DeepWay Raises $310M for Autonomous EV Trucks

Chinese autonomous electric truck developer DeepWay has successfully closed a significant pre-IPO funding round, amassing over $310 million. This substantial capital infusion was spearheaded by UAE-based investment firm Stone Venture, with notable participation from NGS Super (Australia), Xiamen Guosheng Fund (China), ABC Impact (Singapore), and Nanjing Ronghe Venture Capital (China). The diverse mix of international and local capital underscores strong investor confidence in DeepWay's global expansion strategy and its technological advancements in the commercial vehicle sector.

Established in July 2020 as a joint venture between Chinese tech giant Baidu and logistics firm Lionbridge Logistics, DeepWay is positioning itself as a technology company focused on achieving full autonomous driving capabilities, rather than solely a new energy vehicle manufacturer. The company has already achieved significant commercial traction, delivering a substantial volume of vehicles equipped with Level 2 autonomous driving assistance systems as standard. This strategy not only generates consistent revenue streams but also creates a vital feedback loop, continuously gathering real-world operational data to refine its autonomous driving algorithms and models.

The commercial vehicle sector is experiencing a profound transformation, driven by the dual imperatives of electrification and automation. The global market for electric trucks is projected to grow substantially in the coming decade, fueled by regulatory pressures, environmental concerns, and the pursuit of operational efficiencies. DeepWay's focus on advanced driver-assistance systems and its progression towards Level 4 autonomy, including platooning capabilities, places it at the forefront of this evolving industry. The company has already initiated operational trials for cargo transport in regions like Inner Mongolia and Xinjiang, demonstrating the practical application of its technology.

DeepWay's financial performance reflects its rapid growth trajectory. Following a period of zero revenue in 2022, the company reported 426 million yuan (approximately $59 million USD) in sales in 2023, surging to 1.969 billion yuan (approximately $272 million USD) in 2024. The first half of 2025 continued this upward trend, with sales reaching 1.506 billion yuan (approximately $208 million USD). This impressive revenue expansion, coupled with the ongoing development of its autonomous driving technology, has positioned DeepWay as a compelling investment opportunity ahead of its anticipated IPO, with the company having previously filed for listing on the Hong Kong Stock Exchange.

The company's client roster includes prominent names across various industries, such as STO Express, CATL, Mengniu Dairy, SF Holdings, and IKEA, indicating broad market acceptance and the versatility of its offerings. By integrating advanced autonomous features into commercially viable electric trucks, DeepWay is addressing critical industry needs for enhanced safety, reduced operational costs, and improved logistics efficiency. The successful completion of this funding round provides DeepWay with the necessary resources to accelerate its research and development, scale its manufacturing capabilities, and further expand its market reach both domestically and internationally.