TuSimple Holdings Inc. said on Thursday it will cut 30 percent of its workforce in the United States under a restructuring as the autonomous driving technology company looks to preserve its balance sheet amid a funding crunch in the sector.
The shares of the company fell more than 8 percent in premarket trading.
The San Diego-based company also said it is no longer seeking strategic alternatives for its Asia Pacific business, backtracking on plans it announced in March last year for the unit.
Industry executives and investors have been worried about the funding poured into the self-driving technology sector at a time when access to capital has been tight….