TuSimple (TSPH) 2 Aug 222022 Q2 Earnings call transcript

Good day and welcome to the TuSimple's Second Quarter 2022 Earnings Conference Call. All participants are now in a listen-only mode. Later, we will conduct a question-and-answer session and instructions will follow at that time. Keep in mind, that this call is being recorded and there will be a replay available at ir.tusimple.com following this call. I would now like to turn the conference over to Ryan Amerman, Head of Investor Relations for TuSimple. Mr. Amerman. ahead. go Please

Chief Good highlights XXXX Howard. Co-Founder welcome our the the to Chief and Tapia. Thank will then Eric call. afternoon we'll With quarter review Interim and Hou; earnings Officer, and TuSimple’s Officer, us second Eric Executive Xiaodi financial you, operating Xiaodi and Financial and today and questions. are take

differ our be and website. available call recorded, object TuSimple These the shareholder reminder, future note filings. of replay events a materially risks Relations forward-looking contain being a a are that page or and results call this that releases, shareholder due forward-looking subject of to Investor only uncertainties. This letter of today are our is if refer to later in call disconnect As factors. Please to on in SEC may from and statements anyway TuSimple's the variety will now. risk actual press statements and detailed this factors you letter, please Please predictions

call also discuss the non-GAAP generally comparable measures not to measures Xiaodi GAAP with begin. in financial accordance Please and will letter will accounting shareholder the more details, turn disclaimer now reconciliation which over for a of measures, our the principles. Harbor in to accepted prepared refer presented are non-GAAP including to the financial Safe We non-GAAP measures. to I

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support Algorithm a few additions Isabella role, that years organizational of this of make was promoted his announced will ensuring identify, In the experience Zhou and created and Senior Wang Chief retain responsible was planning expanded spend team. Isabella newly on Director Officer. and develop HR also Learning talents. the Yumer we Executive President and AV for for leadership be perfect for to our industry strategy to this most We of Lei In in promoted Ersin Ersin this us as top promoted joined Machine Executive technical of for over both to will towards Vice for him [indiscernible] Vice was this recently more fit teams oversee This the position. overall created operations Vice driver journey President In with [indiscernible] will is Operations. to Thus many Ersin Technology. responsibilities commercialization. of out I was President company. our had working, time and our position, continue take CTO. closely also to AFN our position, operational Lei as a ultimately newly role. the

cost we and migrate our are day A a and scale building team such Arizona we Triangle from plans component ensure trucks are to is is designed our continue this out. improve busy We we Texas strong our discussed further we executing quarter, world critical to At Texas, to operational This to to is from time. further continued build and partnerships. and journey we organizational the in times the our continuously in expanding night network. technology routes design critical of physical in towards ability of Texas. out have announced Texas and additional domain infrastructure terminals Last to Investor create the continue to the physical is validate TuSimple. in the opportunity our the on intend individuals our infrastructure, These talented Day our by per are as to our mile within in developing to commercial and process have that have to What utilizing commercialization. that changes vision requires achieve density in metrics to investment for commercialization the May, fortunate our real help us organization. we We

in portfolio. Next, continuous valuable a I'd like success to talk patent about building our

we quarter patents. XX new portfolio past our this During with expanded

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with we Next, patents dealing issued sensors. two

technology while coverers road. patent first to sensors the is moving The down the calibrate truck

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our Last other validation announced our our develop be with expanding on to to update. of forward logistics this of July, work Hegelmann expansion as the not United partnership the provider truck transport In bringing logistics in point our Level we to to regulatory to Hegelmann European but purpose- and built least, is market. is in our the we We that Hegelmann partners technology. in trucking some I'd the the and major will part invest We partnership another portfolio. we're value IP additional We will like with their excited ecosystem continue plans further logistics X and spend commercialize States. look believe time and and many Group.

happy the Welcome. our UPS XX in of comes lead this the years the to Tom industry. announce the Jensen to from lobbying Tom federal important us state on effort company issues Tom he to spent are transportation than that Governmental more as various has Vice have We're to both and area. where joined Affairs impacting very level at We happy President aboard.

the are deployment permits we in we XX Level the West while work favorable Kansas topic, and environment AV operations. in out With increases that states allow operations. and driver-in to X Out of granting legislation authority, on Virginia Driver regulatory QX number asking legislative XX, to to this continued on truck the While state building states regulatory commercial

to I'm Newsom be Governor trucking autonomous recent leaders the sent on from of in industry. the California Additionally, letter to Gavin proud signatory

