Fortuo News on April 8, the global unicorn company of self-driving trucks$Tucson Future (TSP.US) $Hot subscription has been started now.It is expected to be officially listed on NASDAQ on April 15, sprinting for the "first self-driving stock in the world".. Morgan Stanley, Citigroup and JPMorgan Chase will act as lead underwriters of the IPO, while more than a dozen global investment banks, including Bank of America, Nomura and Credit Suisse, are involved in the offering.

According to the latest prospectus,Tucson plans to issue about 33.7838 million Class A common shares in the IPO in the future, with a range of $35 to $39 per share.

It is worth mentioning that the three top global investment institutions, BlackRock (BlackRock), Fidelity (Fidelity) and Capital World investor (Capital World Investors), will participate in IPO subscription as cornerstone investors.

Market leader to achieve multiple industry milestones

Tucson, founded in 2015, focuses on creating a complete L4-level driverless truck solution to achieve complete driverless trucks in trunk logistics scenarios, with the company's main business concentrated in the United States. At present, the company has taken the lead in testing and commercial trial operations in China, the United States and Europe, and provides large-scale commercial operation of self-driving truck technology to the world, enabling the global logistics and transportation industry.

As the first self-driving stock, Tucson has achieved the first of many industries in the future. In 2018, the company completedThe first self-driving fleet in the world to work together.And getChina's first public road test license for self-driving truck。

In 2020, Tucson will launch the world in the future.The first driverless freight network(Autonomous Freight Network, AFN), is a self-driving logistics network based on self-driving trucks, coupled with logistics hub and operation monitoring system, which lays the foundation for the commercial landing of self-driving trucks in 2024.

In the same year, the company received investment from American truck manufacturer Navistar and established a global partnership with TRATON, a commercial truck company owned by Volkswagen Group.

At the same time, the future of Tucson isThe first company in the world to implement L4 truck self-driving technology on highways and ground streets, too.The first company to realize commercial freight with self-driving technologyTo declare that the commercial model of driverless freight has been verified.

Leading technology to build a moat

Since its establishment, Tucson has invested a lot of money and energy in the field of research and development in order to consolidate its technological leading position in the industry and promote the commercialization and future realization of the company.

At present, the company has more than 240 core patented technologies, test mileage of more than 2.8 million miles, and currently has 70 self-driving trucks. According to the prospectus, as of December 31, 2020, of the company's 839 full-time employees, 673 were R & D personnel, accounting for more than 80%. The continuous improvement of R & D capability continues to empower the future business development.

The expenditure on R & D is relatively large, and it is still in a big loss.

According to the prospectus, Tucson will always be in a state of loss in the future from 2018 to 2020, and the range will expand year by year. In these three years, Tucson's future revenue is 9000 US dollars, 710000 US dollars and 1.843 million US dollars respectively, and the net loss is 45.03 million US dollars, 84.883 million US dollars and 178 million US dollars respectively.

The driverless freight track has great potential.

According to the Armstrong & Associates report, the annual revenue of the global trucking market is about 4 trillion US dollars. Among them, the demand of the US truck freight market is huge. The annual revenue of the US total freight market is 1 trillion US dollars, and truck freight accounts for about 80% of its total freight market. Recent industry trends, especially the increase in e-commerce penetration, have brought growth momentum to the demand for truck freight.

At the same time, in the US freight industry, a shortage of heavy truck drivers, high labor costs and freight accidents have been painful points in the industry. In this context, driverless freight has a broad prospect.

Star Capital entered the Bureau.

Up to now, the company has experienced ten rounds of financing, and the investors are strong, including Sina, Nvidia, Zhiping Capital, compound Capital, CDH Investments, American express company UPS, first-tier supplier Wandu, American truck manufacturer Navistar, Volkswagen Group TRATON and so on.

In terms of fund-raising purposes, the funds raised by IPO will be used for the following purposes: to increase financial flexibility, to increase market awareness, to acquire or invest in complementary products, technologies or businesses, as well as working capital and other general corporate uses.