EV truckmaker DeepWay raises US$310m ahead of IPO

Chinese electric heavy-duty truck developer DeepWay has closed the second tranche of its pre-IPO financing, bringing total pre-IPO capital raised to US$310m ahead of a planned listing. The round was led by Stone Venture, with new backing from NGS Super and Xiamen Guosheng Fund and follow-on investment from ABC Impact and Nanjing Ronghe Venture Capital.

Proceeds will fund operations, technology development and overseas expansion. Founded in 2020, DeepWay builds forward-engineered heavy e-trucks rather than retrofitting diesel platforms, and had delivered around 6,400 vehicles by 30 June 2025, with 509 units shipped in 2023, 3,002 in 2024 and 2,873 in the first half of 2025.

DeepWay’s Tianji Suixing driver assistance system is standard across the lineup, and its Tianji Yanxing platooning system runs commercial cargo pilots in several Chinese regions. The company holds autonomous driving test permits in Beijing, Hefei, Changxing and Inner Mongolia, and is the only commercial-vehicle partner licensed to use Baidu Apollo technology from founding shareholder Baidu.

Tan Shao Ming, Chief Investment Officer at ABC Impact, said: “Over the past year, DeepWay has achieved substantial progress in the commercialisation of autonomous driving. It became the first company globally to make integrated driver assistance system standard across the full lineup, and has significantly accelerated the deployment of its intelligent platooning transport system.”

DeepWay has established sales channels in Singapore, Thailand, Malaysia, the United Arab Emirates, Oman, Australia and New Zealand, completing its first overseas deliveries by the end of 2025. The company plans to accelerate international commercialisation from 2026.

Source: DeepWay