Home> Latest

Financial markets back Geely Group's commercial NEVs

chinadaily.com.cn| Updated: October 26, 2022 L M S

G1.png

An exterior view of the Geely New Energy Commercial Vehicles Group. [Photo provided to chinadaily.com.cn]

Farizon Auto, the first commercial vehicle brand launched by the Geely New Energy Commercial Vehicles Group – based in East China's Zhejiang province – announced the completion of over $300 million in Pre-A financing on Oct 26.

The round of financing was led by GLP's Hidden Hill Capital, with many other strategic investors and well-known investment institutions getting involved, including CITIC Securities Co Ltd and Hong Kong-based GLy Capital.

Since its establishment, Farizon Auto has established development positioning for commercial vehicles based on passenger vehicles and product positioning with the newly developed new energy power system as its core.

The Geely New Energy Commercial Vehicles Group has applied for over 1,700 patents to date, including a large number of core technology patents related to new energy vehicles.

In September this year, the total sales volume of Farizon Auto won top spot in the industry again – ranking it first for five consecutive months.

It not only occupies the leading position in China's new energy commercial vehicles market, but is also briskly moving into overseas markets.

G2.png

A range of Farizon Auto's new energy commercial vehicles. [Photo provided to chinadaily.com.cn]

For example, a number of new energy products have been exported to Chile, Costa Rica, Japan and other countries. In addition, plans are for it to reach its goal of becoming the largest exporter of new energy commercial vehicles by 2027.

Farizon Auto has also released its carbon neutrality goals – to reach carbon neutrality in operations by 2025 and full-life cycle carbon neutrality by 2030. In addition, more efforts will be made in pursuing green and zero-carbon development.