Chinese electric truck startup DeepWay raises $117m Series A+ round to accelerate mass production of smart electric heavy-duty truck

DeepWay, a smart commercial vehicle developer and manufacturer, announced it had raised $117 million Series A+ financing led by Shandong Weiqiao Pioneering Group (Weiqiao Pioneering) and SB China Venture Capital (SBCVC), with participation from several existing investors, including Qiming Venture Partners. 

DeepWay will tap into new round financing for the manufacture of smart electric heavy-duty truck and the R&D of intelligent driving systems to ensure mass production and high-quality delivery of DeepWay truck, which further consolidates the company's leadership position in the smart electric heavy truck market.

Zhang Bo, Chairman, Weiqiao Pioneering: "DeepWay, the first smart electric logistics vehicle developer and manufacturer in China to take a distinctly forward-looking approach to vehicle design and development, offers strong competence in resource integration by combining truck logistics, the manufacturing of heavy-duty trucks and autonomous driving technologies. The two companies both have multiple advantages in the R&D capacity of intelligent electric heavy-duty trucks, as well as in premium lightweight aluminum material and components. We are optimistic about the future development of DeepWay and look forward to the potential opportunities to collaborate with them on light weight design for heavy-duty truck, digital platform for smart logistics and more. We also plan to build a long-term, far-reaching relationship with DeepWay with the mindset of jointly embracing the era of smart logistics."

Weiqiao Pioneering, the world's largest aluminium producer, will also become one of the first customers of DeepWay's premium smart electric heavy-duty trucks. In addition to adopting the smart electric trucks in the closed-loop delivery check that is conducted by the industrial users, the two companies expect that, through the accumulated data on the operation of the large-scale management of vehicles, they will facilitate collaborations with more involved business scenarios and, by doing so, demonstrate how intelligent logistics and transportation solutions are properly implemented and applied.

Zhang Yupeng, Partner, SBCVC: "The Chinese government's carbon peak and carbon neutral policies have opened up expansive opportunities to the industry chain for the renewable energy sector. DeepWay's unique competitiveness consists of full-stack capabilities to independently develop and manufacture next-generation heavy-duty electric trucks based on gathering together some of the best talent in the sector and deploying industry-leading self-driving technologies, on top of over 10 years of experience in serving customers in truck logistics scenarios. DeepWay is well-positioned to generate synergies by leveraging Weiqiao Pioneering and SBCVC's strong presence across the upstream and downstream industry chains alongside their respective resources. We also look forward to working together to create next-generation solutions for the new era of smart logistics."

Wan Jun, Founder and CEO, DeepWay: "DeepWay is committed to becoming a vital player and promoter of smart electric logistics vehicles in Chinese market, contributing to the create a low-carbon, eco-friendly, and safe environment for all mankind. The commitment is the company's corporate responsibility and our mission in this day and age. We want to thank all of the new and existing shareholders for supporting DeepWay and helping achieve our scope of building safer, smarter and more eco-friendly cargo

www.deepway.com