Farizon Auto Funding, Investors & Competitors

Farizon Auto has raised $900M across 2 funding rounds, most recently a $600M Series A in July 2023.

Last Farizon Auto funding round

$600M

Series A · Jul 2023

Cumulative funding Farizon Auto raised

$900M

across 2 funding rounds

Key investors in Farizon Auto

  • Hidden Hill Capital
  • Industry Foundation of Xiangtan.
  • Mirae Asset
  • CITIC Securities
  • Boyu Capital
  • Guangzhou Yuexiu Industrial Investment Fund
  • GLP
  • Transfar Capital

Farizon Auto Overview

About Farizon Auto

Farizon Auto is a Hangzhou-headquartered new energy commercial vehicle brand launched in 2014 by Geely. It offers pure electric, range-extended, hydrogen-methanol, and battery-swap trucks, LCVs, and buses for urban and highway use. Backed by Geely's research institute with 2,000 engineers, Farizon provides full lifecycle services toward zero-carbon transport in China.


Founded

2014

HQ

ChinaHangzhou

Status

Privately held

Customer focus

B2B

Revenue model

Product sales, Services

Farizon Auto Funding History

Farizon Auto has raised a total of $900M across 2 funding rounds.

Farizon Auto's first fundraising round was a $300M seed round in October 2022. The most recent completed round was a $600M Series A in July 2023.

Farizon Auto funding rounds

Farizon Auto funding rounds
DateStageInvestorsRaisedDeal Summary
Jul 2023Series ABoyu Capital (lead); Guangzhou Yuexiu Industrial Investment Fund (lead); Linjiang Industry Group; Hidden Hill Capital; Industry Foundation of Xiangtan.; United Clean Energy$600MFarizon Auto, Geely's commercial vehicle subsidiary specializing in new energy commercial vehicles including electric and hybrid trucks, vans, and buses, completed a $600 million Series A funding round on July 19-20, 2023, led by Boyu Capital and Guangzhou Yuexiu Industrial Investment Fund, with participation from Hidden Hill Capital, Industry Foundation of Xiangtan, Linjiang Industry Group, and United Clean Energy. This followed a pre-Series A round of over $300 million in October 2022, bringing total funding to $900 million. The round represents the largest single-round financing in China's new energy commercial vehicle sector. The funds are allocated for research and development, ecosystem development, and global expansion into Europe, Asia-Pacific, Middle East, and South America, with plans to launch the Super Van light electric cargo van in Europe as early as 2024. Farizon aims to solidify its leading position in China's new energy commercial vehicle market, where it has maintained top sales for 14 consecutive months, surpassing the combined volume of its second and third competitors, and reached a production milestone of 150,000 vehicles by May 2023 with a goal of one million within five years. In 2022, Farizon sold approximately 37,800 light commercial vehicles in China. The company has secured initial international orders, such as from the United Arab Emirates, and positions itself against competitors like Rivian and Ford in the e-cargo van segment.
Oct 2022SeedGLP (lead); Hidden Hill Capital (lead); Yinshan Capital (lead); Mirae Asset; Gly Capital Management; Transfar Capital; Xiangan Longye; CITIC Securities; Industry Foundation of Xiangtan.$300MFarizon Auto, the new energy commercial vehicle brand under Zhejiang Geely New Energy Commercial Vehicle Group (a subsidiary of Geely Holding), completed its first external funding round, a pre-A series, raising over $300 million USD in late October 2022. The round was led by Hidden Hill Capital (backed by Singapore's GLP), with key investors including GLP, Gly Capital Management, CITIC Securities, Mirae Asset, Transfar Capital, Xiangtan Industry Foundation, Xiangan Longye, and Yinshan Capital. Funds are primarily allocated to R&D and ecosystem development to strengthen its position in China's new energy commercial vehicle market. As of September 2022, Farizon held the top spot in domestic new energy commercial vehicle sales for five consecutive months, leading cumulative sales in the first three quarters. Its new energy logistics vehicles saw sales surge 259% year-over-year, capturing 19.58% market share. The company operates China's largest new energy commercial vehicle research facility, focusing on new energy and smart technologies, and has developed platforms for fleet rental, intelligent management, green energy supply chains, and battery charging/swapping. Farizon aims for operational carbon neutrality by 2025 and full life-cycle carbon neutrality by 2030, pursuing a vision of leading the green commercial revolution via innovation and intelligent connectivity. Hidden Hill Capital provides support through its 70 regional markets, over 400 logistics warehouses, and industrial resources for customer development, sales, leasing, and new models in urban distribution and cold chain logistics. The funding aligns with preparations for a potential US IPO.

