Geely's Farizon raises $300 million in pre-A round

Farizon Auto, Geely's new energy commercial vehicle brand, said on Wednesday it has raised over $300 million in its pre-A round of fund raising.

This round of investment was led by Hidden Hill Capital, which is backed by Singapore's GLP. Other key investors include Transfar, Citic Securities Investment and Industry Foundation of Xiangtan.

Farizon said it will spend the majority of the investment on research and development in order to further consolidate its market-leading position in the new energy commercial vehicle sector.

The company has established the largest new energy commercial vehicle research institute in China.

It has set up platforms for fleet rental and intelligent management, green energy supply chains, as well as battery charging and swapping.

Farizon has already built up a market-leading position in China's new energy commercial vehicle market.

As of September 2022, its monthly sales have ranked first in the sector for five consecutive months.

Farizon said it will pursue its brand vision of leading the green commercial revolution through innovation and intelligent connectivity.

With strategies in both product and capital markets, Farizon strives to accelerate its growth into a comprehensive service supplier of green intelligent transportation technologies.

It plans to achieve operational carbon neutrality in 2025 and full life-cycle carbon neutrality in 2030.