The Shanghai-based company is second only to Eacon Group in autonomous mining solutions and first in self-driving electric mining trucks



<figure class="wp-block-image size-large"><img src="https://imageproxy.pbkrs.com/https://contributor-assets.benzinga.com/wp-content/uploads/2026/02/12051017/%E5%B1%8F%E5%B9%95%E6%88%AA%E5%9B%BE_12-2-2026_13931_thebambooworks.com_-1024x675.jpeg?x-oss-process=image/auto-orient,1/interlace,1/resize,w_1440,h_1440/quality,q_95/format,jpg" alt="" width="1024" height="675" original-src="https://imageproxy.pbkrs.com/https://contributor-assets.benzinga.com/wp-content/uploads/2026/02/12051017/%E5%B1%8F%E5%B9%95%E6%88%AA%E5%9B%BE_12-2-2026_13931_thebambooworks.com_-1024x675.jpeg"/></figure>



image credit: Bamboo Works



<h4>Key Takeaways:</h4>



<ul>
<li>Boonray has filed for a Hong Kong IPO, setting up a race to market with larger rival Eacon</li>



<li>The company raised $165 million in a recent pre-IPO funding round from investors including BYD, the world's largest EV maker</li>
</ul>



Self-driving passenger vehicles get plenty of attention from media and investors, but far less goes to autonomous trucks that are used for everything from hauling materials at construction sites to mining. That's quickly changing, however, as a growing group of startups in that niche start tapping capital markets to fuel their growth.



The latest to drive into that queue is Shanghai Boonray Intelligent Technology Co. Ltd., whose listing application at the end of last January came just a month after the HK$1.42 billion ($182 million) IPO by rival CiDi Inc. (3881.HK) in December. Meanwhile, market leader Eacon Group also revived its listing application at the end of last year, meaning investors could soon have plenty of choices in this fast-emerging sector.



Both Boonray and Eacon have big-name backers, reflecting the big potential for their autonomous trucks. Boonray attracted leading electric vehicle (EV) and battery maker BYD in its latest 1.14 billion yuan ($165 million) funding round just days before it filed its listing application. Meanwhile, Eacon's backers include leading EV battery maker CATL.



Eacon, Boonray and CiDi are China's top three autonomous mining truck makers, in that order, in an industry that generated an estimated of 3.9 billion yuan last year. The sector is set to experience explosive growth in the next five years, expanding 64.2% annually through 2030 to 28.1 billion yuan, according to third-party research in Boonray's listing document.



Such trucks are not only attractive to mine operators for their precision, but also because they eliminate the need for humans in an industry that's prone to accidents that can result in injuries or even deaths. According to Chinese data, mining workers make up only 1% of the national workforce, but they account for 8% of workplace accidents.



China already has the world's largest fleet of autonomous surface mining trucks, with 2,090 last July, according to Mining Technology magazine. Deep mining is the next frontier, which is more complex because it involves underground activities requiring more sophisticated navigation and higher risk of accidents. Komatsu (6301.T) and Caterpillar (CAT.US) are the global market leaders, having sold close to 900 and 700 autonomous haulage systems, respectively.



But China's autonomous mining specialists are catching up quickly. Eacon has delivered about 1,000 autonomous mining trucks to date, both electric and hybrid, while Boonray has delivered 584, according to its prospectus. As of June 30 last year, CiDi had delivered 304 autonomous mining trucks and 290 standalone autonomous truck systems.



Each of the three companies occupies a slightly different niche, but all are growing quickly, albeit off small bases. Boonray's revenue grew by 145.6% in 2024, and exploded more than ninefold year-on-year in the first nine months of 2025 to 315.2 million yuan. Eacon also posted triple-digit revenue growth in the last two years, while CiDi's growth slowed from triple-digit in 2024 to just 58% in the first half of last year.



<h4>Money losers</h4>



Boonray's gross margin was 15.1% in the first nine months of 2025, more than double Eacon's 7.1% in the same period, though trailing CiDi's 17.1% in the first six months of 2025. All three companies are losing money, which is typical of capital-intensive startups. Boonray lost 58.6 million yuan in the first nine months of 2025, far less than Eacon's 441.6 million yuan loss in the same period, and CiDi's 455 million yuan in the first half of 2025.