Who has invested in Farizon Auto?

13 investors have backed Farizon Auto across its funding rounds, including Hidden Hill Capital, Industry Foundation of Xiangtan., Mirae Asset, CITIC Securities, Boyu Capital and Guangzhou Yuexiu Industrial Investment Fund.

Lead investors include Boyu Capital, Guangzhou Yuexiu Industrial Investment Fund, GLP, Hidden Hill Capital and Yinshan Capital.


Farizon Auto Investors

Investors in Farizon Auto by funding rounds participated
InvestorHQRoundsRoleFirst check
Hidden Hill CapitalChinaShanghai2LeadOct 2022
Industry Foundation of Xiangtan.ChinaXiangtan2ParticipantOct 2022
Boyu CapitalChinaBeijing1LeadJul 2023
Mirae AssetSouth KoreaSeoul1ParticipantOct 2022
Linjiang Industry Group--1ParticipantJul 2023
Gly Capital ManagementHong KongHong Kong1ParticipantOct 2022
Yinshan CapitalChinaShanghai1LeadOct 2022
Guangzhou Yuexiu Industrial Investment FundChinaGuangzhou1LeadJul 2023
GLPSingaporeSingapore1LeadOct 2022
Transfar CapitalChinaShanghai1ParticipantOct 2022
Xiangan LongyeChinaBeijing1ParticipantOct 2022

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Farizon Auto Competitors

Farizon Auto competitors include listed companies like Tesla, Tata Motors and Tata Motors Passenger Vehicles, and private ones like GAC Aion, Enilive and Tata Passenger Electric Mobility.

Public and private companies comparable to Farizon Auto
CompanyHQStatusRevenueEBITDAValuationRevenue Multiple
TeslaUnited StatesUnited StatesPublicly listed$95B$10B$1.4T13.8x
Tata MotorsIndiaIndiaPublicly listed$8.7B$720M$17B1.8x
GAC AionChinaGuangzhouPrivate$2.5B-$15B6.0x
EniliveItalyRomePrivate--$14B-
Tata Motors Passenger VehiclesIndiaIndiaPublicly listed$35B$2B$12B0.4x
Tata Passenger Electric MobilityIndiaMumbaiPrivate--$9.1B-

Farizon Auto Public Comps

Farizon Auto is still privately-owned, but its public comps include Tesla, GE Vernova, Toyota, CATL, Iberdrola, BYD, China Yangtze Power, Constellation Energy, General Motors and Ferrari.

Last FYEV/RevenueEV/EBITDA
RevenueEBITDALast FYLTM2027ELast FYLTM2027E
Tesla$95B$10B15.0x13.8x140.8x97.4x
GE Vernova$38B$3.2B6.2x5.4x73.5x43.5x
Toyota$326B$49B1.3x1.3x8.8x11.4x
CATL$63B$16B2.8x2.1x11.0x9.2x
Iberdrola$51B$17B4.4x4.3x13.2x11.8x
BYD$120B$18B0.9x0.9x6.3x5.8x
China Yangtze Power$13B$11B11.4x11.3x13.9x14.4x
Constellation Energy$26B$5B4.6x3.8x23.5x15.3x

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Common questions about Farizon Auto

When was Farizon Auto founded?Farizon Auto was founded in 2014.
Where is Farizon Auto headquartered?Farizon Auto is headquartered in Hangzhou, China.
Is Farizon Auto publicly listed?No, Farizon Auto is a private, VC-backed company.
How much funding has Farizon Auto raised?Farizon Auto has raised $900M across 2 funding rounds.
What was Farizon Auto's last funding round?Farizon Auto's last funding round was a $600M Series A in July 2023, led by Boyu Capital and Guangzhou Yuexiu Industrial Investment Fund.
Who are Farizon Auto's investors?Farizon Auto's investors include Hidden Hill Capital, Industry Foundation of Xiangtan., Boyu Capital, Mirae Asset, Linjiang Industry Group, Gly Capital Management, Yinshan Capital, Guangzhou Yuexiu Industrial Investment Fund, GLP, Transfar Capital and 3 others.
Which companies are comparable to Farizon Auto?Companies comparable to Farizon Auto include Tesla, Tata Motors, GAC Aion, Enilive, Tata Motors Passenger Vehicles and Tata Passenger Electric Mobility.

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