GEELY’S NEW ENERGY COMMERCIAL VEHICLE ARM FARIZON AUTO RAISES $600M IN SERIES A FUNDING
>> Farizon Auto raised 600 million USD in its Serie-A funding round.
>> Boyu Capital and Yuexiu Industrial Fund led the largest series funding round in China's new energy commercial vehicle sector.
>> Funds raised to be used in further investment for R&D, ecosystem development and global expansion.
>> Coinciding with the fundraising, Farizon Auto has released its first Sustainable Development Report.
Hangzhou, China, Farizon Auto, the new energy commercial vehicle manufacturer established by Geely Holding Group, announced that it has raised 600 million USD in a Series-A funding round. This largest ever single-round of financing in China's new energy commercial vehicle sector was led by Boyu Capital and Yuexiu Industrial Fund, with participation from United Clean Energy (Singapore), Linjiang Industry Group (Sichuan, China) and previous investors including Hidden Hill Capital and Industry Foundation of Xiangtan (Hunan, China). The milestone comes on the heels of Farizon’s Pre- A round financing which raised over 300 million USD in October 2022.
Farizon will utilize its new funds for further R&D, ecosystem development and global expansion, as the company continues solidifying its market-leading position in the new energy commercial vehicle market. Farizon is moving to establish itself in key markets outside of China, including the Asia Pacific, Middle East, South American and European markets.
In conjunction with the funding announcement, Farizon has also released its initial Sustainable Development Report. The report offers a comprehensive look at the progress made towards the company’s carbon neutrality goals of achieving operational carbon neutrality by 2025 and full life-cycle carbon neutrality by 2030. Key highlights of the report include notable lifecycle carbon emissions reduction, diversified cutting-edge new energy solutions, successful management and services offered in new energy transportation, and commitment to safeguarding user data privacy.
As China's pioneering commercial vehicle brand dedicated to new energy solutions, Farizon has already become industry and market leader in China. As of May 2023, Farizon celebrated its 150,000th new energy commercial vehicle being produced. In terms of monthly sales volume, the company has consistently held the top position in Chinese new energy commercial vehicle sector for 14 consecutive months, with its cumulative sales volume far exceeding the combined volume of the second and third-ranked competitors in the industry.
Farizon expects to become the first new energy commercial vehicle brand to reach total sales of one million units within the next five years.