Autonomous Truck Startup Einride Considers US IPO
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Einride AB is shaking up its top management as the Swedish driverless truck startup lays the groundwork for a possible initial public offering.
Founder and CEO Robert Falck will become executive chairman of the board to prepare for a listing, the company said in a statement May 21. Chief Financial Officer Roozbeh Charli will take over as CEO, effective immediately, according to the statement.
“We’re working to be ready as soon as practically possible,” Falck said in an interview. The company is strongly considering listing in the U.S., he said.
Einride, founded in 2016, initially aimed to produce its own electric trucks, but has since shifted its focus toward complete systems and solutions for companies, sourcing electrical trucks from manufacturers such as Traton SE-owned Scania CV AB.
Einride is backed by investors including EQT Ventures, Temasek Holdings Pte Ltd., Northzone Ventures Sweden AB and Norrsken Venture Capital. The company generated $47 million in revenue last year, according to preliminary results, and has started cutting costs to become more efficient.
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