Autonomous Driving Startup Plus May Split Chinese Crew, Mulls Listing

Plus, a self-driving truck firm, might provoke its US itemizing plan once more by merging its Chinese enterprise into Full Truck Alliance, a digital freight platform. The official announcement will likely be unveiled in March this yr. Later on, Full Truck Alliance will merge Plus China into Suzhou Zhito Technology, a self-driving truck firm collectively based by Plus and FAW Jiefang in September 2019, native media outlet Cybercar reported on February 14.

Plus responded, “It is not true that we will merge Plus China into Suzhou Zhito Technology, and we have no more information to share for the time being.”

Plus’ intention to merge its companies in China emerged after its first failure to debut on the US inventory market. In May 2021, Plus introduced that it had signed a merger settlement with Hennessy Capital Investment Corp. V, a particular objective acquisition firm. After the merger was accomplished, Plus was to make use of the ticker image “PLAV” to listing and commerce on the NYSE within the third quarter of that yr.

At that point, the Plus’ market worth after the merger would have been about $3.3 billion, whereas additionally receiving new financing value about $500 million. However, every little thing went south in November of the identical yr. The two sides defined that the regulatory surroundings outdoors the US had modified and, consequently, Plus was making an attempt to restructure a few of its companies.

At that point, TuSimple, a self-driving truck firm listed within the US with companies in China, was being repeatedly investigated by the US. Meanwhile, Didi, a ride-hailing large, has additionally been beneath scrutiny by native authorities since its operational knowledge is claimed to contain nationwide safety.

However, on February 9, Hesai Technology, a Chinese lidar firm, efficiently debuted on the Nasdaq, elevating $190 million, which is the biggest IPO of Chinese issuers within the US market after the “Didi accident” in 2021.

SEE ALSO: Plus Delivers 100 Factory-Installed Autonomous Heavy Trucks

Interestingly, Lightspeed Venture Partners, the biggest exterior capital agency after the itemizing of Hesai Technology, and its funds are additionally buyers of Plus. If Plus is listed sooner or later, Lightspeed Venture Partners will as soon as once more understand a profitable funding within the subject of autonomous driving.

As the longer term acquirer of Plus China, Full Truck Alliance has a protracted historical past with Plus each on the capital degree and on the enterprise degree. Full Truck Alliance has participated in lots of rounds of financing of Plus. As early as September 2020, Plus signed a cooperation settlement with Full Truck Alliance, and each events carried out industrial operations based mostly on L3-level self-driving heavy vans, whereas the automobiles had been collectively developed by Plus and FAW Jiefang.

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