Deepway Completes RMB 1.177 Billion Pre-IPO Round of Financing to Accelerate Electrification and Intelligence of Heavy Trucks | Exclusive by 36Kr
36Kr exclusively learned that DeepWay, a new energy heavy truck company, has completed a Pre-IPO round of financing worth 1.177 billion yuan.
This round of financing was led by Puhua Capital, with joint investments from ABC Impact, Sunwoda, Qianhai Haotian, Hantang Real Estate, Linyi Guoke, Changxing Chuangqiang Fund, Shandong State-owned Capital Investment Holding, Legend Capital, Greater Bay Area Fund, Guangyue Investment, and Hongshan Fund.
It is understood that the funds will be mainly used for the operation and development of the group's main business.
DeepWay was founded in July 2020. Baidu is one of its core shareholders. Wan Jun, the chairman and CEO, is the founder of Lionbridge Group, a commercial vehicle logistics company. The company has launched three new energy heavy truck products: Xingchen 1, Xingchen 2, and Xingtu. It is the only partner of Baidu's intelligent driving assistance technology in the commercial vehicle field. As of now, DeepWay has completed four rounds of financing, with the total amount exceeding 3.1 billion yuan.
With the improvement of the product strength of new energy vehicles and the perfection of the heavy truck energy replenishment system, the new energy heavy truck track targeted by DeepWay is gradually shifting from policy-driven to market-driven.
In 2025, there were frequent financings in the new energy heavy truck track. Many companies such as Lingyi Truck, Haipute, and Kaven New Energy received large amounts of financing. At the same time, the market showed an explosive growth trend, with the cumulative annual sales reaching 231,100 vehicles, a year-on-year increase of 182%, and the market penetration rate reaching 28.89%. Some industry institutions predict that the penetration rate of new energy heavy trucks in new vehicle sales is expected to reach 35% in 2026 and is expected to exceed 50% by 2030, with the market scale expected to exceed 250 billion yuan.
Currently, the main players in the industry can be divided into two categories: one is the traditional enterprises represented by Sinotruk and FAW Jiefang, which are actively promoting the new energy transformation; the other is the "new forces" of new energy heavy trucks focusing on this field, and DeepWay is one of the representative players in this field.
Different from the "converting fuel vehicles to electric vehicles" idea of traditional automakers, DeepWay has chosen to start with the forward definition concept and has achieved self-research on the three core electric components. After solving the problems in vehicle R & D, the company began to promote the large-scale application of the driving assistance system. As of June 2025, DeepWay had cumulatively delivered approximately 6,400 new energy heavy trucks.
In the field of intelligent driving, DeepWay has also achieved a "two-step approach". At the level of driving assistance, DeepWay adopts the model of vehicle + intelligent driving subscription service fee. All the latest models on sale are standard - equipped with L2 - level driving assistance hardware, and the paid subscription rate for intelligent driving is continuously increasing.
At the level of autonomous driving, DeepWay has carried out formation testing, verification, and cargo - carrying operations in customer scenarios in Xinjiang, Inner Mongolia, Sichuan, etc., and has achieved the first - batch customer delivery of formation models. With the continuous deepening of data accumulation and operational experience, DeepWay is expected to achieve the large - scale deployment of intelligent formations and gradually evolve towards single - vehicle intelligent unmanned driving in short - distance and medium - to - long - distance scenarios.
The significant economic benefits of electrification are driving the energy transformation in the heavy truck industry. Similar to the development path in the passenger vehicle field, this transformation will also follow the evolutionary law from electrification to intelligence.
With the improvement of relevant regulations and industry standards, as well as the maturity of autonomous driving technology, it is expected that in the next 3 - 5 years, the highway freight market will be expected to witness the large - scale application of unmanned driving technology. Industry participants represented by DeepWay are facing a historical opportunity.
What the Investors Say
Yang Jie, a partner of Puhua Capital, said, "DeepWay has built a systematic advantage in the field of intelligent driving that is difficult to replicate at present. The R & D model of integrating vehicle and intelligent driving technology has achieved deep software - hardware collaboration and data closed - loop, which not only guarantees the high reliability and safety of the intelligent driving system but also leads the industry in terms of engineering implementation and iteration efficiency. The company's progressive path from electrification to intelligence, from L2 to L4, is practical and clear. The large - scale application of driving assistance has laid a solid foundation for the large - scale implementation of high - level autonomous driving in terms of data and engineering implementation. We are optimistic about the company's technological barriers and implementation experience accumulated in the fields of vehicle electrification and intelligence. In the future competition of autonomous driving, we believe that DeepWay will surely become the leader of future intelligent highway freight with its unique strategic path and deep software - hardware moat."
Chen Shaoming, the Chief Investment Officer of ABC Impact, said, "DeepWay's mission is highly consistent with our investment philosophy. The company promotes the replacement of high - emission fuel trucks through electrification and intelligent technologies, providing a potential solution for emission reduction and decarbonization in the Chinese highway freight field. We are optimistic about DeepWay's ability in technological innovation and commercialization promotion and look forward to carrying out constructive cooperation with the company in terms of governance and long - term value creation." ABC Impact is an impact investment fund under the Temasek Trust, and its limited partners include Temasek and the Asian Development Bank.
Zeng Di, the Secretary of the Board of Sunwoda, said, "As an industrial investor, we are optimistic about the positive role that DeepWay plays in promoting industrial development and transformation. The forward - designed intelligent new energy heavy trucks created by the company accurately address the core pain points of cost reduction and efficiency improvement in the logistics industry. The vehicles have significant advantages in terms of full - life - cycle cost and safety and have won the recognition of more and more customers. DeepWay not only promotes the technological innovation of the industry but also leads the efficiency revolution of the entire highway freight ecosystem. In the future, we look forward to joining hands with DeepWay to accelerate the large - scale application of intelligent new energy heavy trucks in various freight scenarios."