While the Tesla Semi dominated headlines during ACT Expo 2025, a quieter but significant milestone came from across the Pacific. That number represents a remarkable growth trajectory for a company that only started selling its heavy-duty electric trucks in 2023. And with an initial public offering (IPO) reportedly on the horizon for 2026, DeepWay is positioning itself as a serious contender in the global electric truck market.
The Quiet Rise of DeepWay Electric Trucks
Founded in 2020, DeepWay entered a competitive space dominated by legacy manufacturers and ambitious startups alike. The company delivered just 509 units in its first year of sales in 2023. That figure jumped to 3,002 in 2024 before soaring to 8,020 last year. This rapid scaling suggests strong demand from fleet operators, particularly in China and select international markets.
DeepWay electric trucks have found customers in China, Thailand, New Zealand, and Australia. The company has delivered more than 12,000 units total across these regions. For context, the United States lags far behind in electric heavy-duty truck adoption, with total numbers still in the hundreds rather than thousands.
Financial Backing and IPO Plans
DeepWay’s last funding round raised $310 million. UAE-based venture firm Stone led the investment, with participation from Australian NGS Super and Chinese Xiamen Guosheng Fund. Existing shareholders ABC Impact and Nanjing Ronghe Capital also increased their stakes. Baidu holds a 13.48% stake in DeepWay according to the company’s published prospectus.
The company is preparing to launch an IPO in 2026. While DeepWay is not yet profitable, the confidence shown by major investors indicates belief in the long-term viability of its business model. The IPO will likely provide additional capital for expanding production capacity and developing new technologies.
Eight Key Insights About DeepWay Electric Trucks
1. Two Distinct Models Serve Different Fleet Needs
DeepWay offers two primary electric truck models. The StarWay features a cabover design with a 120 kWh battery pack. It delivers approximately 320 kilometers (about 200 miles) of loaded range. Charging from 0 to 80 percent takes under 40 minutes. This model suits regional distribution routes where daily mileage stays within that range.
The DeepWay Star has a more aerodynamic, futuristic appearance reminiscent of the Tesla Semi. It carries a 600 kWh battery pack from CATL, offering more than 500 kilometers (about 310 miles) of range. The Star can charge using two ports simultaneously, achieving a full charge in roughly 30 minutes.
2. Battery Swapping Eliminates Charging Delays
For fleet operators who cannot afford extended downtime, DeepWay offers a battery swap solution. The Star can exchange its depleted battery for a fresh one in just six minutes at specialized swap stations. This process takes less time than a typical diesel refueling stop.
Battery swapping addresses one of the biggest barriers to electric truck adoption: range anxiety. Instead of waiting for charging infrastructure to catch up, fleets can simply swap batteries and continue their routes. This model has proven successful in China’s passenger EV market, and DeepWay is adapting it for heavy trucks.
3. Real-World Range Depends on Load Weight
DeepWay’s published range figures assume ideal conditions. Under a fully loaded 49-ton GCWR (gross combination weight rating), the Star’s range drops from 500 to 400 kilometers. This 20 percent reduction is typical for electric trucks, as weight significantly impacts energy consumption.
Fleet managers should plan routes based on loaded range rather than empty range. A 400-kilometer maximum under full load still covers many regional delivery routes. For longer hauls, battery swapping or en-route charging becomes necessary.
4. Dual-Trailer Capability Opens the Australian Market
Australia’s trucking industry frequently uses B-double and road train configurations with two trailers. DeepWay designed the Star to handle these combinations, making it attractive to Australian fleet operators. The ability to pull dual trailers at the truck’s maximum GCWR demonstrates the vehicle’s torque and power delivery.
New Zealand has also embraced DeepWay electric trucks. Local distributors report positive feedback from drivers who appreciate the quiet operation and instant torque. The absence of engine noise and vibration reduces driver fatigue on long shifts.
5. Baidu’s AI Expertise Could Enable Autonomous Features
Baidu has invested heavily in autonomous driving technology through its Apollo platform. As a major shareholder in DeepWay, Baidu could integrate its self-driving systems into future truck models. Autonomous trucks promise to reduce labor costs and improve safety for long-haul routes.
DeepWay has not announced specific autonomous driving capabilities yet. However, the connection to Baidu gives the company a potential advantage over competitors that must develop their own software or partner with third parties. The combination of electric powertrain and autonomous technology could reshape the trucking industry.
6. Rapid Delivery Growth Demonstrates Manufacturing Scale
DeepWay’s delivery numbers tell a story of rapid scaling. From 509 units in 2023 to 3,002 in 2024 and 8,020 in 2025, the company has increased production by more than 15 times in three years. This growth required significant investment in manufacturing facilities, supply chain management, and quality control.
Scaling production while maintaining quality is a challenge for any automotive startup. DeepWay’s ability to increase output so quickly suggests robust manufacturing processes and strong supplier relationships. The company’s focus on the Chinese domestic market first allowed it to refine production before expanding internationally.