California, know, As allow to currently for you intended does law home begin TuSimple despite into testing process. signed not the truck rule-making that was [indiscernible] state AV

financial our that AV call for testing. country allow and are other guidance. With XX states to (ph) a I Eric to that over for California discuss turn the joins the so sense] that, results [common the We regulation pushing will updated in

Thank you, bring AV program, Xiaodi. by technologies excited We're Beginning working for our world-class new partners. to with time partner. added quarter reservations this XX we long reservation truck to ordered our a continue our

quarter at total end reservation stands under at Our X,XXX just trucks.

see capable of standards partners We We alongside partners interest to fleet reservations. and continue ready implementing that our a and to from their our for those only financial are continue reservations. the technology make with commitment hold work significant AV

'XX. have primarily XX% pricing. as Now of Sequentially fleet reported growth quarter, existing kept sequentially. was while flat flat. for increase revenue by last and quarter to gears XX% financial was year-over-year our out in shifting by driver pricing an operations. quarter, the testing The revenue million year-over-year as was relatively to we of revenue as new miles, and are driven prioritized of better though, utilization revenue $X.X our results of fleet, deployed well the second driven our for trucks We Compared

revenue I utilization flat the We couple expect of view on to keep of to years. That 'XX continue think improve miles owned it's to course needed. share for and the revenue and said, fleet important over we'll our leased our next as

our either we As will transition miles our commercialization, our programs our out through technology revenue X generated support driver Level technology to needs. to be that or customers showcase pilot of essentially support gradually validate technology. benefits as we will the generating revenue advance This as and

million expenses. to quarter, million $XX total million up $XX including of first this of spent Moving compensation. in X% million or R&D compares to the and stock-based quarter We the period in same sequentially. This last $XX 'XX $XX on year

assets increased continue as of stock-based technology, R&D to the sequentially impact R&D invest technology. X% our Excluding we in and core compensation,

our managing continue efficiently in world-leading investing will commercialization R&D while and our of technology We talent as as dollars key possible.

quarter and we last SG&A the the year XX% of $X spent in million during 'XX compensation. $XX sequentially. $XX to stock-based period of On the $XX compares period, the million or same front, in including million first of million This down

which this deltas. our IPO we year, of compensation explains of As a to quarter related last reminder, the impact some lapped these stock-based

was impact down compensation, of SG&A sequentially. stock-based the Excluding XX%

During and in had we first we respectively, approximately not true-ups and of 'XX $X.X accounting of the SG&A in million, which repeat favorable expect second to some quarter non-cash do future $X.X million quarters.

sequentially these was improved XX% down from SG&A Excluding cost items, leverage.

in objectives. We to continue our disciplined that expense commercialization controlling really to to be prioritizing and highly contributes and our technology spend SG&A

from loss in the quarter. $XXX second $XXX $XXX of the compared Our same a million year 'XX operations quarter period of last was of million loss last and million to in

billion, of second Our which $XX with facility period adjusted compares million previous quarter. balance million quarter was $X.XX ended 'XX 'XX a of EBITDA investments. $X.X In 'XX million, decline primarily of the second last had last quarter to of year of in million cash and and of to equipment approximately we loss quarter the We in the a $XX second of quarter. $XX the versus the million CapEx $XX same related

guidance turning to XXXX. Now for

on We $XXX deployment. of And of this guidance result million and by stock We impacts. primarily million by loss We're $XXX million $XX year full updating ending CapEx driven of million focus our to This stock-based revenue million. expect are to cash a our million to done now versus $XXX our guidance, remains guidance This our of slowdowns hiring EBITDA, compensation capital guidance expense CapEx our our to price unchanged, follows; discipline reducing prior guidance in adjusted investments be $XXX reduction be $XXX compensation, have balance. increased as finish prior $XXX for to the and our we based between million. is facilities. and $XXX guidance and reflect is $XXX to also control million stock updated our versus the was adjusted between year and a administrative EBITDA while million;

year cash balance of end we guidance the with approximately the of sheet Lastly, $XXX million previous million. $XXX to expect versus on the approximately

until and fourth as intend While it's through half into we guidance report the quarter not do out we to important few of pointing a 'XX worth 'XX. items think we 'XX second our issue results, move I our

in most with First, we that and AV trucks our will are will the physical older referring in our upgrading the create process the partners was newest to process continue earlier. of technology. help hardware together of This Xiaodi the 'XX density through infrastructure to us network

purchasing plan we into some while trucks our used add challenges to is even trucks. a slightly Second, truck fleet, the difficult introduce given to new or ability in significant number of new the

to Lastly, in AFM, we plan around and and continue terminals Texas primarily to Triangle. the add to the invest

it quarters. to possible. last updating is hand you to partnering Xiaodi a our in on this now I'll manner, intention in when forward few Our look capital-light a the coming do efforts back for to We remarks.

