Benzinga | Nov 5, 2021 09:29AM EDT

TuSimple, United Parcel Services Map New Self-Driving Routes

* Self-driving truck technology company TuSimple Hldgs (NASDAQ:TSP) has mapped new freight lanes with United Parcel Service Inc (NYSE:UPS) from Arizona to Florida and has hit significant fuel savings for the package delivery company at highway speeds.

* TuSimple has notched up 160,000 miles hauling freight for UPS' North America Air Freight (NAAF) division and has achieved 13% fuel savings at speeds between 55 miles - 68 miles per hour since 2019. The routes for that UPS unit typically run between an airport and a UPS facility.

* TuSimple shares the data from its operations with UPS, which also owns a stake in TuSimple.

* "Cutting fuel costs by ten-plus percent would translate into billions of dollars of savings for the entire U.S. trucking industry," TuSimple Chief Executive Officer Cheng Lu told Reuters.

* TuSimple's network began in Arizona, and the company has been expanding across the U.S. Southeast.

* TuSimple plans to roll out a national U.S. autonomous freight network by 2024.

* Price Action: TSP shares closed lower by 0.90% at $39.54 on Thursday.