TuSimple Plans To Layoff Half Its Workforce Next Week - Report

Self driving trucking company TuSimple Holdings Inc plans to potentially cut half of its workforce next week, WSJ reported.

The job cut would likely affect at least 700 employees, the report said citing people familiar with the matter.

TuSimple did not immediately respond to a Reuters request for comment.

The potential layoffs come after the self-driving truck startup removed its Chief Executive Officer Xiaodi Hou in October following an investigation by its board which revealed some employees spent paid hours last year working for Hydron Inc, a startup working on autonomous trucks mostly in China.

During November, TuSimple reinstated its former CEO Cheng Lu and removed four independent directors and appointed co-founder and major shareholder Mo Chen as executive chairman of the board.