DeepWay Delivers 8,020 Electric Semis, Preps IPO
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- DeepWay delivered 8,020 electric semi trucks in 2025, up from 509 in 2023 and 3,002 in 2024, and is preparing to launch an IPO in 2026.
- Baidu holds a 13.48% stake in DeepWay, which raised $310 million in its most recent round led by UAE-based Stone with participation from Australian NGS Super and China's Xiamen Guosheng Fund; existing backers ABC Impact and Nanjing Ronghe Capital also increased their stakes.
- The long-range DeepWay Star offers 500+ km of range from 600 kWh CATL battery packs and can swap batteries at dedicated stations in 6 minutes, though loaded range drops to 400 km at the truck's 49-ton GCWR.
- DeepWay has delivered 12,000+ electric semis to fleet customers across China, Thailand, New Zealand, and Australia, but is still not profitable—though investors are betting returns arrive soon.
- With 3.4% market share, DeepWay ranks ninth among China's electric and "new energy" semi truck brands, trailing market leaders XCMG (14.6%), Sany (14.1%), and FAW (13.6%).
Why it matters: DeepWay's 8,020 deliveries in 2025—roughly 2.7x its 2024 total—show China's electric HD truck market scaling fast enough to support a near-term IPO on a $310M late-stage round. With Baidu (13.48%) and international capital backing it, DeepWay's public-market debut will test whether electric semi makers can reach profitability, even as the brand sits only ninth in its own crowded home market.
