Farizon Auto, a Geely-owned Chinese producer of electric and hybrid trucks, has raised $600 million in a series A fundraising round. Boyu Capital and Yuexiu Industrial Fund led the transaction with participation from Linjiang Industry Group and United Clean Energy of Singapore.
The raised money will be put to use for additional investments in research and development, ecosystem growth, and worldwide expansion. The company seeks to position itself in important worldwide markets, such as those in the South America, Asia-Pacific region, Europe and the Middle East.
As of May 2023, Farizo had built more than 150,000 new energy commercial vehicles. The company has maintained a leading position in the Chinese market for new energy commercial automobiles in terms of monthly volume of sales for 14 months in a row. As early as 2024, Farizon intends to start selling the light electric cargo van known as the “Super Van” in Europe. In 2022, it sold over 37,800 light commercial automobiles in China.