I won't be so encouraging as the answer of emory. I don't think it would be impossible, but I think it would be very very rare.
An Assistant Professor is on the tenure track. There are certain expectations that almost always go beyond research, since even R1 universities have a complex mission that includes teaching. Moreover, it is other faculty members (a committee) that is normally responsible for recommending (or not) tenure at the end of the probationary period. I think that a part time person would have a lot of trouble with such a committee unless their research were far beyond the expected level.
On the other hand, I know of some highly respected industry researchers who serve as adjuncts. They don't hold tenure, and serve "at will", but mostly they do it because they want to teach (not research) at the university. They don't mind the fact that the pay is abysmal.
Another issue with such a plan is that for someone hired as an industry researcher probably has some restrictions on what they can publish outside the company. These may be mild, requiring some sign off, or severe. Some industry research requires a high level of confidentiality and the company may not want any possible "slop over" into the public sphere.
A university is almost always looking for full-time long-term employees in the tenure system and would take a lot of convincing to change their minds. One reason is that such a person doesn't really depend on the university and so could leave at any time. This would be a big problem for any students advised by the person.
In some cases, for superstars from industry (or the public sector), a person might be granted tenure via a non-standard path. But they probably wouldn't be considered Assistant professors. Someone near the end of their stellar career in industry might have a foot in both camps. But I think it more likely that they would move full time to the university, and retain some part time links to industry.
It would surprise me if the US had as many as ten such available positions. And I don't know how an early career person could even convince a university to consider it.