On Hefei's trunk highways, DeepWay's new energy heavy-duty trucks glide smoothly with a range of up to 660 kilometers. The fleet employs intelligent convoy systems capable of autonomous obstacle avoidance and coordinated driving. Similar models are already operational in overseas ports and mining sites, making zero-carbon transportation increasingly commonplace.

Founded in 2020 in Anhui province, DeepWay specializes in intelligent new energy heavy trucks, serving multiple scenarios including long-haul logistics, ports, and mining operations. On November 6, the company submitted its listing application to the Hong Kong Stock Exchange, aiming to become the "first new energy heavy truck stock" on the HKEX.

By June 2025, DeepWay had delivered nearly 6,400 new energy heavy trucks. Its rise represents three industry shifts: 1. **Technology Upgrade**: Transitioning from retrofitted electric models to purpose-built designs, integrating powertrain systems with autonomous driving to address range, safety, and efficiency challenges. 2. **Scenario Implementation**: Autonomous convoy operations in ports, mines, and logistics corridors have become essential, accelerating commercialization in niche markets. 3. **Ecosystem Synergy**: Simultaneous development of battery-swapping networks, hydrogen-electric platforms, and smart dispatch algorithms to optimize fleet efficiency.

**Founding Vision** DeepWay's origin traces back to founder Wan Jun's deep understanding of logistics. A Chongqing native born in 1972 and graduate of Renmin University's economics program, Wan previously established commercial vehicle financing firm Lionbridge in 2012. Witnessing the industry's pain points—where fuel accounted for 40% of costs and labor 20-30%—he recognized the need for transformation.

During a 2018 autonomous driving collaboration with Baidu, Wan identified the flaws in retrofitting smart systems onto diesel trucks. Realizing electric vehicles' native compatibility with autonomous technology, he conceived DeepWay in December 2020 with Baidu and Lionbridge as co-founders. The company has raised 1.96 billion yuan from investors including Baidu, Qiming Venture Partners, and Lenovo Capital.

**Core Strategy** DeepWay's "new energy heavy truck + smart logistics solutions" model rejects the shortcut of retrofitting, instead designing vehicles from the ground up for electrification and intelligence. This approach, while costly, avoids the pitfalls of limited range and safety risks.

The company's two-phase strategy—first launching the 660km-range "DeepWay Star" to gain market share, then boosting efficiency with the "Tianji" smart system—has reduced total ownership costs by 18.7% compared to diesel trucks. Deliveries surged from 509 units in 2023 to 2,873 in H1 2025.

**Financials** Revenue grew from 426 million yuan in 2023 to 1.506 billion yuan in H1 2025, though cumulative losses exceeded 1.7 billion yuan by mid-2025. New energy truck sales consistently contributed over 99% of income.

**Industry Evolution** The sector has progressed through three phases: 1. **Diesel Dominance (pre-2020)**: Almost exclusively fuel-powered, with minimal focus on sustainability or intelligence. 2. **New Energy Experimentation (2020-2023)**: Early electric conversions faced range and cost issues. 3. **Smart-Electric Boom (2024-)**: Purpose-built electric trucks with integrated autonomous systems are now mainstream.

Globally, heavy trucks account for half of the $3.9 trillion road freight market. Their electrification is critical to decarbonization, as diesel models contribute over 85% of truck nitrogen oxide emissions.

**Competitive Landscape** DeepWay leads in purpose-built electric heavy trucks, holding 2.7% of the global market in 2024. Unlike competitors who retrofit or assemble components, DeepWay vertically integrates vehicle architecture, powertrains, autonomous tech, and fleet management platforms.

**Key Opportunities** 1. **Autonomous Convoy Transport**: Fixed-route operations in highways, ports, and mines where "leader-follower" autonomous driving can reduce labor costs. 2. **Energy Infrastructure**: Battery-swapping stations (6-minute recharge) and hydrogen-electric hybrid platforms are becoming competitive differentiators. 3. **Smart Dispatch Systems**: AI-powered routing can improve fleet efficiency by up to 30% versus manual scheduling.

**Challenges Remain** High R&D costs (single projects exceeding 100 million yuan), supply chain constraints, and entrenched competition pose barriers. Traditional truck makers are accelerating their electric transitions, while new entrants face steep customer acquisition costs in this long-purchase-cycle industry.

Note: This article does not constitute investment advice.