TuSimple, an autonomous driving technology company, has announced plans to lay off 30% of its workforce citing volatile market conditions.

The latest job cuts come after a restructuring TuSimple announced in December when they let go some 350 employees.

The company said the staff reduction is part of the restructuring of its US operations aimed at preserving its balance sheet.

While the company did not disclose the number of jobs that will be impacted, it said the reduction will only impact jobs within the US.

According to TechCrunch, TuSimple is letting go around 320 employees.

TuSimple also said that is not seeking strategic alternatives for its Asia Pacific operations. It aims to continue to develop Level 4 commercial autonomous freight opportunities in multiple Asia Pacific markets.

The restructuring is expected to result in around $13m in expenses, mainly for severance and costs related to the WARN Act. However, it is expected to yield annual cash compensation cost savings of up to $68m.

TuSimple president and CEO Cheng Lu said: “As we relaunch TuSimple, we have taken a variety of factors into consideration including further deterioration of global economic growth, significantly reduced capital availability in the self-driving industry and redundant hardware availability.

“Given these factors, we believe this restructuring, while difficult, aligns our capital spend with the pace of overall industry readiness and improves our long-term competitive position. These decisions are not made lightly as they impact many of our colleagues.”