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TuSimple Successfully Test Drives Fully-Autonomous Semi-Truck on Public Roads

Global autonomous driving technology company TuSimple Holdings, Inc. (NASDAQ:TSP) has successfully completed the test run of a fully-autonomous semi-truck on public roads without human intervention. The run, which took place on December 22, is the first in the world.

The vehicle started from a railyard in Tucson, Arizona, and traveled over 80 miles on surface streets as well as on highways at night, before arriving at a distribution center in the Phoenix metro area.

TuSimple used a class 8 autonomous truck for the drive that took an hour and 20 minutes. The run forms a part of an ongoing test program that the company plans to continue next year.

The California-based company’s Autonomous Driving System (ADS) operated the driving test without any human in the vehicle or remote human control of the vehicle.

Cheng Lu, the President and CEO of TuSimple, said, “By achieving this momentous technical milestone, we demonstrated the advanced capabilities of TuSimple’s autonomous driving system and the commercial maturity of our testing process, prioritizing safety and collaboration every step of the way.”

Following the announcement, the stock opened 12% up on Wednesday but lost 9.2% to close at $32.09.

Wall Street’s Take

After the company made the announcement, Needham analyst Rajvindra Gill maintained a Buy rating on the stock with a price target of $60 (87% upside potential).

Additionally, Brian Ossenbeck, an analyst with J.P. Morgan (JPM), reiterated a Buy rating on TuSimple but did not provide a price target. He said the company’s autonomous semi-run is “a major milestone.”

Overall, the stock has a Strong Buy consensus rating based on 5 Buys and 1 Hold. The average TSP price target of $56.22 implies 75.2% upside potential. Shares have lost 19.8% over the past year.

Hedge Fund Confidence

TipRanks’ Hedge Fund Trading Activity tool shows that confidence in TuSimple is currently Very Positive, as the cumulative change in holdings across all three hedge funds that were active in the last quarter was an increase of 3.9 million shares. Download the mobile app now, available on iOS and Android.

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