Summary of Key Points
Zero One Auto is a startup focused on developing new energy intelligent heavy trucks, which has recently applied to list in Hong Kong. The company has experienced remarkable growth over the past two years (revenue has increased by 448 times, with 1,176 heavy trucks sold in 2025), and its shareholder lineup includes prestigious companies such as CATL and Zijin Mining, giving it a valuation of 7 billion yuan. However, it also faces several challenges: it has incurred losses of over 600 million yuan in the past three years and relies solely on financing to sustain itself; its production is outsourced, posing significant supply chain risks; the number of dealers has increased from zero to 98 in just two years, but whether it can maintain sales remains uncertain; although it has made a big splash with its concept of driverless heavy trucks, very few have actually been delivered, and commercialization is still a long way off.
Detailed Analysis
#### 1. Rapid Growth but High Losses, Relying on Financing
Zero One Auto’s growth rate is impressive: in 2023, it sold only 2 trucks for 1.16 million yuan; by 2025, it had sold 1,176 trucks, generating revenue of 522 million yuan, a 448-fold increase. However, its ability to generate profit has not kept up, with cumulative losses of 636 million yuan in three years and a yearly loss of 281 million yuan in 2025.
The reasons for the losses are twofold: extensive funding is required for research and development (R&D), building supply chains, and expanding the dealer network. Monthly R&D costs exceed tens of millions, while its cash reserves amount to only 155 million yuan (as of the end of 2025), and it owes more money than it can quickly collect (net current liabilities of 813 million yuan). As a result, the company has had to raise funds frequently, securing nearly 400 million dollars in the three months before its IPO, with investors including CATL and NIO Capital. The funds raised from the IPO are mainly used for continued R&D (28%), expanding sales (22%), and improving the supply chain (25%). In essence, it is “living off other people’s money.”
#### 2. A Light-Asset Model: Outsourcing Production to Focus on R&D
Traditional heavy truck companies build their own factories, but Zero One Auto chooses to outsource assembly to companies like United Heavy Trucking, focusing solely on design and core components. This approach saves on construction costs and allows it to concentrate on R&D. However, it also carries risks: if the outsourcing partners encounter issues (such as insufficient capacity or financial instability), Zero One Auto may be unable to deliver products on time. Additionally, raw materials account for a high proportion of its costs (95.9%), and any increase in the prices of steel and batteries can significantly erode profits.
The expansion of its dealer network has been even more risky: there were no dealers at the end of 2023, but by the end of 2025, there were 98. Although 71% of revenue came from dealers in 2025, most of these dealers were added in that same year. Whether they can maintain consistent orders and collect payments is uncertain; if they struggle to sell products, Zero One Auto’s growth could be halted.
#### 3. Driverless Heavy Trucks: Much Hype, Little Actual Progress
Zero One Auto highlights its driverless heavy trucks as the ultimate trend, with a market expected to exceed one trillion yuan by 2035. However, as of April 2026, only 41 trucks equipped with autonomous driving systems have been delivered, and there are no commercial orders yet. The implementation of truly driverless (L4 level) heavy trucks depends on various factors: are the regulations in place? Are there adequate autonomous driving facilities on highways? Will drivers and cargo owners accept such vehicles? These issues cannot be resolved by Zero One Auto alone, making this “future vision” more of a pipe dream for now.
#### 4. A Competitive Landscape: How Long Can Zero One Auto Survive?
The new energy heavy truck market is highly competitive, with established players like Sany and Foton having years of experience, as well as other emerging companies vying for market share. Zero One Auto’s strengths include a founding team with expertise in both autonomous driving and commercial vehicles, as well as support from investors like CATL. However, its weaknesses are also evident: it lacks its own factory, relies on outsourcing, suffers from significant losses, and faces tight cash flows. The commercialization of driverless heavy trucks is far from reality.
By pursuing an IPO, Zero One Auto aims to raise more funds to continue its operations. Whether it can survive in this competitive environment will depend on its ability to turn growth into profitability, manage the risks associated with its outsourcing model, and make its driverless technology a reality.
Conclusion
Zero One Auto is a “dark horse” in the new energy heavy truck sector, with rapid growth but an unstable foundation. Its IPO is both a strategy to sustain itself and a bet on the future. Whether it will succeed depends on its ability to address these challenges—losses, supply chain issues, dealer network development, and the commercialization of driverless technology. After all, the capital market will not continue to support companies solely based on their promising stories.