Amid the inauguration of Donald Trump at the White House, which is expected to result in increased tariffs on China, Bloomberg has reported that a Chinese company specialising in autonomous industrial vehicles plans to go public in New York. The company in question, Inceptio Technology, also known as Yingche Technology Shanghai, has already deployed Level 4 autonomous trucks in China, which, as of late 2024, had collectively logged over 200 million kilometres.
The figure "200" is also significant for the IPO, as the Chinese company reportedly aims to raise between $100 million and $200 million in the United States. According to Bloomberg, which cites anonymous sources, the specifics of the operation are not yet finalised. Among Inceptio's major backers are industry giants like Contemporary Amperex Technology (CATL), a leader in automotive battery production; Meituan, a food delivery specialist; and investment group HongShan Capital, formerly known as Sequoia China.
Bloomberg notes that listing on a US stock exchange can be challenging for a Chinese company due to the Securities and Exchange Commission (SEC) requiring extensive documentation and greater transparency regarding risks associated with data and mapping activities. The Trump administration is unlikely to ease these hurdles. Nevertheless, Inceptio Technology already has a presence in the US, with a research and development centre in Silicon Valley, located in Fremont, California.
Despite its relatively short history, the company has already secured significant investments: $100 million in April 2020 in a Series A funding round led by logistics firm GLP and fleet management platform G7, followed by an additional $120 million from CATL. More recently, it raised $188 million in a Series B+ round led by Sequoia Capital China and Legend Capital, with participation from existing investors such as Eight Roads, Nio Capital, Meituan, and Broad Vision Funds2.
In China, over 2,000 industrial vehicles equipped with Inceptio Technology's autonomous systems are in operation, featuring Level 3 and Level 4 autonomy. Logistics firms such as JD Logistics and Deppon Express use these vehicles. According to the company, they have achieved labour cost reductions of 20% to 50% and fuel savings of 3% to 7%. Regarding safety, a joint study by Inceptio and Chinese insurance firm CPIC found that Inceptio's trucks outperformed human-driven vehicles by 75% to 99% across various safety indicators.
Recently, the company delivered 400 autonomous trucks to ZTO Express and over 300 to STO Express. In September 2024, Inceptio collaborated with Dongfeng Commercial Vehicle to launch the Hi-Truck Tianlong Autonomous GX/KX series, the first liquefied natural gas-powered truck equipped with autonomous driving technology. In addition to manufacturing industrial vehicles, Inceptio offers Transportation-as-a-Service (TaaS), enabling businesses to access a fleet of autonomous trucks and associated management services without the need for direct investment in vehicle purchase and maintenance.
