(Yicai Global) June 30 -- Shares in TuSimple Holdings plunged yesterday after the Chinese autonomous driving startup said it is considering selling its US operations to focus on the Asia-Pacific region.

TuSimple [NASDAQ:TSP] closed down 20.4 percent at USD1.84. The stock has lost 95 percent of its value since it went public in New York in 2021. The company has failed to release its earnings reports on time for the past two quarters and was supposed to be delisted on May 15 but won a temporary reprieve from the Nasdaq.

TuSimple is evaluating strategic alternatives for its US business with a goal to maximize shareholder value, the San Diego-based company said yesterday. If it sells the US portion of its business, TuSimple will continue to be a global company that develops and applies self-driving tech for heavy-duty trucks and will focus more on the Asia-Pacific and other major markets, it added.

TuSimple, which has been in the red since its establishment in 2015, has engaged US investment bank Perella Weinberg Partners as financial advisor to explore possible transactions for the business, it said.

TuSimple has been struggling with its US operations for some time. Last December, it said it would lay off 25 percent of its staff in the US. On May 18, it announced a restructuring of its US operations that would see about a further 30 percent of its workers there let go.

But despite these difficulties, TuSimple is still exploring other markets. Earlier this month, it said it will enter the Japanese market to help alleviate the driver shortage facing the freight industry in the country amid an aging population.

The firm also completed the first fully unmanned testing of a self-driving heavy-duty truck on the open road in China earlier this month.

Editor: Kim Taylor