PlusAI and Churchill Capital Corp IX have mutually agreed to terminate a merger agreement citing market conditions, according to an April 21 securities filing.
The parties agreed to end the deal on April 20, per the filing. The move comes ahead of a previously scheduled April 24 general shareholders meeting, which now is canceled.
Despite the setback, PlusAI remains “committed to and focused on the commercial launch of autonomous trucks in 2027, starting in Texas and growing from there,” a company spokesperson said in an email to Trucking Dive.
Terminating the merger will not affect PlusAI’s partnership with Traton Group, the spokesperson said. The Volkswagen Group affiliate in January pledged $25 million to aid the company in scaling production of autonomous trucks.
PlusAI continues to demonstrate significant commercial momentum and remains positioned for long-term growth, the company said in a statement. The company’s other partners include International brands, Hyundai Motor Co., Iveco Group, NVIDIA, Bosch, DSV and Goodyear.
However, the North American Council for Freight Efficiency in a blog post previously noted the financial implications of autonomous trucking are multifaceted and involve significant initial investments and well as long-term savings. Stakeholders should consider the costs and stay informed about technology advancements and regulatory developments, the group said.
“As the industry continues to evolve, the financial landscape of autonomous trucking will likely become clearer, offering new opportunities for those willing to embrace this cutting-edge technology,” Dean Bushey, NACFE’s director of programs, wrote in the blog.
Nonetheless, David Liu, PlusAI CEO and co-founder, in a statement said the company expects revenue growth this year and continued growth in 2027.
The recent launch of the latest version of its SuperDrive autonomous driving software is proving itself in commercial operations today, Liu said. During a business update call on April 7, Liu noted its SuperDrive software and HyperFoundry AI platform could help the company generate between “$50 million and $100 million+” in revenue in 2027.
“The trajectory ahead gives us tremendous confidence in where PlusAI is headed,” Liu said April 21.
