Search History
Popular Searches
English
Dealer Login / Sign Up
DeepWay is a new energy heavy-duty truck and intelligent highway freight solution technology company jointly founded by Baidu and Lion Bridge Group in December 2020, with its headquarters located in Hefei City, Anhui Province.The company is China's first new power truck force, as well as the world's first enterprise to develop and commercially deploy intelligent new energy heavy-duty truck solutions based on the forward R&D path.
Wan Jun, Founder, Chairman, and CEO of DeepWay, is a serial entrepreneur in the logistics industry. He formerly served as Vice President of Zoomlion and founded Lion Bridge Group in 2012. In 2018, Baidu invested 1 billion yuan strategically into Lion Bridge Group. During their exploration of the landing of autonomous driving logistics, the two parties discovered that the market lacked a heavy-duty truck capable of perfectly carrying autonomous driving technology. They thus decided to redesign an intelligent new energy heavy-duty truck from scratch.
The company adopts a "Forward-defined vehicles + Self-developed Three-Electric Systems + Intelligent Driving Technology" strategic framework, committed to promoting the transformation and upgrading of highway freight towards zero carbon, efficiency, and safety through electrification and intelligence technologies. In 2025, DeepWay was included in the Top 500 Artificial Intelligence Companies in China and the Top 100 Global New Forces list, and was awarded the title of Specialized, Refined, Differentiated, and Innovative SME in Anhui Province. Currently, the company has completed approximately 13 financing rounds. Shareholders include 30+ well-known institutions such as the Baidu ecosystem, Qiming Venture Partners, Legend Capital, SoftBank China, as well as local state-owned capital like Hefei Industrial Investment. Wan Jun directly and indirectly holds 26.22% and is the actual controller.
DeepWay’s development journey began with a strategic two-year advanced layout in 2018. That year, Baidu made a strategic investment of 1 billion yuan in Lion Bridge Group, laying the groundwork for the integration of autonomous driving technology with logistics scenarios. In December 2020, DeepWay Technology was officially established. From its inception, the company secured autonomous driving technology authorization from Baidu under a “White-box” model, becoming the first company to implement the “Baidu Apollo X Plan” and the only authorized partner of Baidu in the commercial vehicle sector.
In 2021, DeepWay held its first brand strategic launch event in Beijing, unveiling the “DeepWay Xingchen I,” China’s first forward-designed intelligent new energy heavy-duty truck. The following year, the DeepWay Xingchen achieved mass production, and the company completed a 460 million yuan Series A financing round, setting a record for the largest single financing round for a new entrant in the intelligent new energy truck sector. By 2023, DeepWay achieved batch deliveries of the DeepWay Xingchen, completed a 770 million yuan Series A+ financing round, and saw cumulative orders exceed 1,000 units. During this period, the company’s headquarters was officially established in Hefei City, Anhui Province. At the end of 2023, DeepWay also obtained the first commercial vehicle road test license for intelligent connected vehicles in Tianjin.
In 2024, cumulative orders for the DeepWay Xingchen surpassed 5,000 units, and the company completed a 730 million yuan Series B financing round. The year 2025 marked a period of comprehensive acceleration in both product matrix expansion and commercialization. In May, the second model, “DeepWay Xingtu,” was launched, targeting mid-to-short distance logistics scenarios. By September, DeepWay further refined its product lineup with the release of the core models DeepWay Xingchen II and DeepWay Xingtu, all of which came standard with the “Tiandi · Follow” intelligent driving system. On November 6, the company formally submitted an IPO application to the Hong Kong Stock Exchange, with CICC and China Merchants Bank International serving as joint sponsors, aiming to become the first “Smart Heavy Truck” stock listed in Hong Kong.
In 2026, DeepWay’s capital operations continued to accelerate. In January, the company completed a 1.177 billion yuan Pre-IPO financing round, setting a new historical record for the largest single financing round in the autonomous driving new energy heavy-duty truck sector. A second round of Pre-IPO financing was completed in April. Cumulative fundraising exceeded 310 million USD, led by Stone Venture (UAE) and followed by the Australian pension fund NGS Super. In the first half of 2026, DeepWay resubmitted its prospectus to the Hong Kong Stock Exchange, updating its full-year performance data in preparation for its official listing.
DeepWay currently offers two major product series to the market: DeepWay Xingchen and DeepWay Xingtu. These models cover long-distance mainline and branch line transportation as well as mid-to-short distance scenarios, forming a relatively complete intelligent new energy heavy-duty truck product matrix.
DeepWay Xingchen, DeepWay’s debut model, was officially delivered in June 2023 and primarily targets long-distance mainline and branch line transportation. The vehicle adopts a forward-designed architecture, featuring a self-developed electronic and electrical platform and an aerodynamic low-drag body. It pioneers an integrated battery and chassis design with swap capability. In 2025, the Star series was comprehensively upgraded to its second generation. All models in the series now come standard with Level 2 combined assisted driving systems, offering functions such as automatic comfort braking, adaptive cruise control, and intelligent queue control.
