- DeepWay plans to use IPO proceeds for autonomous driving and EV technology expansion.
- The company more than doubled revenue in 2025 despite remaining loss-making.
DeepWay has submitted an application for an initial public offering in Hong Kong as the electric truck manufacturer accelerates efforts to expand internationally and strengthen its autonomous driving technology capabilities. The company intends to use fresh capital to support research and development activities, scale production capabilities, and broaden its overseas market reach. The IPO filing highlights the growing competition in the commercial electric vehicle sector as manufacturers increasingly focus on intelligent transportation technologies and global market penetration strategies.
The Beijing-based electric truck manufacturer reported revenue of 3.96 billion yuan in 2025, representing a sharp increase of 101% compared with 1.97 billion yuan recorded in 2024. The strong growth reflects increasing demand for new energy heavy-duty trucks in China and the company’s expanding delivery network. Although sales momentum improved significantly, the company continued to operate at a loss as it invested heavily in product development, smart vehicle systems, and manufacturing infrastructure to support long-term expansion plans.
DeepWay Revenue and Delivery Growth
The company disclosed rapid growth in vehicle deliveries over the past three years as production volumes increased steadily. DeepWay delivered 509 electric trucks in 2023 before deliveries expanded to 3,002 units in 2024. The figure climbed further to 8,020 units in 2025, placing the company ninth in China’s new energy heavy-duty truck segment according to information published in its IPO prospectus. Despite this operational growth, the company reported a net loss of 649 million yuan in 2025 due to continued spending on technology development and expansion initiatives.
| Year | Revenue | Truck Deliveries |
|---|---|---|
| 2023 | N/A | 509 |
| 2024 | 1.97 Billion Yuan | 3,002 |
| 2025 | 3.96 Billion Yuan | 8,020 |
Technology and Strategic Expansion Plans
Founded in 2020, Baidu-backed DeepWay has focused on developing electric trucks with integrated battery systems and autonomous driving software from the foundational vehicle architecture level. The company stated that its smart truck platform combines intelligent software systems with electric propulsion technologies to improve operational efficiency and vehicle performance. DeepWay has also begun generating recurring income through software subscription services, creating an additional revenue stream beyond vehicle sales as connected commercial vehicle technologies gain wider adoption.
The company recently completed several pre-IPO funding rounds, securing more than $310 million from investors. Among the recent investors are UAE-based Stone and Australian pension fund NGS Super. The participation of overseas investors supports DeepWay’s broader international strategy as it targets markets across the Middle East, Australia, and Southeast Asia. The company believes rising global demand for commercial electric vehicles will create new opportunities for intelligent heavy-duty transportation solutions in international markets.
IPO Funds Allocation and Smart Factory Development
According to the filing, proceeds raised from the Hong Kong IPO will primarily support continued research and development of smart vehicle technologies, including autonomous driving systems and intelligent software platforms. A portion of the funds will also be allocated toward expanding the company’s sales and service network in domestic and overseas markets. In addition, DeepWay plans to strengthen manufacturing capabilities through the construction of its Changxing smart factory, which will focus on producing core electric vehicle components and supporting future production scale-up initiatives.
Frequently Asked Questions
Why is DeepWay launching a Hong Kong IPO?
DeepWay is pursuing a Hong Kong IPO to raise capital for global expansion, autonomous driving technology development, and manufacturing growth. The company plans to invest in smart vehicle research, expand its sales network, and strengthen production capacity through its Changxing smart factory project. The IPO also supports DeepWay’s strategy to enter overseas commercial EV markets including the Middle East, Australia, and Southeast Asia while enhancing its intelligent truck technology capabilities and recurring software service business.
How did DeepWay perform financially in 2025?
DeepWay reported strong revenue growth in 2025 as demand for electric heavy-duty trucks increased significantly. The company generated 3.96 billion yuan in revenue during the year, more than doubling from 1.97 billion yuan in 2024. Truck deliveries also climbed to 8,020 units in 2025 from 3,002 units a year earlier. However, the company remained unprofitable and recorded a net loss of 649 million yuan as it continued investing heavily in technology research, autonomous driving systems, and manufacturing expansion.
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