the Eric. last significant. made you, over have we progress few is Thank The years

first at industry-leading technology. culture completely to remain the am a created our of deliver ground efficient safety sustainable work Q&A a proud We TuSimple safer, advanced team the develop commercial confident and and to scale I at to have future from class first built With ready a that, up and more build road. in session. autonomous the we're progress start a our on trucking to our

Our Shanker [Operator the question Stanley. Ravi from Morgan line first of or from comes Instructions] comment

is open. Your line

that what details the procedure on would the details on to yesterday? thank out in since? you afternoon or the details refute on story for And you you. you share side they operating side? you like came implemented Xiaodi WSJ the Thank Were they the changes Good also, technology were Can some more everyone. on have accident. any

Yes.

misunderstanding machine we a error overhaul a in of to are be that it tightened interface an compliant. that the to points of guaranteeing human operations several of are cause this lot we comes error. make up side. the when also clear of won't aspects regarding And to procedure that terms compliance our to here. have of so reporting human in there article, the is sure think to of I to machine of aligned other make authorities, machine on we First the it, our That's training incident And have especially the all, also all our

in the the we more domain to that is on a the Department the and Arizona reported authorities incident and median of the And First damage. public incident resulting for law to were than second in has contact the did NISA report to time. appropriate the we truck Transportation swirled all, of this enforcement, on NISA month no injury been There no website. but and no the property requirements a

it. Got

changes there And any in in been to your like or has [indiscernible]? trucks no run follow testing do so up, been there have no ability your

No. Neither with has a part again. we things our the had any us on as process, nor of solutions software NISA been the changes. upgraded this fleet implemented And lot asked to the road. of the since do has actually review prevent And then happening FMPSA new our own to of type from

question. Great. And a lastly follow-up as

this received sensors a patent believe trucks is you're some start this you your in not, that one, was test running only snow-belt an if case? that think the Is you to commencing major, the the the ready obstacle And to I do just you. that I like you're feel frozen on snow. because winter? important Actually,

to is a complex running ice. in This issue snow facing we that are and

part patent we're full and that are from. sensor solution developing We we the this going developing as to our still But to this of actually have be today, a is cleaning of get technology solution.

Great, thank you.

you. Thank

Thank you.

or Wolfe from Group Scott your from open. is of line question next the comes Research. line Standby, Our comment

on know maybe I appropriate, you can but of concerns good and thanks, in that guys wondering, trend is you was haven't given there. where terms I in anything the it's where afternoon. Hey, thought been? past, share data given the of disengagements some safety I out

in exactly explicitly I we think engagement this give what I past referring you to. know of where, the data. the out don't are data don't

was, you given wondering safety saying know to I out it are where where give maybe where make that you is of around some want progress there. Maybe I but of in concerns some level No, haven't that comments if -- just making? I'm the kind just comments was you you it -- -- today, metric given on if you to the high past, you're wanted some what

Okay.

progress useful the metric not all, I very of think a of First marking driving. autonomous disengagement technology for of is

our the issue disengagement, not system April the at the incident, – happened a phase system it's on the specifically Xth not actually where is Second, engagement of ready. is

better that you worth Is with there a is sharing metric think us?

I would will read say that part overall the be, that, but is mile, metric would system. be that [indiscernible] the cost -- tangible covers only per overall of

As complicated, numerical read very metric good of to you part think -- up easy safety is to there it. this is cover of that know a the all don't I

the on then near-term reservations is near And were rising that a you. you again a question focus? in term the Do Thank Okay. less truck reservation dialog, with that the conversations in truck starts having count were quarter just or of flat. customers? the think Are you

So, in orders I say, is would with potential the at healthy great partners question. still pipeline yes, our for we moment. are our -- pretty engaging

to that definitely their introduce on me, into have network we the capabilities For technology are our focusing their fleets. -- into their customers and right the

tends filter. that be by the So in to and itself

right? these interest hit are we're to we're market won't healthy. their some -- X original answer partners momentum, from years pipeline for engaging trucks yes, is purpose-built But and reminder, seeing of the several they Level still the still again and now, your Just question, a as orders until

thanks guys. the Okay, for time

you. Thank

Thank you.

