The question posed to Wen Han, founder of the electric truck maker Windrose Technology, was whether it is accurate to label the firm as a Chinese company. Mr. Han responded by describing it as having “Chinese origin.”
Windrose’s investors include a diverse group consisting of an Australian property group, U.S. venture capital financiers, and Chinese state-owned funds, with the company now based in Belgium. Its strategic advantage lies in leveraging China's capabilities in electric vehicle manufacturing.
Mr. Han aims to utilize this advantage to market long-haul trucks globally and intends to initiate the process for a public listing in New York, targeting to raise a minimum of $400 million within the next month.
However, Mr. Han acknowledges that executing this business proposition is complex, impacted by geopolitical factors, trade tensions, and rising protectionism. He is conscious of Windrose’s “Chineseness.”
Born in China, Mr. Han, 34, experienced a time when Chinese globalization did not evoke significant political mistrust in the U.S. He attended Williams College in Massachusetts and worked at American hedge fund Bridgewater Associates. His life experiences have straddled both nations, and he is now advocating for Windrose to bridge them in a fracturing global landscape.
Windrose aims to disrupt the traditional reliance on diesel in the trucking industry, utilizing China's sophisticated electric vehicle supply chain, developed through substantial government investment.
The company has established an office in Antwerp and is constructing a production plant in northern France, alongside facilities in Georgia and California for light assembly of trucks predominantly manufactured in China. It is currently evaluating locations in Arizona, Georgia, North Carolina, and Ohio for a new factory projected to open in 2027.
Despite ambitious production targets, such as building 10,000 trucks by 2027, Windrose has only produced approximately 40 trucks to date. The company faces regulatory challenges, as its vehicles are yet to be road-certified for sale in the U.S. and Europe.
Over three years, Windrose has secured over $300 million in funding, surprising industry observers with its rapid progress in truck design, development, and production. Long-distance tests have been conducted in the U.S., Europe, China, and Australia.
Windrose contends with a challenging environment for Chinese startups, particularly after President Trump imposed tariffs on Chinese imports and initiated restrictions on Chinese investments in strategic sectors. Additionally, competitors such as Tesla, which has significant resources and market presence, pose challenges.
Mr. Han's journey reflects the complex economic ties between China and the U.S., despite rising political tensions. His early education in the U.S. prepared him for navigating these challenges, leading him to establish Windrose in 2022 amidst investor caution toward electric vehicle companies.
Windrose is not an innovator in electric truck technology, as rivals like Tesla and Nikola have been in the space longer, yet they have struggled with supply chain establishment in the U.S. Mr. Han's foresight on lithium prices proved beneficial, as they have since peaked.
In the U.S., Mr. Han encountered skepticism while raising funds, as associations with Chinese companies are often viewed negatively. This sentiment permeates Europe as well, prompting public relations adjustments for Windrose.
Mr. Han desires Windrose to be recognized as a global entity rather than a state-supported Chinese company, distancing the firm from the Chinese Communist Party’s influence.
Despite state-backed financial support, Mr. Han maintains that such entities do not hold sway over Windrose's operations. He is proactively pursuing a secondary listing in Europe following a U.S. public offering, with plans for Windrose to be included in Belgium's benchmark stock index.
Although facing certification challenges, Mr. Han remains optimistic about approvals in the U.S. and Europe. Windrose is pricing its electric trucks competitively against traditional diesel options, aiming to achieve early market entry ahead of Tesla's long-delayed truck production.
Mr. Han has publicly expressed admiration for Elon Musk, acknowledging the broader market dynamics influenced by Tesla, while also navigating the political landscape and seeking favorable conditions for Windrose's endeavors.
In a direct appeal, Mr. Han reached out to President Trump, eager for support in establishing the company's manufacturing footprint in the U.S., though he has yet to receive a response.