If there is no accident, the world’s first L4-level automatic driving company will be born in the Robotruck field.

Truck automatic driving company Tucson Future (TUSIMPLE) has submitted IPO listing from the US Securities Exchange Commission on March 23, which plans to be listed in Nasdaq “Global Selected Market”, stock code “TSP”.

Morgan Shi Danley, Citibank, Morgan Tatong three major investigates were Tucson’s underwriters.

According to the IPO’s insults, Tucson’s listing valuation is about $ 50-8 billion.

The current industry is recognized: Robotaxi and Robotruck are two large-scale US dollar markets, and these two tracks are also a race that will be invested by billion dollars.

The automotive industry is also curious: today’s automatic driving head company has already come, how much investment is needed? How to honk the “Qian Jing” of automatic driving track commercialization?

The first L4 automatic driving company in the world listed in the world, Tucson’s statebuspicies also provided us with a window of views.

1

How is Tucson IPO color?

This is a set of core data disclosed in Tucson Prosperity:

With more than 800 employees worldwide;

The automatic driving road test has more than 2.8 million miles;

Currently 70 automatic driving trucks;

Get 5,700 bookings in the first 4 months of automatic driving truck open.

More than 240 core patents have been obtained;

Current automatic driving truck with 2 OEM deep partnerships.

Let’s take a look at the concepts of several sets of data:

Waymo, Cruise et al. Robotaxi headers currently have thousands of teams, and the size of 800 employees (600+ R & D personnel) can be among the world’s first echelon.

In China, this size of Tucson should enter the top three of China’s automatic driving company.

2.8 million miles, this data exceeds Cruise’s 2mm milestones published in December 2020, 2.8 million miles equivalent to 4.5 million kilometers.

This data is close to the latest road test mileage data of Xiao Ma Zhi. The latter is the highest automatic driving entrepreneurial company in China, and the last round of valuation is $ 5.3 billion.

Since its establishment in 2015, Tucson has finished over $ 650 million, and its shareholders include Sina, Yingda, logistics enterprise UPS, commercial car companies Navistar and Traton.

According to Tucson founders, before CEO, the executive chairman of the board of directors has revealed that they have calculated a bill internally. If you want to run a business model (earning money), you need $ 1 billion. Initial investment.

According to the prospectus, Tucson spent $ 405.2 billion in the past five years, and there is currently 310.8 million US dollars in cash and cash equivalents.

In other words, Tucson needs to raise $ 300 million.

With the valuation of Tucson 5 billion US dollars, it has been difficult to find the right abundant funds in the first-level market to support the next expansion, so publicly fundraising in the secondary market is the level of this level. s Choice.

In addition to Tucson, the current skyline, ponybow, drip automatic driving, Momenta and other companies are ranked in large unicorn.

In addition to the threshold of the valuation, there is an important condition in public listing, which is clear and clear, and the capital market will not be charged.

Tucson took the lead in the market, which also means that its automatic driving truck has a relatively clear prototype, which has a core supply chain or an ecosystem that is from OEM, Tier 1, chip vendor, an actuator, and the like.

If successful listed, Tucson will not only raise sufficient funds to the next development.

For the industry, all major companies are driving hard to find commercial landing, and the movement of the forerunters will also bring important positive impacts.

Continuous investment and loss are only the A face in the development of Tucson, and its B face is a path that surrounds the automatic driving truck commercialization, this path has been proven.

At present, Tucson has more than 70 automatic trucks worldwide, most vehicles concentrated in the US market.

Tucson’s automatic driving truck fleet is currently providing transportation between Phoenix, Tucson, Elpaso, Dallas, Houston and San Antonio, at this stage.

Tucson has got 18 customers’ orders in the United States, including joint parcel companies, logistics enterprises Mclane. For a while, we also heard Amazon to throw olive branches to Tucson.

According to the stock disclosure, Tucson achieved $ 9,000 in the past three years, US $ 710,000 and $ 1843,000.

Take 2020 as an example, Tucson achieved $ 18.43 million, corresponding to the size of a team of about 70, and the average annual income of the bicycle can be approximately $ 25,000.

