China’s DeepWay, a smart commercial vehicle developer and manufacturer, recently announced that it has raised CNY 770m ($117m) in a Series A+ financing round led by Shandong Weiqiao Pioneering Group and SB China Venture Capital, with participation from existing investors, including Qiming Venture Partners.
The company plans to use the new round of financing to manufacture smart electric heavy-duty trucks and develop intelligent driving systems to ensure mass production and high-quality delivery of DeepWay trucks, further consolidating the company’s leadership position in the smart electric heavy truck market. With the funding, DeepWay aims to become a vital player and promoter of smart electric logistics vehicles in the Chinese market, contributing to the creation of a low-carbon, eco-friendly, and safe environment for all mankind.
“We are optimistic about the future development of DeepWay and look forward to potential opportunities to collaborate with them on light-weight design for heavy-duty truck, digital platform for smart logistics, and more,” said Zhang Bo, Chairman of Weiqiao Pioneering, which will also become one of the first customers of DeepWay’s premium smart electric heavy-duty trucks.
“We also plan to build a long-term, far-reaching relationship with DeepWay with the mindset of jointly embracing the era of smart logistics,” Zhang Bo added.
DeepWay is the first smart electric logistics vehicle developer and manufacturer in China to take a distinctly forward-looking approach to vehicle design and development, offering strong competence in resource integration by combining truck logistics, the manufacturing of heavy-duty trucks, and autonomous driving technologies. The company has multiple advantages in the R&D capacity of intelligent electric heavy-duty trucks, as well as in premium lightweight aluminum material and components.
“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,” said Zhang Yupeng, Partner at SBCVC.
“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,” Zhang Yupeng added.
Wan Jun, founder and CEO of DeepWay, expressed his gratitude to all new and existing shareholders for supporting the company and helping achieve its goal of building safer, smarter, and more eco-friendly cargo terminals with optimized efficiency and comfortability.
“The commitment is the company’s corporate responsibility and our mission in this day and age,” Wan Jun said. “We want to contribute to the creation of a low-carbon, eco-friendly, and safe environment for all mankind.”
