- DeepWay delivered 8,020 trucks in 2025, ranking ninth in China's new energy heavy-duty truck market.
- Its revenue doubled to nearly 4 billion yuan in 2025, but the company remains unprofitable due to high R&D spending.
Baidu-backed electric truck maker DeepWay has filed for a Hong Kong initial public offering, planning to raise funds for global expansion and autonomous driving technology research and development.
The Beijing-based company generated revenue of 3.96 billion yuan ($582 million) in 2025, a 101% jump from 1.97 billion yuan in 2024.
Despite rapid sales growth, DeepWay remains unprofitable. The company recorded a net loss of 649 million yuan in 2025.
It delivered 8,020 trucks in 2025, ranking ninth in China's new energy heavy-duty truck market, according to a prospectus published on the Hong Kong stock exchange website on Thursday.
Its deliveries stood at 509 units in 2023 and grew to 3,002 units in 2024.
Founded in 2020, the company is backed by Chinese search giant Baidu, which currently holds a 13.48% stake in the startup, according to the prospectus.
DeepWay recently completed multiple pre-IPO funding rounds, raising a total of more than $310 million.
Recent investors include UAE-based Stone and Australian pension fund NGS Super.
The introduction of overseas capital aligns with DeepWay's strategy to expand internationally. The company is targeting overseas markets including the Middle East, Australia and Southeast Asia.
DeepWay builds its competitive edge by developing electric trucks from the ground up. The company deeply integrates battery systems and autonomous driving software starting from the underlying architecture.
In addition, the company has started generating recurring revenue through software subscription services.
Proceeds from the IPO will primarily be used for the continuous R&D of smart vehicle technologies. The funds will also be used to expand its sales network and build its Changxing smart factory for core EV components.
CICC and CMB International are acting as joint sponsors for the offering.
($1 = 6.8019 yuan)
