Farukh Kitchlew | Nov 29, 2023 | 0
Farizon, Geely’s truck unit, raises $600M for global expansion
Farizon, the electric and hybrid truck manufacturing unit of China’s renowned automaker Geely, has successfully raised $600 million in a Series A funding round. The Hangzhou-based company has been making waves in the industry with its innovative technology and high-performing and pure electric commercial vehicles. Boyu Capital and Yuexiu Industrial Fund led the funding round, with participation from Singapore-based United Clean Energy and Linjiang Industry Group. This follows Farizon’s Pre-A round in October 2022, raising over $300 million.
Global Expansion of Farizon
Farizon, primarily selling in China, sold about 37,800 light commercial vehicles in 2022. The company plans to use the raised funds to drive its expansion plans outside of China. Farizon has set its sights on establishing a presence in Asia-Pacific, the Middle East, South America, and Europe. Europe will be Farizon’s key focus, as the automaker plans to start selling a light electric cargo van called the Super Van as early as 2024. Farizon hopes the Super Van will become one of Europe’s top three e-cargo vans, competing against Ford Motor’s e-Transit van.
Farizon’s global expansion plans are comprehensive and well-thought-out. The company is looking to enter new markets and aims to become a leading player in the global electric vehicle industry.
Between January and May 2023, Farizon sold 24,760 vehicles. By the end of the year, Farizon aims to reach 150,000 units sold, a goal that seems achievable given that it already produced that number of commercial vehicles. Farizon’s recent funding success and ambitious expansion plans signal a promising future for the company and its role in the global electric vehicle market.
News Source: Geely