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8 April 2021 By Sharon Lam Follow @sharonlamhk

It values the self-driving truck firm run by financiers and a gamer at 4,260 times 2020 sales. Volkswagen’s Traton, UPS and others are partners. But autonomous vehicles are years off, TuSimple is hauling a load of governance issues and has an investor in a U.S. regulatory probe.

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Self-driving truck startup TuSimple on April 7 set a price range of $35 to $39 a share for a U.S. initial public offering. The company plans to sell just over 27 million shares, which at the mid-point of the range would raise just shy of $1 billion. In addition, almost 6.8 million shares will be sold by Sun Dream, an investment vehicle controlled by board member and Sina Chief Executive Charles Chao, raising some $250 million.

Founded in 2015, the company has developed what it describes as a fully integrated software and hardware solution to make semitrucks autonomous. It has started to develop a vehicle with Navistar for commercial production by 2024 for the U.S. market, according to its prospectus.

TuSimple had revenue of $1.8 million in the year ended 2020, an increase of 160% compared to the same period in 2019. Its net loss attributable to common stockholders widened to $199 million in 2020 from $145 million in 2019.

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