Farizon, a producer of electric and hybrid trucks in China and a subsidiary of car manufacturer Geely, announced in a statement that it had raised $600 million in a Series-A fundraising round. The Hangzhou-based company, which manufactures and sells hybrid and all-electric commercial vehicles, stated that it intends to use the money for additional product …
Farizon, a producer of electric and hybrid trucks in China and a subsidiary of car manufacturer Geely, announced in a statement that it had raised $600 million in a Series-A fundraising round. The Hangzhou-based company, which manufactures and sells hybrid and all-electric commercial vehicles, stated that it intends to use the money for additional product and technology development as well as international expansion. Boyu Capital and Yuexiu Industrial Fund, along with other investors like Singapore-based United Clean Energy and Linjiang Industry Group, were believed to have led the company’s most recent round of fundraising. It comes on the heels of Farizon’s Pre-A round financing in October 2022, in which it raised over $300 million. Farizon claimed that the corporation is making efforts to establish a presence outside of China in regions like Asia-Pacific, the Middle East, South America, and Europe. The company has stated that Europe would be a major priority outside of China, and it intends to start selling the Super Van, a light electric cargo van, as early as 2024.
According to the company, it will compete with vehicles like Ford Motor’s e-Transit van. With the Super Van, it hopes to rank among the top three suppliers of electric cargo vans in Europe. Farizon, which started selling vehicles in 2016, sold roughly 37,800 light commercial vehicles in China in 2022, according to consultancy LMC Automotive. This year, between January and May, it sold 24,760 vehicles. As of this year, Farizon anticipates selling 150,000 vehicles both domestically and internationally. China currently accounts for the majority of their overall sales volume.
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