Baidu-Backed EV Truck Maker DeepWay Files for Hong Kong IPO

Key Takeaways

• Delivered 8,020 trucks in 2025, ranking ninth in China
• Revenue jumped 101% to ¥3.96 bn ($582 m) in 2025
• Net loss of ¥649 m (~$95 m) shows profitability challenge
• Baidu holds 13.48% stake, supporting tech development
• IPO proceeds earmarked for R&D, sales network, Changxing factory

Pulse Analysis

China’s new‑energy heavy‑duty truck market is heating up, and DeepWay has emerged as a notable contender. By delivering over 8,000 units in 2025, the Beijing‑based firm secured a top‑ten ranking despite a market dominated by state‑backed manufacturers. Its revenue more than doubled to ¥3.96 bn, reflecting strong demand for electric freight solutions, yet the company’s ¥649 m loss underscores the capital intensity of battery and autonomous‑driving development. Baidu’s 13.48% ownership not only lends credibility but also integrates advanced AI capabilities into DeepWay’s vehicle architecture, giving it a competitive edge over traditional OEMs.

The decision to list in Hong Kong signals DeepWay’s ambition to tap international capital and diversify its investor base beyond mainland China. Pre‑IPO rounds have already attracted over $310 m from global funds such as UAE‑based Stone and Australia’s NGS Super, indicating confidence in the firm’s growth trajectory. Proceeds from the offering will be allocated to a new Changxing smart factory, expansion of its sales network across the Middle East, Australia, and Southeast Asia, and continued R&D of autonomous‑driving software. This financial boost is critical for scaling production capacity and meeting the logistical demands of overseas markets.

Industry analysts view DeepWay’s IPO as a bellwether for the broader EV truck sector. The company’s shift toward software‑subscription revenue and integrated battery‑vehicle platforms mirrors trends seen in Western players like Tesla and Rivian, suggesting a convergence toward “smart‑vehicle” business models. As governments worldwide tighten emissions standards, demand for zero‑tailpipe freight solutions is set to rise, and DeepWay’s blend of AI‑driven autonomy and deep‑integration engineering positions it to capture a slice of that growth. However, the firm must close its profitability gap while navigating intense competition and supply‑chain constraints, making its upcoming public performance a key indicator for the sector’s health.