Farizon, a Chinese electric and hybrid truck manufacturer, and a subsidiary of Geely, recently announced that it has successfully raised $600 million in a Series-A funding round. The Hangzhou-based company specializes in producing and marketing hybrid and pure electric commercial vehicles. The funds raised in this round are earmarked for further technology and product development, as well as the expansion of its operations beyond China.

Boyu Capital and Yuexiu Industrial Fund led the latest funding round, with participation from other notable investors, including United Clean Energy based in Singapore and Linjiang Industry Group. This significant financing follows Farizon's Pre-A round funding in October 2022, during which it secured over $300 million.

Expanding its presence outside China is a key focus for Farizon, with plans to establish operations in various regions, including Asia-Pacific, the Middle East, South America, and Europe. In Europe, the company aims to start selling its light electric cargo van, dubbed the 'Super Van,' by 2024. The move is a direct challenge to Ford Motor's e-transit van and is part of Farizon's ambition to become one of Europe's top three electric cargo van suppliers.

Since entering the market in 2016, Farizon has experienced notable growth in China. In 2022, it sold approximately 37,800 light commercial vehicles, according to consultancy firm LMC Automotive. During the first five months of this year, the company sold 24,760 vehicles. For 2023, Farizon forecasts that its sales in both the domestic and international markets will reach a combined total of 150,000 vehicles. While China remains its primary market, the company is keen to expand its footprint globally and capitalize on the growing demand for electric commercial vehicles worldwide.