate information to the investing public in preparation for the IPO.
In the meantime, IPO investors have lost over 75% of their investments, with the stock trading in $6-$10 range since May 2022.
Failure to Disclose,
Shock Event Date
06 April 2022