Windrose, a Chinese electric truck startup, is looking to raise US$200 million in its final round of funding before seeking an initial public offering in the US, according to Reuters.
The funding target, initially set at $100 million, has been doubled to support the construction of overseas assembly plants in Europe and the US.
Belgium's wealth funds SFPIM and PMV have reportedly committed $50 million in equity investment to Windrose while Citigroup is also contributing $50 million of loans.
Windrose, SFPIM, Citigroup and PMV have yet to confirm the plan formally but it would tie in with the European Commission imposing up to 38% tariffs on imported Chinese EVs to counter state subsidies, said the report.
A final assembly plant in Georgia is also planned.
The US is where most of its 6,400 truck orders originate, founder and chief executive Han Wen told Reuters.