TuSimple Holdings Inc. (TSP) Makes Steady Progress Toward L4+ - Needham & Company

Needham & Company analyst Rajvindra Gill reiterated a Buy rating and $60.00 price target on TuSimple Holdings Inc. (NASDAQ: TSP) after the company reported a solid quarter with all metrics moving in a positive direction. Reservations increase +100 Q/Q, the company added 1.2MM road miles (160K of paid freight), and remains on track for a year-end driver-out program to commence between Tucson and Phoenix (an extensively tested route). Additionally, asset utilization improved and the fleet size recently began to grow once again.

The analyst sees the company making slow and steady progress stating "over the past two-and-a-half years, TuSimple and UPS (strategic investor in TSP) have completed over 160K autonomous miles of paid freight — a major milestone not only for TuSimple but a major validation for the L4+ self-driving trucking industry. When operating over long-haul operations from 55 to 68mph, the system delivered 13%+ fuel savings. TuSimple has expanded its routes with UPS to include terminals in Orlando and Charlotte ahead of schedule. We believe TuSimple has established itself as a clear leader in Autonomous Freight and this major milestone with the leading carrier, UPS, demonstrates that fact."

For an analyst ratings summary and ratings history on TuSimple Holdings Inc. click here. For more ratings news on TuSimple Holdings Inc. click here.

Shares of TuSimple Holdings Inc. closed at $39.90 yesterday.

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