Chinese Electric Truck Maker Windrose Will Seek US IPO in 2024
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Chinese electric truck maker Windrose Technology has started preparatory work for an initial public offering in the U.S. next year as it plans the commercial rollout of its first vehicle.
The company is selecting investment banks and aims to raise at least $200 million, founder and CEO Wen Han told Bloomberg News. Proceeds will go toward research, development and production of Windrose’s zero-emission trucks, which are equipped with autonomous driving technology.
The company plans to start delivering its trucks, which it sees as an eventual rival to Tesla Inc.’s Semi, to customers in 2024. It already has 1,000 orders in the U.S. and 500 in China, according to Han.
Windrose is also developing a hydrogen fuel cell truck based on a shared platform with its EV.
Han, previously chief strategy and financial officer at U.S. autonomous trucking company Plus, founded Windrose in 2022. The company says its trucks can drive 600 kilometers (370 miles) carrying a full payload, with batteries that can charge to 65% in 35 minutes.
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