Chinese automotive giant Geely’s truck subsidiary, Fartizon Auto, has raised $600 million in its Series-A funding round to drive product development and business expansion beyond China
The funding was led by Boyu Capital and Yuexiu Industrial Fund, with participation from other investors such as Linjiang Industry Group from Sichuan and United Clean Energy from Singapore, alongside existing investors Hidden Hill Capital and Industry Foundation of Xiangtan.
The substantial investment will be channeled towards research and development initiatives, strengthening the company’s ecosystem, and fueling its global expansion plans. Farizon aims to venture into markets in Europe, Asia Pacific, and other regions during 2023, although specific locations have not been disclosed yet.
Farizon celebrated the production of its 150,000th zero emission commercial vehicle in May 2023 and the company has ambitious plans to reach the milestone of producing one million vehicles within the next five years. Its product range includes battery electric vans, trucks and buses spanning various weight classes.
The company secured more than $300 million in its initial external funding round in October. Subsequently, it introduced its first electric vans platform, SuperVAN, with the first electric vehicle based on this platform scheduled to hit the roads next year. Additionally, Farizon secured its first order from the United Arab Emirates in late 2022.