Boyu Capital and Yuexin Industrial Fund led a $600M Series A funding round into Chinese

 

Boyu Capital and Yuexin Industrial Fund led a $600M Series A funding round into Chinese EV truck maker Farizon Auto, a subsidiary of Chinese automotive giant Geely.  The size of the current round is double its previous $300M pre-Series A funding round from Oct. 2022. The fresh funding will enable Farizon to accelerate product development and pursue global expansion beyond China, starting with Europe, where it plans to sell a light electric cargo van as early as 2024.  Farizon eventually intends to build its presence across Asia-Pacific, the Middle East, and South America. United Clean Energy and Linjiang Industry Group participated in Farizon's current round.  Farizon's parent Geely also owns automotive brands Zeekr, Polestar, and Volvo, the latter of which it acquired for $1.8B in 2010.  Zeekr is the only EV startup to nab a larger round than Farizon this year, closing out a $750M Series A fundraiser in February at a $13B post-money valuation.  In H1 2023, EV startups secured $4.2B in VC funding. At this rate, funding is unlikely to match last year's annual tally of $14.3B by this year's end.