SAN
DIEGO, March 3, 2022 /PRNewswire/
-- TuSimple (Nasdaq: TSP) today announced its executive
leadership succession plan. TuSimple Co-Founder and CTO
Xiaodi Hou will succeed Cheng Lu as
President and Chief Executive Officer and succeed Mo Chen as Chairman of the Board, effective
today. This is part of a planned executive succession as the
Company moves to its next phase of commercializing L4 autonomous
trucking technology. Mr. Lu will serve as an Advisor to the CEO
until March 2023 to further ensure an
effective transition.
"I'm incredibly proud of TuSimple's achievements. We've set many
industry firsts, including becoming the first publicly traded
autonomous driving company and first driver-out operations in
trucking," said Cheng Lu. "We have built a strong foundation with
the necessary resources to fully commercialize. We have a clear
vision, industry-leading technology, scalable commercial
operations, world-class strategic partners, and a strong balance
sheet. I'm excited for Xiaodi to transition to CEO and Chairman and
have the utmost confidence in our success as we move to our next
phase of development."
"I would like to thank Cheng for his contributions in helping to
build TuSimple. We have worked closely together to develop a clear
roadmap to commercialization, and to scale our Autonomous Freight
Network. Over the past several years, we have assembled a
world-class management team to continue to build on our success and
to ensure a smooth transition," said Xiaodi
Hou.
"As Chairman of the Board, I'm proud to pass the torch to
Xiaodi. In our first year as a public company, we have successfully
achieved all of our key milestones. We have built a strong
corporate infrastructure and governance model. With TuSimple having
entered into the Driver-Out era, the path to commercialization is
clear, and Xiaodi is the best person to lead us in executing on
that roadmap," said Mo Chen.
About Xiaodi Hou
Dr. Xiaodi Hou co-founded
TuSimple in San Diego, California
in 2015 after earning a Ph.D. from the California Institute of
Technology. Xiaodi is a world-renowned expert in AI and
machine learning and currently holds more than 30 patents in the
field of autonomous vehicles. In the field of computer vision,
Xiaodi has developed leading theories in computational models for
visual saliency. Xiaodi also serves as a member of the Forbes
technology council and as the reviewer of more than ten major
computer vision journals and conferences.
About TuSimple
TuSimple is a global autonomous driving technology company
headquartered in San Diego, California, operating
in Arizona, Texas, Europe, and China. Founded
in 2015, TuSimple is developing a commercial-ready, fully
autonomous (SAE Level 4) driving solution for long-haul heavy-duty
trucks. TuSimple aims to transform the $4 trillion global
truck freight industry through the company's leading AI technology,
which makes it possible for trucks to see 1,000 meters away,
operate nearly continuously, and reduce fuel consumption by 10%+
relative to manually driven trucks. Visit us
at www.tusimple.com.
Forward-Looking Statements
This press release contains certain forward-looking statements
within the meaning of the Private Securities Litigation Reform Act
of 1995, as amended. All statements contained in this press release
that do not relate to matters of historical fact should be
considered forward-looking, including statements as to future
results of operations and financial position, planned products and
services, business strategy and plans, launch dates of products or
services, expected safety benefits of our autonomous semi-trucks,
objectives of management for future operations of TuSimple Holdings
Inc. and its subsidiaries (the "Company", "we", "our" and "us"),
market size and growth opportunities, competitive position and
technological and market trends, are forward-looking statements.
These forward-looking statements generally are identified by the
words "anticipate," "believe," "contemplate," "continue," "could,"
"estimate," "expect," "forecast", "future", "intend," "may,"
"might", "opportunity", "plan," "possible", "potential," "predict,"
"project," "should," "strategy", "strive", "target," "will," or
"would", the negative of these words or other similar terms or
expressions. The absence of these words does not mean that a
statement is not forward-looking. Forward-looking statements are
predictions, projections, and other statements about future events
that are based on current expectations and assumptions and, as a
result, are subject to risks and uncertainties. Many important
factors could cause actual future events to differ materially from
the forward-looking statements in this press release, including but
not limited to, those related to autonomous driving being an
emerging technology, the development of the Company's technologies
and products, the Company's limited operating history in a new
market, the regulations governing autonomous vehicles, the
Company's dependence on its senior management team, reliance on
third-party suppliers, potential product liability or warranty
claims and the protection of the Company's intellectual property.
Moreover, the Company operates in a competitive and rapidly
changing environment, and new risks may emerge from time to time.
The foregoing list of factors is not exhaustive. You should
carefully consider the foregoing factors and the other risks and
uncertainties described under the caption "Risk Factors" in our
most recent annual report on Form 10-K, filed with
the Securities and Exchange Commission (the "SEC")
on February 24, 2022, and TuSimple's other filings
with the SEC. These SEC filings identify and address
other important risks and uncertainties that could cause actual
events and results to differ materially from those contained in the
forward-looking statements. Forward-looking statements speak only
as of the date they are made. Readers are cautioned not to put
undue reliance on forward-looking statements, and we assume no
obligation and do not intend to update or revise these
forward-looking statements, whether as a result of new information,
future events, or otherwise. We do not give any assurance that we
will achieve our expectations.
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SOURCE TuSimple Holdings, Inc.