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On the arterial roads in Hefei, the new energy heavy trucks of Shenxiang Technology are running smoothly, with a range of up to 660 kilometers. The truck fleet adopts an intelligent formation system, which can automatically avoid risks and drive in coordination. In ports and mining areas overseas, the same models have also been put into operation, and zero - carbon transportation is becoming the norm.
This Anhui - based enterprise, founded in 2020, focuses on new energy intelligent heavy trucks and has covered various scenarios such as long - haul trunk lines, ports, and mining areas.
On November 6th, Shenxiang Technology officially submitted its prospectus to the Hong Kong Stock Exchange, aiming to become the "first new energy heavy - truck stock on the Hong Kong stock market".
As of June 2025, Shenxiang Technology had delivered nearly 6,400 new energy heavy trucks.
The rise of Shenxiang represents a new direction for the industry:
Technological upgrade: Shifting from "converting fuel trucks to electric ones" to "forward - looking definition", with the in - depth integration of the three - electric system and intelligent driving to solve the pain points of range, safety, and efficiency.
Scenario implementation: Unmanned formation transportation in ports, mining areas, and trunk logistics has become a rigid demand, accelerating the commercialization of segmented scenarios.
Ecosystem collaboration: The simultaneous promotion of battery - swapping clusters, hydrogen - electric shared platforms, and intelligent dispatching algorithms to optimize the efficiency of the truck fleet.
- 01 -
The establishment of Shenxiang Technology stems from the founder Wan Jun's in - depth observation of the logistics industry.
Wan Jun is from Chongqing, born in 1972, and graduated from the School of Economics at Renmin University of China.
As early as 2012, Wan Jun founded the commercial vehicle financial leasing company Lionbridge. He witnessed firsthand the dilemmas in the heavy - truck industry: fuel costs accounted for 40%, and labor costs were as high as 20 - 30%. Drivers worked hard, but enterprises found it difficult to make money.
In 2018, when he cooperated with Baidu to explore the implementation of autonomous driving, he discovered the fatal shortcoming of the traditional model - most vehicle manufacturers "retrofitted" intelligent systems on fuel trucks, resulting in high costs and poor matching.
However, the digital signals of electric vehicles are naturally more suitable for intelligent driving. At that time, he realized that heavy trucks must be reconstructed with "electrification + intelligence".
In 2018, Baidu joined hands with Sunshine Ronghui Capital to lead a strategic investment of 1 billion yuan in Lionbridge.
In December 2020, Wan Jun founded Shenxiang Technology in Beijing in cooperation with Baidu and Lionbridge. Since its establishment, Shenxiang Technology has raised a total of 1.96 billion yuan in financing. The investors include Baidu, Linyi Weiqiao Guoke, Qiming Venture Partners, Lenovo Capital and Incubator Group, Guangyue Investment, Jianxin Trust, CECEP Fund, Bank of Communications International, Muhua Kechuang, Huagai Capital, Zhong'an Capital, Greater Bay Area Fund, Hefei Industrial Investment, Feixi Industrial Investment, Puhua Capital, etc.
The core business of Shenxiang is "new energy heavy trucks + intelligent freight solutions". Wan Jun rejected the shortcut of "converting fuel trucks to electric ones" and insisted on integrating technologies from the design source, building around electrification and intelligence from the design stage. Although the R & D costs are high and the supply - chain pressure is great, it avoids the problems of short range and high risk.
Wan Jun proposed a "two - stage" strategy:
First, use the "Shenxiang Xingchen" with a range of 660 kilometers to open up the market, and then rely on the "Tianji" intelligent system to improve operational efficiency. The results are remarkable - the full - life - cycle cost is 18.7% lower than that of fuel trucks.
In 2021, Shenxiang launched China's first forward - looking defined pure - electric heavy truck, the "Shenxiang Xingchen". In 2025, it released the second - generation product and the "Shenxiang Xingtu", with a comprehensive upgrade of the self - developed three - electric system.
The delivery volume has increased rapidly: 509 units in 2023, 3,002 units in 2024, and 2,873 units in the first half of 2025. In the first half of 2025, 2,873 units were delivered.
The sales of new energy heavy trucks are the most core source of income for Shenxiang Technology, accounting for more than 99% for three consecutive years.
In 2023, 2024, and the first half of 2025, Shenxiang Technology's revenues were 426 million yuan, 1.969 billion yuan, and 1.506 billion yuan respectively.
Despite the rapid revenue growth, Shenxiang Technology has not yet achieved profitability. From 2022 to 2024, Shenxiang Technology's losses continued to widen, reaching 267 million yuan, 389 million yuan, and 675 million yuan respectively. In the first half of 2025, the loss was 371 million yuan. As of June 30, 2025, the cumulative net loss had exceeded 1.7 billion yuan.
- 02 -
The new energy heavy - truck industry has gone through three stages.
First stage: The era of fuel dominance (before 2020)
At that time, road freight almost entirely relied on fuel heavy trucks. Enterprises only cared about "how long the trucks could run", few people talked about environmental protection, and no one mentioned intelligence.