America. question line line of your from Our or comes is Ken comment the open. Bank from Mr. of Hoexter, next Hoexter

more a up the It in out there to the Thanks. step would talk timeframe? operations? in bigger Is for what afternoon. You step, like 'XX? before to just you Xiaodi, a in of and just the take 'XX, is 'XX status maybe take Good changing are here? commercial from that running waiting by picture. is and us back 'XX? out What's we purpose-built which status getting trucks base and Arizona great. Maybe to talked What had that maybe expanding seems and from capability operating Hey, about rolling you're commercial fully getting Texas. the case retrofit now? of push Navistar built What a 'XX,

Yes.

now every busy several is are We it. for team is the actually anything. we -- day waiting of aspects team The and have

First, the safety.

target are to and comes design higher when the everything having actually a it side. the about safety system We engineering

that system go So we're standard is the more corner and hardware. part. through second And having process basically the every the tightened safety a engineering the of of the validation

actually for new reliable next of introducing and generation components, new type the sensors are components. example, the more We actuation

is production algorithm the software a getting Xs. team hand, team. And and trying on is So is And the prototype new to trucks, rebuilding building one which that the to, basically, we're on standards to the engineering still by of system that. Tier hand, it’s new new utilize like [cate] but capability the OEM a by set closer meet hardware next the the brought safety and is forth version, type And other (ph). the third sensors, on team the

Sorry, efficiency. opportunities side And that -- or Tier said and a like are fleet and earlier, a seeing I identifying to we really the a not the little of And actually there here on we more operational product populating the scale components new into the lot network little is X hand, operation. issues, no exactly what other identifying improving for smaller routes the by run. issues,

list long We to-do a have do. to

in something year, end now. we're strong results that's targeting you so the we're And So that next see Texas. doing will right at that now, of some

expect As right? you should we service. of mean part trucks have upgraded Speakers] sounds not as rebuild now, in that each it and So specs I sensors I or truck entire on hear the [Multiple any truck, to did change are new far is getting rebuilding you like that your why

LiDAR have cameras. upgrade. they an more type new and it's X It's Sorry, the an all the and of like like considering new upgrade a hardware, of new versions kind all Tier of

Navistar versions? is this had to So commercialization handing pushed specs that in thought at that able be upgrade to you to start final or well? to as existing your get point of I out

different no, newest have upgrade a version trucks and right? so of be to they hardware this them aligned software. is the lot ago, We thing. of that we purchased several And can actually that the No, the we no, have years with older

last process My I enough right. What's going one want to don't waiting All what's road, the need spend there you Navistar you if the why between built in, this more here, put it one you're additional for get question. Again, interim, on in more commercial getting you or sneak process? could just is to more, understand miles a the round there? out is to to just I'm I getting first is targets. we're the reason info, the no your don't more trucks maybe lowered go want back the to

as the like version. operate years long older we decent is that all our pretty think then the version I as And was this of and purchased and the old we of edge three running fleet. of we all testing volume them fleet, of software mobilize them. happy cutting ago truck can are We're a truck, assets, with hardware have our

going And chime remarks. my to of refer to to I'm just in. some

used revenue our in entire trucks, transitioning also facility. about we entire, When think testing fleet. when generating We have trucks, we but holding are also our are freight, revenue solely our say have you trucks testing trucks, that I

the year necessarily the fleet, leveraging in reductions but of real happens testing per scenarios. scale the -- beginning we're right, now entire is, really mile miles, by revenue end of and next year through what focus and from not bringing So to optimize the world cost to true technology efficiency, on to the certainly

pretty point economic and of trucks proof that industry. holding are show a freight pretty that can that really If our that think true real will I really trucks impactful we me in event. control a we for with world, be the strong is scale

investing it fleet, for our though, the technology, in we yes, frugal the So in in Even facilities. our are well. our show investing We've investing very that we that business, other our as the are administrative definitely opportunity. in our dollars. comes that's certainly commercialization been me, we when to like aspects talent of assets, core down again definitely focus. targets reduced will We're But

I no just Xiaodi, because is mention Eric, somebody probably There the of sell it? you. was the there just thing, process. less no update at guess Is update. thank one sale there on China

There now. is share I right can nothing

Great, Thank time Okay. thank you for the you.