To achieve further commercialization, this income level has a lot of improvement space.

Chen Mo has been considered in the previous intake:

After the future is under scale, a automatic driving truck can achieve a $ 60,000 revenue for a year, and after the number of furders reaches 5,000, the annual revenue will reach $ 300 million, and this critical point is the picture. The beginning of Mori Money.

At present, Tucson has held 5,700 truck orders, as long as the company continues to enhance operational efficiency, tap more customers, theoretically, this business path is able to run.

Moreover, in the US existing 2.3 million trucks in the United States, the amount of 5,000 trucks is only a millennium.

Tucson’s truck orders will be built by Tucson joint partners and Navistar and Traton OEMs, and the supplier Qifu will also participate in it. This batch of vehicles are expected to produce offline 2024.

From this perspective, even if it is now a large loss, Tucson’s future development prospect is also worth looking forward to.

2

Core business model

Automatic driving freight network AFN

Tucson did not limit its own automatic driving truck solution providers, but led the United OEM, Tier 1. Logistics Enterprise, Express Company, and large business groups formed an automatic driving logistics network.

Tucson named this network “AutoMous Freight Network, referred to as AFN).

In this network, Tucson combined OEM and Tier 1 built a special automatic driving truck.

Logistics companies or express companies buy or rent automatic trucks in this network.

Large business groups with logistics needs can place an order in this network.

All parties need to take a complete business ecology.

AFN is composed of automatic driving truck fleet, logistics hub (cargo transfer warehouse, usually not far from the high-speed ramp) and the three cores of the operation supervision system, can realize the end-to-end long-distance transportation of the A warehouse to B warehouse .

In this network, there are both Tucson self-driving truck fleets, as well as a team like UPS, Mclane’s logistics enterprises.

The estimated data given by Chen Mo Mo Mo Mo Sen is 10% of its own fleet, and the original team accounts for 90%.

In the next few years, Tucson will help these partners gradually transform their ordinary freight trucks into automatic driving vehicles, and Tucson receives modified fees and service fees.

On the other hand, these logistics companies can also order automatic driving trucks directly from Navistar, Traton truck manufacturers.

On this basis, Tucson will help join its freight network to form a special automatic fleet operation monitoring system, which is the operational platform.

With Chen Mo’s words, this network is actually the freight version “Drip” is a capacity service platform.

Its automatic driving models in different car companies such as Navistar, Traton are certainly equivalent to D1 custom cars that are equivalent to the drip now and BYD.

Tucson will maintain light asset operation, which does not hold a large number of automatic driving truck assets:

Either the logistics team is directly purchased from the truck manufacturer;

Either hold by the way of working with financial companies and third-party asset operators.

In commercialization, Tucson’s main fees for customers is two categories:

One is that the freight company purchases automatic driving trucks directly from OEM, which is created by OEM Union Tucson.

Freight company If you want to use Tucson’s AFN network, in addition to the vehicle purchase cost, you must subscribe to Tusimple Path software services launched by Tucson.

TusImple Path includes Tucson’s car automatic driving software, based on TusImple interconnected operation monitoring system, high-profile map map support, and emergency road rescue.

The subscription fee of TusImple Path will be calculated according to the number of miles drive actually driving. In this way, Tucson expects the hardware increment cost of automatic driving trucks to be recycled within one year.

Because by subscribing to the TusImple Path service, the subscription fee of $ 0.35 / mile will save the freight company to save the company’s driver’s artificial cost.

A truck is driving 200,000 miles a year, which is equivalent to $ 95,000 per truck.

Another mode is that the freight company does not have automatic driving truck assets, and will not produce any car purchase, just need to contract the freight task to Tucson’s automatic truck team.

Tucson will charge a $ 1.45 / mile, and the shipping company can do “Take the Treasurer” and enjoy all the rights provided by the AFN network.

It is assumed that the traditional price of 1.7 US dollars / miles in the United States is as an example. Tucson 1.45 USD / miles cost reduction is reduced by 15%, which is equivalent to $ 25,000 per 100,000 miles.

