A Chinese electric lorry start-up taking on Tesla’s new truck plans to list its shares in the US this year through a special purpose vehicle at an enterprise value of at least $2bn.
Windrose Electric, which began exporting its heavy-duty electric truck to the US from China this year, aims to raise more than $200mn through a Spac merger by the end of the year.
“We would like to dominate the electrification of the truck market,” Wen Han, chief executive of Windrose, told the FT. “We have to kill diesel. That is the enemy.”
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