Used Versions:
TESSY v5.1.11
HighTec TriCore v4.9.4.1
Lauterbach TRACE32 Release Feb 2023 (64-bit)

Extract the archive, keep folder structure, import the example project via the .pdbx file into your TESSY project list.
Once you load the project you will be asked to restore the Database, confirm this.
Open the TEE and inspect the attribute 'Compiler Install Path'.
If they do not match your own local installation adjust them accordingly.

Start your TRACE32 TriCore Simulator before running a test in TESSY.

Please read our application note about TRACE32 carefully:
https://www.razorcat.com/files/files/tessy/matrix/doc/Targets/015-Using-TRACE32.pdf