Chinese EV Maker Farizon Auto Owned by Geely Raises $600 Million
Posted on 07/20/2023
Hangzhou, China-based Farizon Auto is a new energy commercial vehicle manufacturer established by Geely Holding Group. Farizon Auto raised US$ 600 million 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 US$ 300 million 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.