Farizon Auto, Geely’s new energy CV maker, said it will complete Series A funding in 2023

Beijing (Gusgou)- Farizon Auto, a new energy commercial vehicle (CV) brand under Zhejiang Geely Holding Group, is reportedly expected to complete its Series A funding round in 2023.

Photo credit: Farizon Auto

According to local media sources, Farizon Auto will do its utmost to make strategic adjustments between product and capital markets in the next three years to achieve its goal of raising its market value to US$30 billion is.

In particular, the CV maker recently underwent several other company changes, including personnel changes in which Li Shufu became the company’s chairman, and the company’s registered capital was raised from 1 billion yuan to 3.5 billion yuan. .

Additionally, Farizon Auto announced on October 26 that it has closed its Pre-A funding round, raising over US$300 million. The round was led by Global Logistic Properties’ Hidden Hill Capital and attracted investors including Transfar, CITIC Securities, Hunan Xiangtan Industry Fund, GLy Capital and Mirae Asset.

The funds raised in this round will mainly be used for research and development and building a market ecosystem, aiming to further strengthen Farizon Auto’s leading position in China’s new energy commercial vehicle market.

https://ift.tt/LpHAXnR Farizon Auto, Geely’s new energy CV maker, said it will complete Series A funding in 2023


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