Farizon Auto nabs $600 million in Series A financing

Shanghai (Gasgoo)- On July 20th, Farizon Auto, an auto brand under Zhejiang Geely Farizon New Energy Commercial Vehicle Group (“the group”), announced the successful completion of its Series A financing, which bagged $600 million.

The fresh funding round was led by Boyu Capital and Yuexiu Industrial Fund, with participation from strategic investors and well-known institutions, including United Clean Energy (Singapore) and Sichuan Linjiang Industrial Group. Existing shareholders such as Hidden Hill Capital, Hunan Xiangtan Industrial Fund, and several upstream and downstream partners also continued their investment in the company.

Photo credit: Farizon Auto

Proceeds from the round will be used to fuel continuous R&D efforts and promote the development of its market ecosystem, further strengthening the company's leading position in the market and enhancing its core competitiveness.

While announcing the financing round completion, Farizon Auto also released the first-ever green sustainable development report for China's new energy commercial vehicle industry - "Farizon Green Sustainable Development Report." As a socially responsible and mission-driven commercial vehicle enterprise, Farizon Auto remains steadfast in advancing green and sustainable development, especially the electrification of commercial vehicles, which plays a vital role in ensuring energy security and handling climate change.

As China's first commercial vehicle brand dedicated to the new energy sector, Farizon Auto has already set ambitious carbon emission reduction goals for the medium to long term. By 2025, the company aims to achieve carbon neutrality in operation, and by 2030, it targets to achieve carbon neutrality for full lifecycle. In 2022, the group’s total lifecycle carbon emissions decreased by 9.3% compared to 2021, while the carbon emissions per vehicle across lifecycle dropped by 26% year on year. These results showcase the significant progress Farizon Auto has made in carbon emission management.