April 1, 2022 9:47 AM, EDT

Plus Weighs IPO of Non-China Business

Plus trucksPlus

[Stay on top of transportation news: Get TTNews in your inbox.]

Plus is considering listing its non-China businesses in a U.S. initial public offering, according to people familiar with the matter, after the self-driving-truck startup scrapped a merger with a blank-check company.

The Cupertino, Calif.-based firm is working with advisers to privately raise fresh funds in a round valuing the entire business at about $3 billion, the people said, ahead of a potential traditional IPO for the U.S. and Europe businesses.

Deliberations over an IPO for Plus are at an early stage and no final decision has been made, the people said. A representative for Plus didn’t immediately respond to requests for comment outside of normal business hours.


Host Michael Freeze discusses the future of tire maintenance with Yokohama's Tom Clauer and Goodyear's Austin Crane and Jessica Julian. Hear a snippet above, and get the full program by going to

Such a listing would follow Plus’ termination of its $3.3 billion merger with U.S.-listed special purpose acquisition company Hennessy Capital Investment Corp. V in November, citing developments in the regulatory environment outside of the U.S. The company said at the time that it is pursuing a potential restructuring and might resume discussions with the blank-check firm.

Chinese companies with sensitive data and coveted technology are at the heart of tensions between Beijing and Washington that have been flaring since Didi Global Inc. pushed through a $4.4 billion U.S. initial public offering last June against China’s wishes. A number of Chinese companies including startups Lalamove and Meicai switched their listing destination from the U.S. to Hong Kong, Bloomberg News has reported.

TuSimple Inc., another self-driving truck developer, is considering spinning its China operations off into a separate entity. The firm last month reached an agreement with U.S. authorities to resolve security concerns about its self-driving truck operations and ties with China after it became the subject of a U.S. national security probe.

Want more news? Listen to today's daily briefing above or go here for more info

Founded by a group of Stanford University classmates in 2016, Plus develops self-driving technology for trucks and counts Sequoia Capital China and logistics startup Full Truck Alliance among its backers. It also has a partnership with European truck maker Iveco SpA and is working with Cummins Inc. on using autonomous technology in natural gas-powered trucks.

Plus and Chinese delivery giant SF Holding Co. last year started a pilot program in which supervised autonomous trucks are deployed on two longhaul routes. The startup is working with state-owned China FAW Group Co. on mass production of their jointly developed autonomous trucks. Inc. in June placed an order for 1,000 self-driving systems from Plus and has acquired the option to buy a stake of as much as 20%.

— With assistance from Chunying Zhang.