Thank you.

from Our line or line Rusch, Mr. Colin open. is Rusch Oppenheimer comes comment the next question from Company. your of and

I'm here. So acquisition talent about curious

prospects like You But talent has put together curious I'm how in all upgrade been the attracting terms certain maybe you what and of areas. robust. this in team those look for at point?

First I of we pretty are currently proud freeze. think hiring not that do we a all, have

slowed we a -- However, proud currently we down that hiring I’m do pretty have not have hiring freeze.

when of this the positions. have we're However, we at backfill to the beginning have slowed year. judicious comes down And hiring it we planned very from what of vacant

becoming general not overall, hiring now, the shy So in top the careful right economic talents. more given we're situation are we but

working terms frames us time and some finished of vendors sensor, certainly point? seeing in maybe of that of in that the fusion. just update commercialization how are in relative that to Okay. you are you're an of this then completely that's the of terms going Can give some progress development technology with, And terms there targeting at guys you on that is still sensor those with you guys aren't some elements

Yeah.

very the reliability capability the to commercialization is the is end sensor rather encouraging. something And think development, the things of is that I not out conduct the we in this from but need the most and sensor exactly sensor development actually very And events development. this about see I system. exciting driver that more

samples is get which maturing the and You us. see many of A buyers, samples timeline, this, they encouraging with actually also timeline stick for the their pretty of are they and the clear B from to components

much. so Thanks Perfect.

you. Thank

Thank you.

comment comes or question Fowler Todd of open. from is from next Mr. KeyBanc the Markets. Our line Capital your line Fowler,

Great. Thanks, good evening. and

give to five the and of sit the a we us Can kind and out for then Xiaodi, laid the we in year half of of then into on should what's you milestones of this by commercialization the here 'XX, second the looking at newsletter what of 'XX, So kind have 'XX here as end 'XX? rest into realistic path sense expect tonight.

and year of [system commercialization what is having for as we is This it you two improve out the we The have that Yeah. what we in (ph) planned. is shown more support we We the And is same -- to just is that long build-up those probably biggest year. intermediate to doing and algorithm strengthening anticipate I the we're this later able trucks of are time, support Union shorten while the are remove happens what From not remove as would we're be corner. say, working anticipate we of can stop type a vehicle removing I said engineering now the plan. to the be hardware, because the taking will not normally of a therefore, metrics, best the currently working reduce that that biggest operate the do this -- we're happy the and by system That so our was -- -- in very reliability, driver order at hardware. on software] all as finished our basically system vehicle to with or the this time. the vehicles our also on from as barely I this see to Pacific are building And doing do every by very in right the sensors of year just support run. but the that reliable are taking we time, we're end new team the the team getting something need will

the mean Ken it percent is sounds made critical I square been what about, you kind the that your fair what to very So it has to be ask of for percent needs upgraded really and to comments the because the when remarks, at of is end the this I comments fleet of like 'XX. and that fleet upgraded, of prepared

of kind how fleet the or progress that? track on So that where we you is is that the something where with at plan you're sharing upgrade with can

Let me chime in.

to So put response. behind that just numbers

XXX US between and of have XX, in go, split they're which we XX testing. trucks them are to those the and So of revenue

definitely number -- a from updated incremental in is other CapEx, XX the unit are immaterial, OpEx, to it's And that primarily be funded but were need savings upgraded incremental on of reflected These to through trucks an they guidance. amounts on not that the range. areas. So XX they're

the are investment So again, the for the of upgrades year again, ensure comfortable that per use real 'XX, of that the paying feel start commercial the that improvements those testing right? progress, routes. the end to trucks, that until seeing we quantitatively, running completing second that show mile to in which improvements In updates cost half off. and show upgrade for, year, to mile they we'll are by next We improvements to fleet. on we for me, we revenue can continue need likely will don't me, cost we'll supporting show and that the very expect share But metric as biggest per that's we go. and true But

Yeah.

sense. a for makes That I'll time. Thanks the turn over. lot of Okay. it

Thank you.

