Farizon Auto, the new energy commercial vehicle manufacturer established by Geely Holding Group, has raised $600 million in its Series-A funding round led by Boyu Capital and Yuexiu Industrial Fund.

The influx of capital is expected to fuel Farizon’s endeavors in further research and development, ecosystem development, and global expansion.

The new energy vehicles include battery-electric, plug-in hybrid, and fuel-cell electric vehicles.

The company’s expansion vision extends beyond Chinese borders, with strategic ambitions set on establishing a strong presence in key markets across the Asia Pacific, Middle East, South America, and Europe.

The single-round financing also saw participation from United Clean Energy, Linjiang Industry Group, and previous investors, including Hidden Hill Capital and the Industry Foundation of Xiangtan.

Farizon sets an ambitious goal of becoming the first new energy commercial vehicle brand to achieve a remarkable total sales figure of one million units within the next five years.

The funding follows closely on the heels of Farizon’s Pre-A round financing, which successfully raised over $300 million in October 2022.

Farizon has also released its initial Sustainable Development Report, which provides a detailed overview of the company’s progress towards achieving its ambitious carbon neutrality goals.

By 2025, Farizon aims to attain operational carbon neutrality, with an ultimate aspiration of achieving full lifecycle carbon neutrality by 2030. The report showcases notable reductions in lifecycle carbon emissions, the integration of diverse and cutting-edge new energy solutions, the successful management of new energy transportation services, and a dedicated focus on safeguarding user data privacy.

Farizo has produced over 150,000 new energy commercial vehicles as of May 2023. In terms of monthly sales volume, the company has consistently held the top position in the Chinese new energy commercial vehicle sector for 14 consecutive months, with its cumulative sales volume far exceeding the combined volume of the second and third-ranked competitors in the industry.

In June, China’s announced the continuation of the vehicle purchase tax reduction and exemption policy for new energy vehicles, which include electric vehicles, plug-in hybrids, and fuel cell vehicles, until the end of 2027.

The number of electric vehicles globally is set to exceed 100 million by 2026 and reach 700 million by 2040, according to the latest report by BloombergNEF.