TuSimple, a leader in autonomous truck technology, filed for an initial public stock offering Tuesday, skipping the SPAC route that's been popular lately with automotive tech startups.
Why it matters: Driverless semi-trucks could make highways safer while reducing the cost and environmental impact associated with increased demand for freight delivery.
Stay on top of the latest market trends and economic insights with Axios Markets. Subscribe for free
The big picture: The U.S.-Chinese company aims to capture a slice of a U.S. commercial trucking market valued at $800 billion. Competitors include Alphabet's Waymo and startups Aurora, Embark Trucks, Kodiak and Plus.ai.
Investors include Sun Dream, an affiliate of Chinese tech company Sina Corp., as well as major trucking and logistics companies such as UPS, Navistar, and Volkswagen's Traton Group.
The number of shares to be offered and the price range for the potential offering hasn’t benn determined yet, the company said.
Driving the news: TuSimple is developing fully automated trucks with both Traton and Navistar that will go into production starting in 2024.
Fleet operators can either purchase those trucks and pay a per-mile subscription for TuSimple's autonomous technology, or book freight capacity on TuSimple's own fleet of self-driving trucks.
The company says it has 5,700 truck orders so far, and 22 contracted customers for its in-house freight service.
Like this article? Get more from Axios and subscribe to Axios Markets for free.