From the perspective of saving freight, the automatic driving truck has a significant advantage over the artificial driving truck. It is not to mention that the automatic driving truck can run all day and night, and the safety can also increase significantly.

Especially in the current human resources shortage, the truck driver is difficult to recruit is a global issue.

Tucson is planning to expand its AFN network services, at this stage they are only in Arizona, New Mexico and Texas have automatic cargo routes.

The figure is planning to cover its high-precision map and freight route network to the entire US continent, driving the automatic driving truck cargo in the United States.

This year, they will start the automatic driving truck cargo test without security officers, and prepare for real unmanned freight.

3

Tucson’s technical background

If the AFN network is placed on a large area, the mass production of the automatic driving truck is premised.

Tucson has currently received 5,700 truck orders.

Tucson’s plan is to load the first L4-level automatic driving truck in 2024 years ago, the partner is the old truck manufacturer Navistar and Traton, these two cars are also Tucson’s investors.

In addition, the main partners in Tucson’s supply chain also include:

Chip supplier Ying Weida;

ECU, steering system and millimeter Poe Rada partner pick EF;

Laser radar partner AEVA;

Brake system partner partner Chernore;

Tire partners solid specific.

Of course, “Iron Items need it hard”, Tucson has developed a complete automatic driving truck software and hardware solution.

Its perceptual system is based on the camera, using the self-developed camera module, supplemented by laser radar, millimeter wave radar, GPS, and ultrasonic sensor to form redundancy.

This inherent system can provide a perceptual range of 1000 meters for the automatic driving truck, and there is also a good manifestation under low light conditions.

This system provides the security officer / driver with a maximum of 35 seconds of reaction time, ensuring that the vehicle is safe and stable when driving at a maximum of 75 miles per hour.

In addition, Tucson also has a self-developed high-precision map system, and its positioning accuracy can be within 5 cm, such a precision is of great benefit to the operation of the large motor vehicle such as the truck.

According to the data released by Tucson, it is currently holding more than 240 core technical patents, which has accumulated more than 2.8 million miles of actual road automatic driving road test miles and 150 million miles simulation test mileage.

In this way, whether it is from hardware, software or the whole car, Tucson has been prepared for automatic driving trucks.

4

Can freight tracks lead automatic driving commercialization

In the automatic driving industry, there is always a debate on the passenger car scene and the commercial vehicle scene.

Tucson’s IPO seems to be a key vote for commercial vehicle scene.

There are many peers in the automatic cargo track, Tucson has many peers, such as Zhijia Technology, Tongchi Technology, as well as Waymo, Xiaoma Zhi, etc. are also conducting automatic driving truck testing.

A part of the company is developing from the beginning, there is also a part of the company to start from Robotaxi, and expand to the truck field.

This also stated that the automatic driving truck field is clearly commercialized and is widely recognized.

Tucson can walk in the forefront in the IPO process, and the core is still in firm driving of the truck from the beginning, and also finds a viable business model through more than 5 years of exploration.

Moreover, this business model has been self-evidence in the prior operation, and the future has a mineral future, but this prospect will ultimately turn to “Qian Jing”, and see How to operate its AFN network. According to Tucson, disclosed in IPO applications, currently around the world’s truck logistics market is more than 4 trillion US dollars, and the US market monopes $ 800 billion.

The number of stock trucks is over 2.3 million, and there is more than 470 million miles per year. If Tucson can divide a piece of a cup with automatic driving, its income is also very considerable.

However, Tucson’s field of vision is not only in the United States, and the expansion map in its plan is also Europe, China and the Asian region.

At present, Tucson has plans to plan a automatic driving truck operation route in Sweden in Sweden, follow-up to cooperate with Traton, specializing in creating a L4 automatic driving truck in Europe and the Chinese market.

The IPO arrows are string, in Tucson, the capital market can only provide only ammunition, and the truly battlefield or yourself, can you win the automatic driving truck commercialization, it is crucial for global automatic driving development.

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