Geely's Farizon Auto Plans to Complete Series A Financing in 2023

Automotive Author: Kaiwen Li Editor: Ziying Wu Dec 28, 2022 04:02 PM (GMT+8)

Recently, Geely's Farizon Auto plans to complete the A round of financing in 2023. It plans to fully develop the strategic synergy between the product market and the capital market in the next three years, reaching a market value of USD 30 billion.

Farizon

On Dec. 27, Farizon Auto (Chinese: 远程汽车), the new energy commercial vehicle brand established by Geely Holding Group (Chinese: 吉利控股集团), plans to complete the A round of financing in 2023. It plans to fully develop the strategic synergy between the product market and the capital market in the next three years, reaching a market value of USD 30 billion.

Farizon Auto was established in July 2021. The legal representative is Zhou Jianqun, and it is jointly held by Xingcheng Technology (Hongkong) Co., Ltd. (Chinese: 星程科技有限公司) and Remote Technology Hong Kong Co., Ltd. (Chinese: 远程科技香港有限公司). In 2022, Farizon Auto completed over USD 300 million Pre-A round of financing, and the company's registered capital has now increased from CNY 1 billion ( USD 144 million) to CNY 3.5 billion.

Earlier, Farizon Auto Brand Day was held in Hangzhou. It announced the construction of a new integrated system, and released two blockbuster products, the new energy intelligent luxury heavy truck -- Homtruck, and Farizon Super VAN.

Back in the past, in 2014, Geely integrated global resources and established a new energy commercial vehicle group. In 2016, Geely officially launched a new energy commercial vehicle brand, Farizon Auto. Then in early 2019, Geely Automobile registered a new electric pickup truck, named Farizon DX5. At that time, due to the downturn in the domestic pickup truck industry, coupled with the fact that Farizon Auto hardly launched new cars, its development stumbled.

With the further promotion of the domestic pickup market policy, some industry insiders analyzed that the pickup market will have huge growth space. There are some rumors that Geely Holdings intends to separate the pickup business, and the establishment of Farizon Auto is to prepare for this.