Geely Owned Farizon Raises $600 Million in Series A Funding Round

Farizon, a Chinese manufacturer of electric and hybrid trucks owned by Geely, has raised $600 million in a Series-A funding round, according to a company statement.

The Hangzhou-based company, which manufactures and sells hybrid and pure electric commercial vehicles, stated that the funds will be used for further technology and product development, as well as international expansion.

According to the company, the most recent round of funding was led by Boyu Capital and Yuexiu Industrial Fund, with participation from other investors including Singapore-based United Clean Energy and Linjiang Industry Group. It follows Farizon's Pre-A round financing in October 2022, in which it raised more than $300 million.

Outside of China, Farizon said the company is moving to establish a presence in markets including as Asia-Pacific, the Middle East, South America and Europe.

The company has said a key focus outside of China will be Europe, where it plans to start selling a light electric cargo van called the Super Van as early as 2024. It will compete against the likes of Ford Motor's e-Transit van, the company has said.

With the Super Van, it hopes to become one of Europe's top three suppliers of electric cargo vans.

According to consultancy LMC Automotive, Farizon, which began selling vehicles in 2016, will sell approximately 37,800 light commercial vehicles in China by 2022. It sold 24,760 vehicles between January and May of this year.

Farizon anticipates 150,000 vehicle sales in China and abroad this year.

Currently, China accounts for the vast majority of its total sales volume.