Second stage: The initial stage of new energy (2020 - 2023)
With the tightening of environmental protection policies, some enterprises began to experiment - converting fuel trucks into electric ones.
The result was a lot of problems: short range, poor matching, and high costs. It was a period of exploration and repeated trial - and - error.
Third stage: The explosive period of intelligent electrification (since 2024)
New energy heavy trucks with "forward - looking definition" have begun to replace retrofitted trucks, intelligent systems have become popular, and the industry has shifted from "electrification" to the integration of "electrification + intelligence".
Globally, the scale of the road freight market reached 3.9 trillion US dollars in 2024. Heavy trucks accounted for half of the transportation capacity. By 2030, the global sales of heavy trucks are expected to rise to 2.8 million units, with an average annual growth rate of 4.7%.
However, traditional fuel heavy trucks cause pollution, accounting for more than 85% of the nitrogen oxide emissions of trucks. The electrification of heavy trucks is regarded as a key step in achieving the "dual - carbon" goal.
Shenxiang Technology is at the forefront of this transformation. The field it is in benefits from two major policy directions: procurement and operation subsidies to reduce customers' vehicle - purchase costs; the liberalization of intelligent driving policies to provide real - world implementation scenarios for autonomous truck fleets.
Currently, there are two strongest demand explosion points in the market:
First, transportation in ports and mining areas. These closed or semi - closed areas have fixed routes and concentrated cargo volumes, making them very suitable for large - scale and intelligent transportation.
Second, long - haul trunk logistics. With the breakthrough in range, new energy heavy trucks have begun to replace fuel trucks and become the main force in trunk transportation.
In terms of the technical route, "forward - looking definition" is completely different from "converting fuel trucks to electric ones".
"Forward - looking definition" means integrating electrification and intelligence from the design source without having to adapt to the structure of fuel trucks. Such trucks have a longer range, stronger intelligence, and higher efficiency. Taking Shenxiang Technology as an example, its models have a range of 660 kilometers, and it is the world's first brand to achieve mass delivery with "forward - looking definition".
However, this path is also more difficult. It requires large R & D investments, has high technical thresholds, and extremely strict requirements for the supply chain. It's not easy to quickly reduce costs.
Globally, Chinese enterprises are leading in the field of "forward - looking defined new energy heavy trucks". Shenxiang Technology has taken the top spot in the global segmented track. However, the market is still very fragmented. According to data from CIC, in terms of sales in 2024, Shenxiang Technology had a 2.7% market share in the global new energy heavy - truck market, ranking tenth.
The main competitors are of two types: one is the players in the new energy transformation of traditional automakers; the other is newly - established companies.
The biggest difference of Shenxiang is that it is not an assembly plant. It independently develops the entire vehicle architecture, three - electric system, intelligent driving, and fleet operation and maintenance platform. This system enables it to shift from "making vehicles" to "making systems".
- 03 -
There are mainly three opportunities for new energy heavy trucks.
First, unmanned formation transportation on fixed routes.
Scenarios such as high - speed trunk lines, ports, and mining areas have clear routes and closed environments, making them most suitable for this type of technology. The model of "a manned lead vehicle followed by unmanned vehicles" can significantly reduce the number of drivers. With the gradual liberalization of intelligent connected vehicle testing policies, this solution is being implemented at an accelerated pace.
Second, the energy supply network.
Energy - replenishment efficiency is becoming the key to competition. The battery - swapping cluster model can complete an energy - replenishment in 6 minutes. The "hydrogen - electric shared" platform can also flexibly switch energy according to different scenarios. With policy subsidies and technological progress, the energy supply network has become a new entry point for the industry.
Third, the intelligent dispatching system.
Traditional fleet dispatching relies on experience, which is prone to inefficient problems such as empty runs and waiting. After introducing intelligent algorithms, routes can be automatically planned and dynamic loading can be carried out according to real - time traffic conditions, cargo, and vehicle status. The efficiency can be increased by up to 30%. The lightweight SaaS model has a low threshold and is easier to promote.
However, opportunities come with challenges.
First, the technical threshold is high. Key technologies such as unmanned formation and hydrogen - electric integration require long - term R & D and a large amount of data. The R & D cost of a single project may exceed 100 million yuan. It is not easy for new entrants to catch up.
Second, the supply - chain pressure is great. Core components are in short supply, and most high - quality suppliers are locked in by leading enterprises. For new companies to obtain goods, they either have to bear high costs or build their own production capacity. Building their own capacity means an investment of at least billions of yuan. At the same time, regulations are also stricter. New regulations on data security and autonomous driving liability are constantly being introduced, and the qualification review is complex and time - consuming.
Third, the market pattern is stable. Leading enterprises represented by Shenxiang Technology have seized the first - mover advantage. They have accumulated a large number of customers and sales. Traditional heavy - truck manufacturers are also accelerating their transformation. Since logistics companies have long procurement cycles and high switching costs, it is not easy for new players to break into the market.
This article does not constitute any investment advice.
This article is from the WeChat official account "Pencil News" (ID: pencilnews), author: Truth - teller. It is published by 36Kr with permission.