7. DeepWay Ranks Ninth Among Chinese Electric Truck Brands
Despite delivering 8,020 units in 2025, DeepWay is only the ninth largest brand of electric and new energy trucks in China. This ranking highlights the competitive nature of the Chinese market. Several other manufacturers, including SANY, FAW, and Dongfeng, sell more electric trucks.
Being ninth place in a large and growing market is not a negative indicator. It shows that DeepWay has carved out a meaningful share while leaving substantial room for growth. The company’s focus on heavy-duty semi trucks rather than medium-duty delivery vehicles differentiates it from some competitors.
8. International Expansion Targets Underserved Markets
DeepWay electric trucks now operate in China, Thailand, New Zealand, and Australia. These markets share certain characteristics: growing interest in fleet electrification, government incentives for clean vehicles, and limited competition from established electric truck manufacturers. DeepWay has avoided direct competition with Tesla in North America and Europe for now.
The company’s international strategy focuses on markets where it can establish a foothold before larger competitors arrive. By building relationships with fleet operators in these regions, DeepWay creates switching costs and brand loyalty that could persist even as competition intensifies.
Charging Infrastructure: A Practical Comparison
DeepWay’s 30-minute charging time for the Star model compares favorably to competitors. The Tesla Semi claims to charge from 0 to 80 percent in about 30 minutes using its Megacharger system. Other electric trucks from manufacturers like Volvo and Freightliner require 60 to 90 minutes for a similar charge.
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The six-minute battery swap option sets DeepWay apart from virtually all competitors. No other major electric truck manufacturer offers battery swapping as a standard option. This feature could be decisive for fleets that operate on tight schedules and cannot afford extended charging stops.
However, battery swap infrastructure requires significant investment. DeepWay must build or partner with swap station operators to make this feature practical. In China, battery swap networks for passenger EVs have expanded rapidly, suggesting a similar model could work for trucks.
What Baidu’s Stake Means for DeepWay’s Future
Baidu’s 13.48 percent stake gives the search engine company significant influence over DeepWay’s strategic direction. Baidu brings expertise in artificial intelligence, autonomous driving, and cloud computing. These technologies could enhance DeepWay trucks with features like predictive maintenance, route optimization, and eventually autonomous operation.
Baidu also provides financial stability and credibility. Having a major technology company as a backer makes it easier for DeepWay to attract additional investment, secure partnerships, and navigate regulatory challenges. The relationship mirrors the connection between Google and Waymo, though Baidu holds a direct equity stake rather than operating through a separate subsidiary.
The Profitability Question
DeepWay is not yet profitable, which is typical for young electric vehicle manufacturers. The company invests heavily in research, development, and production capacity. Profitability usually comes after a company reaches sufficient scale to spread fixed costs across more units.
DeepWay’s delivery growth suggests it is moving toward profitability. Each additional unit sold contributes margin that covers overhead. If the company can maintain its growth trajectory while controlling costs, profitability could arrive within the next two to three years.
The IPO planned for 2026 will provide additional capital to fund operations until the company becomes self-sustaining. Investors in the IPO will need to evaluate DeepWay’s path to profitability alongside its growth potential.
Practical Considerations for Fleet Managers
Fleet managers evaluating DeepWay electric trucks should consider several factors. First, the 400-kilometer loaded range of the Star covers many regional routes but falls short for long-haul cross-country operations. Battery swapping addresses this limitation where swap stations exist.
Second, the total cost of ownership for DeepWay trucks depends on electricity prices, maintenance costs, and vehicle utilization rates. Electric trucks typically have lower fuel and maintenance costs than diesel equivalents but higher upfront purchase prices. Fleet managers should calculate total cost of ownership for their specific routes and usage patterns.
Third, charging infrastructure is a critical consideration. Fleets that can install depot charging will benefit most from DeepWay’s fast-charging capability. Fleets that rely on public charging must verify that compatible chargers exist along their planned routes.
The Broader Electric Truck Market Context
The electric heavy-duty truck market remains in its early stages globally. Total sales in China reached approximately 60,000 units in 2024, representing a small fraction of the overall truck market. In the United States, electric truck sales totaled fewer than 1,000 units in the same period.
DeepWay’s 8,020 units represent a significant share of a growing market. As more countries implement stricter emissions regulations and offer incentives for clean vehicles, demand for electric trucks will likely increase. DeepWay is well-positioned to capture a portion of this growth, particularly in Asia-Pacific markets.
The company faces competition from established manufacturers like Tesla, Volvo, and Daimler, as well as Chinese rivals like SANY and FAW. Each competitor brings different strengths: Tesla has brand recognition and technology, Volvo has global service networks, and Chinese manufacturers have cost advantages and domestic market access.
DeepWay differentiates itself through its battery swap capability, Baidu partnership, and focus on markets outside North America and Europe. These strategic choices may allow the company to build a sustainable competitive position even as the market becomes more crowded.
For fleet operators considering electric truck adoption, DeepWay offers a compelling option with proven real-world performance and rapid delivery growth. The company’s 2026 IPO will provide more information about its financial health and long-term strategy. In the meantime, DeepWay electric trucks are quietly making their mark on the global trucking industry.