DeepWay Xingtu, launched in May 2025, is designed for mid-to-short distance freight scenarios. While it shares the same core architecture as the Star II and is equipped with self-developed three-electric systems and the “Tiandi · Follow” intelligent driving system, it has undergone differentiated optimization in battery configuration, dimensions, and power consumption to better suit various transport capacity requirements.
Beyond hardware, DeepWay has built a comprehensive software technology matrix. The “Tiandi” intelligent driving matrix covers three levels: assisted driving (“Tiandi · Follow”), platoon transportation (“Tiandi · Formation”), and single-vehicle intelligent driving (“Tiandi · Solo”). Additionally, the “DeepWay · Tianshu” intelligent operation solution leverages IoT, big data, and AI to create a full-stack operation platform for commercial vehicles.
In terms of pricing, DeepWay’s new energy heavy-duty trucks have a recommended retail price ranging from 470,000 yuan to 700,000 yuan (including VAT). The primary target market consists of B-end customers, including logistics enterprises and bulk transport clients.
Since launching commercialization in 2023, DeepWay has experienced explosive growth in sales and revenue. From 2023 to 2025, the company’s operating revenue reached 426 million yuan, 1.969 billion yuan, and 3.961 billion yuan, respectively. In just two years, revenue surged from the 400 million yuan level to nearly 4 billion yuan, representing an almost tenfold increase. Revenue from new energy heavy-duty truck sales consistently accounted for over 99% of the total.
In terms of delivery volume, DeepWay delivered 509 units in 2023, 3,002 units in 2024, and 8,020 units in 2025. The 2025 delivery volume marked a 167% year-on-year increase. By the end of 2025, the cumulative number of registered vehicles exceeded 12,000 units. According to Frost & Sullivan data, DeepWay ranked ninth in China’s new energy heavy-duty truck market in 2025, with a market share of approximately 3.4%. Notably, based on 2025 sales volume, DeepWay ranked first globally among new energy heavy-duty truck manufacturers utilizing the “forward-defined” method. The company is also the first and only new energy heavy-duty truck enterprise globally to achieve subscription revenue driven by intelligent highway freight technology, and one of only two enterprises in China to successfully commercialize Level 4 technology for new energy heavy-duty trucks.
On the customer front, DeepWay has significantly reduced its dependence on large clients. The revenue share from the top five customers decreased from 82.5% in 2023 to 39.5% in 2025. The company’s client base now includes leading logistics and industry chain enterprises such as STO Express, CATL, and SF Express. Financially, the gross profit margin improved from 0.4% in 2023 to 4.9% in 2025, and operating cash flow turned positive. However due to heavy investments in product R&D and market expansion, the company continued to incur losses during this period, with the scale of losses expanding in tandem with revenue growth from 2023 to 2025.
Regarding suppliers, DeepWay’s production initially relied on customized manufacturing by partners such as JAC Motors and Shandong Leichi. By the end of 2025, the Phase I infrastructure construction of its Three-Electric Smart Factory in Changxing was completed, focusing on the independent production of battery packs, electric drive axles, and electronic control systems.
DeepWay’s technical path is centered on the core strategy of “Forward-defined vehicles + Progressive intelligent landing.” In its early stages, the company pioneered vehicle creation through forward definition, achieved self-research of core three-electric components, and completed the electrification revolution for new energy heavy-duty trucks. Building on this electrified foundation, DeepWay promoted the large-scale application of combined assisted driving systems, followed by the deployment of human-machine co-driving platoon models, ultimately laying the groundwork for the large-scale implementation of single-vehicle unmanned driving.
Forward-defined Vehicle Architecture represents the fundamental difference between DeepWay and the industry’s traditional “ICE-to-EV conversion” route. The company completely abandoned internal combustion engine (ICE) vehicle architectures, redesigning the vehicle based on the first principles of electric drive. This approach achieved an integrated battery and chassis design, increasing cargo box volume efficiency by 9.6% compared to traditionally modified vehicles. The low-drag innovative design, synergized with the three-electric system, further enhanced energy efficiency. As a result, the total cost of ownership was reduced by 18.7% compared to traditional ICE heavy-duty trucks and by 4.9% compared to ICE-to-EV converted heavy-duty trucks.
Self-developed Three-Electric Systems constitute DeepWay’s core technological barrier for cost reduction and improved adaptability. The company independently developed batteries, electric drive axles, and electronic control systems. Additionally, it implemented optimization solutions in vehicle design, including lightweighting, a hydrogen-electric shared platform, and smart cockpit features. These efforts effectively reduced overall vehicle costs while ensuring product reliability.
