Truck automation startup TuSimple has fired its CEO. There are official investigations.
TuSimple is one of the most important companies in the industry and at the forefront of truck automation. TuSimple has been running an autonomous delivery service for two years and partners with a number of US companies. This also includes the VW company Traton or the IT company Nvidia.
TuSimple has about 100 Level 4 autonomous trucks, 25 of which operate in China. Because TuSimple is a partly Chinese company and its boss was the co-founder Xiaodi Hou. Hou was fired Sunday for his involvement in an ongoing investigation by board members. Ersin Yumer has been appointed as CEO for the time being.
The Wall Street Journal previously reported that the FBI and SEC (Securities and Exchange Commission) were investigating. It is about Hou’s involvement in the Hydron company. This is a Chinese start-up based in California for the development of trucks that are powered by hydrogen. However, Hyron mainly has activities in China.
TuSimple is accused of lacking the necessary transparency in the transaction with Hydron. Has TuSimple shared intellectual property developed in the US with Hydron and have investors been defrauded by transferring valuable technology to a foreign opponent?
As early as July, TuSimple launched an internal investigation into the events, but without informing the authorities or the TuSimple board of directors. In the official statement, TuSimple knows nothing of any involvement, nor of investigations.
TuSimple is also under financial pressure. was last Argo AI abandoned by VW and Ford and also aurora considering selling his business. TuSimple was also apparently planning a sale. After that, the company should be sold to China for one billion US dollars. This was in the wake of restrictions restricting Chinese access to US security concerns. According to media reports, the buyer should Geely be. Geely heard from Mercedes-Benz and Volvo im Entire.
Also at Apple or Tesla there was theft of trade secretswho should go to China.