DeepWay New Energy Truck Company Raises 67 Million Dollars

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Yukesh Prabhu
Yukesh Prabhu
A dedicated student of Journalism with high aspiration in Reporting and content writing. A keen communicator and researcher with an expertise in content curation.

DeepWay, an intelligent new energy truck company subsidized by Baidu, announced on Tuesday, August 23, that it has put up 460 million yuan (roughly around $67.19 million) in Series A financing. This was the first round of financing for DeepWay, but in the first round, it set a record for the hugest financing scale of a newcomer to the segment of smart energy trucks.

If we take a peep look into the electric truck firm DeepWay, the brand has distinctive stationeries. The company has been conferred as the first electric vehicle startup that builds autonomous trucks from the beginning for shipments.

The company claims this could be more feasible for consumers to look around and make it tranquil. It also reduces production costs.

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The newbie was jointly established by logistics service provider Shiqiao Group and tech giant Baidu in early 2020, as in the two-year-old company is now upsurging to RMB 3 billion in the latest fundraising round, which had been led by Qiming, Chinese tech media outlet QbitAI reported, citing company insidersDeepWay is one of the first startups to get authorization from Baidu to conduct “white-box testing,” which means the company has a working technology of the latter’s self-driving technology.

DeepWay says it will try to promote the R&D, production, and manufacturing of smart new energy heavy-duty trucks and enhance the advancement of automated driving knowledge in high-speed heavy-duty trucks. It is possible only because of the support the company got from the capital. According to DeepWay’s R&D precise blueprint, in December 2022, the firm will assign Xingchen to trial operations on undetermined. From June 2023, the company will kickstart mass production, and it aims to deliver 1,000 units of smart new energy heavy trucks in the year.

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