Self-driving company TuSimple Holdings Inc. plans to test its autonomous trucks without backup drivers on public roads in Arizona later this year, executives of the newly public company said.
TuSimple, which has offices in the U.S. and China, on Thursday raised $1.08 billion through an initial public offering that sold some 33.8 million shares. The company priced shares at $40 apiece, above its indicated price range, giving it a capitalization of about $8.49 billion.
After opening at $40.25, the stock stumbled, slipping about 20%. But it regained much of its loss to close at $40…
Chief Executive Cheng Lu said the company is planning to conduct a “driver-out” pilot program without anyone at the wheel in the fourth quarter on a roughly 100-mile run between Tucson and Phoenix.