Geely owned truck manufacturer Farizon has raised US$600m in a series-A funding round, Reuters reported.

The company makes hybrid and electric commercial vehicles. 

According to Reuters, this capital infusion would fund technology and product development and expand sales beyond China.

Farizon raised $300m in a Pre-A round in October 2022.

It plans to enter new markets in Asia-Pacific, the Middle East, South America and Europe. 

It sees Europe as a key market and plans to introduce its light electric cargo carrier, the Super Van, in 2024.

Most sales are in China where it delivered 37,800 light commercial vehicles in 2022. In January to May 2023, it sold 24,760.

Reuters added Farizon expected to sell 150,000 vehicles this year in domestic and export markets.