The Tiandi Intelligent Driving Matrix covers three levels: assisted driving, platoon transportation, and single-vehicle intelligent driving. “Tiandi · Follow” is the standard Level 2 combined assisted driving system across all series. “Tiandi · Formation” and “Tiandi · Solo” adopt a dual-track parallel strategy, achieving simultaneous breakthroughs in both platoon and single-vehicle autonomous driving. These technologies have already undergone testing verification and cargo operations in multiple regions, including Xinjiang, Inner Mongolia, and Sichuan. DeepWay has also obtained intelligent connected vehicle road test licenses in Beijing, Tianjin, Hefei, Changxing, and Inner Mongolia.
In terms of technology authorization, DeepWay is the only partner authorized to use Baidu’s “Apollo” intelligent driving assistance technology and related solutions in the commercial vehicle sector. This authorization under the “White-box” mode allows the company to directly conduct secondary development and customized upgrades based on Baidu’s decades of accumulated technical foundation.
DeepWay views internationalization as a crucial pillar for its next stage of growth, explicitly setting the strategic goal of achieving 60% of its sales from overseas markets by 2030. By early 2026, the company had established sales channel networks in Singapore, Thailand, Malaysia, the UAE, Oman, Australia, and New Zealand, having completed its first batch of overseas deliveries by the end of 2025.
Southeast Asia represents one of DeepWay’s most deeply developed overseas regions. In November 2025, DeepWay launched its regional operations in Malaysia. This was followed by a launch event in Bangkok, Thailand, in February 2026, marking the official entry of its pure electric heavy-duty trucks into the Thai market. To address local road conditions, climate, and driving habits, DeepWay comprehensively optimized its vehicles. The 600kWh battery solution, leveraging CATL’s power batteries and DeepWay’s self-developed electronic control systems, supports a driving range of over 400 kilometers. Furthermore, DeepWay has established a deep strategic synergy with CATL, utilizing the latter’s mature network in the Asia-Pacific region to provide robust energy support for operations in Thailand.
The Middle East is another key strategic position for DeepWay. The company achieved its first vehicle delivery in the region in 2024. In September 2025, it formally signed an agreement with dealers in the UAE, offering vehicles localized for the Middle East’s high-temperature environment with a range exceeding 400 kilometers. During the second round of Pre-IPO financing in April 2026, Middle Eastern capital firm Stone Venture (UAE) led the investment, injecting valuable regional strategic resources to support the company’s overseas expansion.
In Australia, DeepWay has secured strategic investment and market resource support from the local pension fund NGS Super, identifying the Oceania market as a significant direction for expansion. Additionally, to meet the localization compliance requirements of right-hand drive countries and regions, the company has developed its first right-hand drive new energy heavy-duty truck tailored for overseas market needs.
Looking ahead, DeepWay has set the “Autonomous Driving Freight Robot” as its ultimate goal, continuing to advance in three major directions: electrification, intelligence, and globalization.
Electrification: By the end of 2025, the Phase I Three-Electric Smart Factory in Changxing was completed, achieving independent production capacity for battery packs, electric drive axles, and electronic control systems. In the future, DeepWay plans to further expand the capacity for self-developed components, thereby reducing supply chain costs and mitigating procurement concentration risks. Meanwhile, the company’s new energy heavy-duty truck architecture will continue to iterate, focusing on optimizing energy consumption efficiency and lowering the total cost of ownership.
Intelligence: The “Tiandi · Formation” intelligent platoon transportation system has been conducting cargo operation tests in customer scenarios across regions such as Xinjiang, Inner Mongolia, and Sichuan. Moving forward, the system will gradually evolve toward single-vehicle intelligent unmanned driving for both short-distance and mid-to-long-distance scenarios, continuing to promote the large-scale commercial deployment of Level 4 autonomous driving technology.
Globalization: DeepWay will fully accelerate its entry into overseas markets by leveraging the global network resources of its three major international shareholders. According to management’s planning, the share of overseas sales is expected to reach 60% by 2030. In this process, the company will adopt a strategy that places equal emphasis on direct exports and localization. It aims to accumulate experience through pioneer markets such as Southeast Asia and the Middle East before gradually expanding into more countries and regions.
On the capital market front, DeepWay is striving to become the first “Smart Heavy Truck” stock listed in Hong Kong. After completing two rounds of Pre-IPO financing totaling over 310 million USD, the funds raised from the subsequent IPO will be primarily used for continuous product R&D, the commercialization of intelligent highway freight technology, the expansion of sales and after-sales networks, and infrastructure construction. With “China Speed,” DeepWay is accelerating its journey to capture the global market in the intelligent new energy heavy-duty truck sector.
© 2024 Bitauto.com. All Rights Reserved.
Bitauto (www.yiche.com and www.bitauto.com) is one of the most visited automotive websites in China. We provide detailed info on Chinese car brands available in your area. Please note that the information provided on this website is based on publicly available data and is for reference only. It may not be fully updated or accurate at all times.