Morgan. Ossenbeck, Instructions] Thank Ossenbeck from the Brian you. or comes of line next Mr. question open. is from [Operator your JP line Our comment

in All incidents be Xiaodi industry the the for accident are and not mentioned government or right. posting general Do this than again. maybe the do on more there as be to some reporting on industry, that required to there But [indiscernible] you not when upfront? more waiting and I you as -- think incident, website their guess the as all do room for miles are and on to on happen you taking is may is rather website? in there even government something more more the the question. it to steps -- think leader the more happen relying that for proactive like has the you for required Thanks and the that potential their put

thoughts that. on your get Just wanted to

for would a would there field to of this is transparent say what, NISA and getting open like being all in first were is that. this change dynamics. actually shy website information that. for common every definitely of we're are be recent certain player more If I say publicized. and in know I of there And a reported that everything certain that there Yeah, kind a I transparent, general practice regulations, shared and from to we are that think call the not we we of even you all, that all also we more to

to on example, think progress. this other I and with we business not by side, total in our not strive as incident keep change material included -- way reports. to our a stakeholders flaw, about the which was mile, is this partners For a our we model. an the informed With correctable told you possible And the NISA our

in on Okay, this driver you It is (ph) guess, you be first speaking, this going with us the then driver understood. ghost like at the an on on then planned year? more to the for out going just something now And broadly year. done, the can rest just, of time just process that rider could comment that? later that's out point wave I run, of applications sounds update give the on and And [UNT] what's

the overall Yeah. stronger makes operational where of lot behavior, more the all The of actually of cases framework but even XX the with this more substantiating aspects honorable that there, a Sure. is safer. requirement we're

destination And distribution that's terms of have complete Pacific Union out our point. So driver a road of us busy. we what in at the center front the closure keeps unfortunately in run, specific, encountered

actually new Pacific couple adopted not we that, road run, UP not the a actively Union actually weeks. but complete that actually are weeks, but of we also only we a us closure elements still that loads safety a of new trailer and that of of to unknown trailer unknown finalizing We're of new this case part unknown with tests. adding have -- the the into the type actually our test. we and quite bit of means solutions. run, adequate conquered And But So ways the that for through delayed couple type strengthened is system, looking the for we our validate within months, of have

us near the You in will the run. future about hear

touch might have the maybe Thank like clarify is assume the not clearly or popped you. maybe safe some that you in terms Okay. still track previous commercial And just is If of comments you that questions. been It events? to It sounds have could that of to the but to challenges perhaps other by you're the trucks, some maybe there chain. all buffer since in, the that, wider rollout just up in like thought, many sounds on impacted the these on getting earlier please. for made supply as upgrading is it as at end 'XX of the then

cognizant Sure. keeping made terrific there we there, the the in we design, team have are is Day. a the Yeah, but and all the of changes when timeline Analyst track of and challenges are course, and the of still on of of we're do job here all very I that on think our promise we still doing confident

I it. you. Okay. appreciate Thank

Thank you.

Thank you.

Capital or question Spak comes of comment next the line Joseph Our Markets. from from RBC Standby.

Thanks everyone.

there? there in I Just or is comment XXXX up goes that mean the -- change for on timeline any also timeline quickly trucks production follow

there is that. no far So changes on

clarification and then Okay. I bigger One, question. I quick picture guess one guess

And also like sort Hegelmann happened after were which reservations, that you the truck the mentioned the quarter but initial it had XX. think I detailed of sounds some partnership. closed. You But then there you reservations,

number, So interpretation? that right the that's is not that in

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Gill Company. Needham comment from or of Standby. and question the next line Our comes Rajvindra from

Yes, another questions. joining just from this already asked, call. taking my question thank you for apologies And but if was

Level of that, on that is Traffic on automation their X I'm different as automation? particular just Administration accident autonomy this feedback result think Safety anticipate the going stringent feedback? guess, versus, I up you've prevent the a their in like levels of following to had what how this conditional what's do Just they say, will been and view if NHTSA adjust future? requirements Do between Highway more provide wondering from you the the future is that National you to, accidents

Yeah, sure.

results. investigation that that their we of NISA First of of were do did analysis that, of what have nothing any all But think our gave you modify their tell I they all, I I in they thorough to us. the future would and how step NISA regulations. views is they is every don't comes thought can our NHTSA process, TuSimple, the anomaly our and independent inappropriate There

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Right.

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Yeah.

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you. Thank

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Thank you.

back to turn like Thank queue the you. remarks. I'm I'd for this management showing to at no additional over closing questions any conference in time. the

joining quarter Thank for look you. this and to attending update we call conferences many the you Thank giving forward you next another and quarter.

the program. This you for concludes conference. today's Thank attending

now may wonderful day. Everyone have disconnect. a You