A major attraction of autonomous trucks for investors is the relative lack of cutthroat competition in the sector. That contrasts sharply with China's passenger EV industry whose overcapacity has kept most companies squarely in the red despite selling millions of vehicles.



Autonomous truck supporters like to point out that traditional mining trucks aren't exactly cheap, costing between 1.2 million yuan to 2.6 million yuan each. And such trucks have high operating costs. A mining truck working around-the-clock requires two to three drivers with annual salaries typically between 200,000 yuan and 300,000 yuan. Traditional trucks also have higher fuel costs since most run on traditional fossil fuels.



Boonray delivered 259 of its trucks in the first nine months of last year, up sharply from 188 deliveries for all of 2024, generating revenue of 291.2 million yuan, or 92% of its total. The company says it's the world's largest provider of electric autonomous mining trucks in terms of shipment volume. It says it's also the largest provider in terms of the number of mines using its products, at 30 active mines.



According to the prospectus, Boonray is the only one of its peers that provides dual charging and battery swapping mining trucks, and its Boonray Electric Bull model 145 truck is the world's largest in its class. The battery swapping ability is important, as it reduces downtime for battery recharging and allows Boonray's vehicles to function with uptime rates of over 90%.



Boonray's other two business segments, smart mining and smart transportation, are relatively small in terms of revenue contribution, providing 3.1% and 4.5% of its total in the first nine months of 2025. Smart mining is a customized turnkey business, serving mining companies and mine owners, while Boonray's smart transportation business, begun in 2022, provides unmanned haulage services to mines.



In addition to BYD, Boonray's other backers include state-run majors BOC International Investment and Citic, as well as China's State Power Investment Corp. and Shaanxi Tonly Heavy, a manufacturer of off-road mining trucks and Boonray OEM partner.



Boonray's history dates back to 2015 with its launch of a system for intelligent patrol inspection of photovoltaic power stations. Boonray's earlier partners in that business included leading drone maker DJI. Boonray developed a dedicated app for DJI for controlling drone flight and identifying photovoltaic defects in solar arrays.



In 2018, founder Hu Xinyui, an engineer who later earned an MBA, got the idea to extend Boonray's services to mining, using drones to scan entire mining areas to create high precision maps. That eventually led it into a collaboration with a molybdenum and tungsten miner in the Central China city of Luoyang, involving 30 driverless trucks moving 500,000 tons of ore monthly.



While their industry has plenty of potential, CiDi's early post-IPO performance shows the trio of autonomous mining truck makers could face some uphill road in convincing investors to buy their shares. CiDi's stock fell 14% on its first trading day in December, and is still 11% below its listing price.



To subscribe to Bamboo Works weekly free newsletter, click here



Benzinga Disclaimer: This article is from an unpaid external contributor. It does not represent Benzinga’s reporting and has not been edited for content or accuracy.

BYDDF

002594

01211

BYDDY

Boonray, a Shanghai-based autonomous EV mining truck maker backed by BYD, has filed for a Hong Kong IPO, competing with Eacon Group. The company raised $165 million in pre-IPO funding and aims to capitalize on the growing autonomous mining truck market, projected to reach 28.1 billion yuan by 2030. Despite significant revenue growth, all three major players, including Eacon and CiDi, are currently operating at a loss. Boonray claims to be the largest provider of electric autonomous mining trucks by shipment volume, highlighting the sector's potential amid rising demand for automation in mining.

- Shanghai Boonray Intelligent Technology Co. Ltd. has filed for a Hong Kong IPO amid rising competition with Eacon Group and CiDi in the autonomous mining sector.  
- The company recently secured $165 million in pre-IPO funding, positioning itself as a leading provider of self-driving electric mining trucks.  
- The autonomous truck market in China is projected to grow significantly, with an estimated 64.2% annual growth through 2030, highlighting the increasing interest in automation within the mining industry.

BYD-Backed Autonomous EV Mining Truck Maker Files For Hong Kong IPO