Chinese electric truck maker Windrose lifts fundraising goal to $300 million, source says
SHANGHAI, March 26 (Reuters) - Chinese electric truck startup Windrose is increasing its final round of funding to $300 million, a person with direct knowledge of the matter said, as it plans more assembly plants in Europe and the United States.
The company, which was previously aiming for $200 million in this round in equity investments and debt, is also planning an initial public offering in the United States to raise $400 million this year, doubling its previous target, said the person, who declined to be named as the matter is private.
Windrose has selected sites for three assembly plants - one in each of the United States, France, and Belgium, said the person, adding the size would vary and each plant would have a research and development team.
It is also seeking to build a second manufacturing base in the U.S. which would be bigger, and is still scouting locations, the person said.
Windrose did not immediately reply to a request for comment.
CEO Han Wen said last year Windrose was aiming for a global production capacity of more than 10,000 trucks annually by the end of 2027, with planned plants in Georgia and Belgium piecing together chassis and other vehicle parts manufactured in China.
Windrose's heavy truck will compete directly with Tesla's (TSLA.O), opens new tab Semi at the same price of about $250,000. The trucks will come with a battery pack of more than 700 kilowatt-hours, with a capacity to run more than 670 kilometres (418 miles) on a single charge fully loaded at 49 metric tons.
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Tesla dominated the depreciation charts, but it wasn't alone. From luxury EVs to plug-in hybrids, these models lost thousands in value over the past year. A good time to be a buyer Used car prices are finally starting to creep upward after two years of post-pandemic corrections, but that doesn't mean every vehicle is gaining value. According to a new study by iSeeCars analyzing 2.4 million used sales in May 2024 and May 2025, several once-popular models are still dropping fast, especially in the electric vehicle and luxury categories. While the average 1- to 5-year-old used car now costs $32,317 — up 2% from a year ago — some vehicles lost 10% or more of their value. Here are the top 10 biggest losers in 2025. Tesla Model S Tesla Model S — Source: Tesla No vehicle lost more value this year than the Tesla Model S. Once a status symbol for early EV adopters, the average used Model S dropped 16% year-over-year, shedding $8,837 to land at an average price of $46,503. For a vehicle that started well north of $80,000 when new, that's a significant fall, and a reflection of how quickly electric luxury sedans are depreciating. While newer versions still offer jaw-dropping performance and range, the used market is clearly pulling back as buyers consider alternatives with newer battery tech or lower operating costs. Tesla Model Y Tesla Model Y — Source: Tesla The Model Y may be Tesla's best-selling vehicle, but it couldn't avoid a steep value drop. Over the past 12 months, the average used Model Y declined by 14.2%, losing $4,945 in value to settle at $29,789. Several factors likely contributed to the slide, including Tesla's repeated price cuts for new vehicles, increasing competition from other EV crossovers, and growing scrutiny of the brand's quality and leadership. For used buyers, however, this could be a golden opportunity to get into an EV with solid range at a relatively affordable price. Porsche Taycan Porsche Taycan GTS and GTS Sport Turismo — Source: Porsche With an average price of $75,644, the Porsche Taycan remains one of the priciest used EVs on the market, but it's also one of the fastest depreciating. Over the past year, Taycan prices dropped 12.7%, a raw-dollar loss of nearly $11,000. This luxury electric sedan wowed buyers with its performance when it launched, but newer rivals and rapid improvements in EV technology have chipped away at its appeal. Add in the fact that high repair and ownership costs are common with premium German vehicles, and it's no surprise the Taycan is struggling to hold its value. Ford Explorer Hybrid 2025 Ford Explorer — Source: Ford Not all of the biggest depreciation stories are luxury EVs. The Ford Explorer Hybrid lost 11.3% of its value over the past year, dropping by $4,044 to an average of $31,811. The hybrid version of this three-row SUV offers better fuel economy than its gas-only counterpart, but not enough to justify the price premium in the eyes of many used car shoppers. Combined with lackluster reviews and a competitive midsize SUV segment, the Explorer Hybrid has become a tougher sell on the used market. Tesla Model 3 2024 Tesla Model 3 Performance — Source: Tesla Even Tesla's most accessible model isn't immune to falling values. The Model 3 saw a 10.8% decline in resale value this year, losing $3,078 to reach an average used price of $25,361. For years, the Model 3 was seen as the EV market's standard bearer, but recent price drops on new versions and a flood of supply on the used market have pushed values lower. That's bad news for current owners, but for buyers, it means it's now possible to find a well-equipped used Model 3 for under $30,000. Jeep Gladiator 2025 Jeep Gladiator — Source: Stellantis The Jeep Gladiator blends pickup utility with Wrangler off-road DNA, but its value hasn't held up. Over the past year, Gladiator prices dropped by 10.7%, translating to a $4,112 decline and bringing the average price down to $34,253. Part of the problem may be that the novelty of the Gladiator has worn off, and high fuel costs aren't doing rugged, body-on-frame trucks any favors. Still, for fans of outdoor adventure and removable doors, the falling price could be an invitation. Ford Escape Plug-In Hybrid 2023 Ford Escape Plug-In Hybrid — Source: Ford The second Ford on this list is the Escape Plug-In Hybrid, which saw its average resale price drop by 10.7%, or $3,139, bringing it to $26,201. Plug-in hybrids occupy a strange space in the market — not quite electric, not quite gas — and that ambiguity seems to be hurting their resale values. While the Escape PHEV offers decent range and good efficiency, used car buyers may be opting for more straightforward hybrid or EV options instead. Mercedes-Benz GLB 2025 Mercedes-Benz GLB — Source: Mercedes-Benz The Mercedes-Benz GLB is a boxy compact luxury SUV that offers surprising space for its size. Even with that practicality, the GLB lost 9.9% of its value in the past year, about $3,566, bringing its average price to $32,403. Luxury brands often depreciate quickly, especially in the entry-level segments, and the GLB appears to be no exception. Buyers who want a badge and some upscale features without paying new-car prices might find this model appealing — just be ready for premium maintenance costs. Maserati Levante 2021 Maserati Levante Hybrid Maserati's Levante SUV combines exotic styling and performance with an SUV form factor, but its resale value is anything but stable. Prices dropped 9.5% year-over-year, falling by $4,663 to an average of $44,433. That's a steep decline for a vehicle that often carried six-figure MSRPs when new. As with many ultra-luxury brands, the Levante suffers from high depreciation, limited service networks, and concerns about long-term reliability — all of which make used buyers cautious. Tesla Model X Tesla Model X — Source: Tesla Rounding out the list is Tesla's largest vehicle, the Model X. This full-size SUV with its distinctive Falcon Wing doors saw a year-over-year price drop of 8.9%, or $5,292, putting the average price at $54,004. As new EV SUVs enter the market and Tesla's own software and hardware evolve quickly, older Model X units may start to feel dated. Still, for families seeking an all-electric ride with plenty of space and performance, a used Model X is now significantly more attainable than it was even a year ago. Final thoughts As a whole, used car prices are trending upward, but these 10 models show that the market is still volatile for certain segments. Electric vehicles, plug-in hybrids, and luxury SUVs are depreciating quickly, offering opportunities for savvy buyers willing to take on the risks that come with advanced tech or high-end nameplates. For sellers, the message is less optimistic. Anyone trying to offload a used Tesla, Maserati, or hybrid SUV may be in for a surprise, especially compared to the sky-high values seen in 2021 and 2022. But for buyers, particularly those hunting for an electric deal, 2025 may be the best time in years to find one. About the Author Elijah Nicholson-Messmer View Profile
