Farizon Auto,Philippines adult a Chinese electric and hybrid truck manufacturer owned by Geely, announced that it has raised $600 million in its Series A funding round. The largest-ever single round of financing in China’s new energy commercial vehicle sector is led by Boyu Capital and Yuexiu Industrial Fund, with additional contributions from other investors including Singapore-based United Clean Energy and Linjiang Industry Group. The newly acquired funds will be used for further investment in research and development, ecosystem development, and global expansion, according to Farizon’s statement. The company aims to establish its presence in key international markets, including the Asia Pacific, Middle East, South American, and European markets. Farizon plans to commence sales of the light electric cargo van called the “Super Van” in Europe as early as 2024. It sold approximately 37,800 light commercial vehicles in China in 2022, according to Reuters, citing data from consultancy LMC Automotive. [Reuters]
