Intelligent Truck Manufacturer DeepWay Secures A+ Round Financing of $117M

According to a report by 36Kr on March 28, DeepWay, an intelligent truck manufacturer based in China, has secured over 1.2 billion yuan ($174 million) in funding after completing its A+ round financing of 770 million yuan ($117 million). The recent funding was led by Shandong Weiqiao Pioneering Group and SB China Capital.

DeepWay has secured new funding that will primarily be allocated towards the production of their intelligent heavy-duty trucks and investment in advanced driving systems to ensure efficient vehicle delivery. This marks DeepWay’s second financing round, following a successful Round A funding last August which raised 460 million yuan. The previous round was led by Qiming Venture Partners, Lenovo Capital, Vlight Capital, TH EDU Capital, BOCOM International, and Huagai Capital.

DeepWay was established in July 2020 as a joint venture between Baidu and the commercial vehicle logistics company Lionbridge. The company’s chairman and CEO is Wan Jun, founder of Lionbridge. The team consists of both technical experts from Baidu‘s autonomous driving division and engineers from the traditional truck manufacturing industry.

The commercial vehicle industry is experiencing a surge in electrification. Companies such as FAW Jiefang, Dongfeng Motor, and Sany Heavy Industry are all undergoing transformations to incorporate this technology. In December of last year, Sany Heavy Truck secured nearly 1 billion yuan in round A financing to support its efforts.

DeepWay has been creating new energy heavy-duty trucks that offer both zero carbon emissions and economic benefits since its inception. Its first intelligent heavy-duty truck features three modes: charging, battery swapping, and hydrogen fuel. When fully loaded with 49 tons under the charging/battery swapping mode, the vehicle can travel up to 300 kilometers on a single charge.

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According to Wan, the choice between charging or battery-swapping modes depends on the specific application. For low operational efficiency scenarios like ports and factories, charging mode suffices. However, for long-distance transportation with high logistics efficiency requirements, battery swapping offers clear advantages. Wan acknowledged that currently, battery swapping is more expensive than charging mode.

DeepWay has developed an intelligent platform for smart driving functions and over-the-air (OTA) upgrades in heavy-duty trucks. The company’s first new energy heavy-duty truck will be mass-produced and delivered on June 30 of this year, with a target of delivering 1000 vehicles by 2023.,