The new energy vehicle division of the Chinese manufacturer Geely announced on Wednesday that its brand Farizon had raised more than $300 million in a funding round led by the investment arm of Asian logistics company GLP, Hidden Hill Capital.
In addition to Geely, additional partners in the latest capital issue include Chinese logistics and chemical company Transfar and an investment business supported by significant Chinese investment bank CITIC Securities.
With its interests in Volvo Cars and Mercedes-Benz, the Geely Holding Group of Hangzhou, owner of Zhejiang Geely New Energy Commercial Vehicle Group, which sells Farizon, is well-known internationally. Geely Automobile Holdings Ltd (0175.HK), a subsidiary of Geely Holding that is publicly traded, stated that it intends to reach a 50% share of electric vehicle sales in 2023.
According to a statement from Zhejiang Geely New Energy Commercial Vehicle Group, Farizon would utilise a large portion of the funds ‘for research & development and ecosystem development, in order to further cement its market-leading position in new energy commercial cars.’
The announcement from Geely New Energy Commercial Vehicle omitted information about Farizon’s valuation.
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