Beijing (ZXZC)- Farizon Auto, the new energy commercial vehicle (CV) brand under Zhejiang Geely Holding Group, is reportedly planning to close its Series A financing round in 2023. 

Photo credit: Farizon Auto

According to information by a local media outlet, Farizon Auto plans to go all out in the next three years to carry out strategic coordination between the product market and capital market, in order to achieve its goal to raise its market value to US$30 billion.

Notably, the CV maker also undergone several other corporate changes recently, including the personnel change which Li Shufu became the chairman of the company, and the company’s registered capital was raised from 1 billion yuan to 3.5 billion yuan. 

Besides, Farizon Auto on October 26 disclosed that its Pre-A funding round had been closed with over US$300 million raised. The round was led by Hidden Hill Capital of Global Logistic Properties, and attracted such investors as Transfar, CITIC Securities, Hunan Xiangtan Industry Fund, GLy Capital, and Mirae Asset. 

The proceeds raised in the round will be mainly used for the R&D and the construction of market ecosystem, in a bid to further consolidate Farizon Auto's leading position in China's new energy commercial vehicle market.