Navistar International Corporation [NYSE: NAV] disclosed Wednesday that it has partnered with startup TuSimple. Both the firms aimed to co-develop SE level 4 self-driving trucks by 2024.
Navistar, a producer of International brand commercial trucks has also bought the minority stakes of TuSimple. The decision of this strategic partnership comes after the two years of the successful relationship between Navistar and TuSimple.
TuSimple strived to transform the $800 billion US trucking industry by enhancing efficiency, safety, and decreasing cost. TuSimple unveiled last December that the autonomous technology of the firm decreased fuel consumption in heavy-duty trucks by 10%.
Navistar 113 years of experience will help the companies to develop commercial vehicles. The strategic partnership between Navistar and TuSimple will ensure fully-integrated solutions. Navistar’s vehicle manufacturing capabilities help both companies in the mass-production.
Shares of Navistar traded up 3.78% and exhibited a change of 1.06 during the trading of Tuesday. It has a closing price of $29.09. This company has a trading volume of 424.08k as compared to the average volume of 736.16k.
It has a gross margin of 17.40%, a profit margin of 1.90%, and an operating margin of 5.40%. If we focus on liquidity, it has a quick ratio of 1.30, and a current ratio of 1.70. In the past 52-weeks of trading, it has fluctuated between the low of $15.01 and a high of $38.00.
Navistar CEO and President Persio Lisboa said: “Navistar’s strategic partnership with TuSimple positions us to be a leader in developing solutions for our customers by leveraging our organizations’ collective expertise to integrate our vehicle design and systems integration capabilities with TuSimple’s innovative autonomous technology.”