TuSimple And Navistar Receive 6,775 Reservations For Fully Autonomous International LT Series Trucks

Penske, Schneider, and U.S. Xpress among the first wave of customers to reserve trucks as part of reservation program launched in September
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SAN DIEGO, May 10, 2021 /PRNewswire/ -- TuSimple (Nasdaq: TSP), a self-driving technology company based in San Diego, California, announced today it has received 6,775 reservations for a new line of purpose-built SAE Level 4 (L4) International ® LT ® Series autonomous trucks in partnership with Navistar International Corporation  (NAV) - Get Navistar International Corporation Report. The self-driving trucks will be equipped with TuSimple's advanced autonomous driving system and manufactured by Navistar beginning in 2024. Among the first customers to place reservations are Penske Truck Leasing, Schneider, and U.S. Xpress, among other large freight transportation companies in North America.

U.S. Xpress has been working closely with TuSimple for two years to better understand and prepare their operations for the arrival of autonomous technologies, and has had a front row seat in following the progress of TuSimple's autonomous system.

"We have been working with TuSimple since 2019, and we see them as the clear leader in autonomous trucking technology, which is why U.S. Xpress is among the first in line for reservations," said Eric Fuller, President and CEO, U.S. Xpress. "Autonomous technology is complementary to other investments we've made to broaden our portfolio of services across the supply chain."

TuSimple and Navistar previously announced a strategic partnership to co-develop L4 autonomous heavy-duty trucks. TuSimple and Navistar will launch a fully integrated engineering solution manufactured by Navistar and targeted for production in 2024.

"These early reservation numbers reflect the appetite surrounding self-driving technology in long-haul applications," said Bob Walsh, Vice President, Emerging Technologies, Strategy & Planning, Navistar. "We are happy to partner with TuSimple to offer this integrated autonomous solution to our customers."

These reservations represent the first wave of customer commitments as TuSimple and Navistar began the reservation process by approaching a select group of large customers.

"Our first wave customers recognize that a TuSimple and Navistar partnership is a winning combination, bringing together TuSimple's industry-leading autonomous technology with Navistar's world-class engineering and manufacturing capabilities," said Cheng Lu, President and CEO, TuSimple. "Autonomous trucks are poised to transform the trucking industry in powerful new ways by setting a new standard for safety, while dramatically increasing efficiency and reducing fuel consumption."

Today, TuSimple's Autonomous Freight Network (AFN) operates a fleet of 50 L4 autonomous trucks across the states of Arizona, New Mexico and Texas. The company plans to expand the AFN network coast-to-coast by 2023 and today transports freight for revenue on highways and surface streets for customers such as UPS, U.S. Xpress and the Arizona Association of Food Banks, among others.

About TuSimpleTuSimple is a global autonomous driving technology company, headquartered in San Diego, California, with operations in Arizona, Texas, China, Japan and Europe. Founded in 2015, TuSimple is developing a commercial-ready Level 4 (SAE) fully autonomous driving solution for long-haul heavy-duty trucks. TuSimple aims to transform the $4 trillion global truck freight industry through the company's leading proprietary AI technology, which makes it possible for trucks to see 1,000 meters away, operate nearly continuously and consume 10% less fuel than manually driven trucks.

Visit us at www.tusimple.com, and follow us on Twitter, YouTube and LinkedIn. Images and video can be found in our press kit at  www.tusimple.com/media .

About NavistarNavistar International Corporation (NAV) - Get Navistar International Corporation Report is a holding company whose subsidiaries and affiliates produce International® brand commercial trucks, proprietary diesel engines, and IC Bus® brand school and commercial buses. An affiliate also provides truck and diesel engine service parts. Another affiliate offers financing services. Additional information is available at  www.navistar.com.

Forward-Looking StatementsThis 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 regarding TuSimple's business strategy and plans, the impact of autonomous trucks on the trucking industry, the expected efficiencies and savings from autonomous trucks, market opportunity and objectives of management for future operations. 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 the fact that autonomous driving is an emerging technology and involves significant risks and uncertainties; TuSimple's business model is relatively new; unfavorable changes to, or TuSimple's failure to comply with, applicable government regulations, including those related to autonomous vehicles; TuSimple's ability to develop its Autonomous Freight Network and market, sell or lease purpose-built L4 autonomous semi-trucks could be harmed if TuSimple's L4 autonomous semi-trucks fail to perform as expected; TuSimple's ability to commercialize its offerings at scale; various other factors relating to TuSimple's business, operations and financial performance, including, but not limited to, the impact of the COVID-19. 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 final prospectus dated April 14, 2021 filed with the Securities and Exchange Commission (the "SEC") on April 16, 2021 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.