China's electric lorry start-up Windrose Electric plans to list its shares in the US this year through a special purpose acquisition company at an enterprise value of at least $2 billion, the company's chief executive Wen Han told the Financial Times in an interview published on Wednesday.
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The EV company aims to raise more than $200 million through a SPAC merger by the end of the year, the FT said.
"We would like to dominate the electrification of the truck market, and kill diesel. That is the enemy." Wen Han told the FT.
Founded in 2022 and emerging as a competitor to Tesla's NASDAQ:TSLA Semi, Windrose said it had secured full vehicle certification across Asia, Europe, North and South America, and expects approval in Oceania in the second half of this year.
In April, the company made the first delivery of its long‑haul electric heavy truck in the United States.