TuSimple may have defrauded investors by failing to disclose its ties to a Chinese firm. | Photo by Andrej Sokolow/picture alliance via Getty Images
Autonomous trucking company TuSimple is under investigation for its ties to a Chinese company, The Wall Street Journal reports. The FBI and SEC are said to be looking into whether the San Diego-based company defrauded investors by financing and transferring technology to Hydron, a company led by one of TuSimple’s founders.
It was the latest sign of the hard road ahead for many AV companies, as the industry shrinks, capital dries up, timelines are pushed out, and regulators spot cracks in the system. TuSimple, a leading supplier of autonomous truck technology, is already under scrutiny from the Federal Motor Carrier Safety Administration for a crash involving one of its trucks earlier this year.