May 22, 2023
Electric truck startup Deepway raises $112 million in funding
Chinese electric truck maker Deepway announced on Tuesday it has raised RMB 770 million ($112 million) in a new round of funding co-led by SoftBank China Venture Capital and Chinese conglomerate Weiqiao Pioneering Group. The funding comes just months after the two-year-old truck startup, founded by logistics service provider Shiqiao Group and tech giant Baidu, closed its $67 million Series A, led by Qiming Venture Partners last August. The company now aims for a June roll out of its first model, equipped with swappable batteries and assisted driving technology, and has set a delivery target of 1,000 units by the end of the year. [Deepway release]