Chinese language automaker Geely’s new vitality model Farizon raises over $300 million By Reuters

BEIJING/HONG KONG (Reuters) – Chinese language automaker Geely’s new vitality automobile subsidiary on Wednesday mentioned its model Farizon has raised over $300 million from a funding spherical led by Asian logistics agency GLP’s funding arm Hidden Hill Capital.

The brand new capital increase, which includes different traders corresponding to Chinese language logistics and chemical group Transfar and an funding agency backed by main Chinese language funding financial institution CITIC Securities, got here as Geely stepped up its new vitality automobile improvement.

Hangzhou-based Geely Holding Group, proprietor of Zhejiang Geely New Vitality Business Car Group (NASDAQ:) which sells Farizon, is understood globally with its investments in Volvo Vehicles and Mercedes-Benz. Geely Holding’s listed subsidiary Geely Vehicle Holdings (OTC:) Ltd mentioned it goals to extend the proportion of electrical automobiles in its complete gross sales to 50% in 2023.

Farizon will use a lot of the funding “for analysis & improvement and ecosystem improvement, so as to additional consolidate its market-leading place in new vitality industrial automobiles,” Zhejiang Geely New Vitality Business Car Group mentioned in a press release.

Geely New Vitality Business Car didn’t disclose Farizon’s valuation within the assertion.

The Business Basis of the Chinese language metropolis of Xiangtan, within the southern province of Hunan, Geely-backed GLy Capital and South Korea’s Mirae Asset additionally participated within the capital increase, in response to the assertion.

With GLP’s enterprise presence throughout over 400 logistics amenities and warehouses in China, Hidden Hill Capital will assist Farizon promote the rental and gross sales of city logistics automobiles and advertising and marketing of refrigerated vehicles, and assist Farizon in exploring new enterprise fashions, the assertion mentioned.

Zeekr, a distinct electrical automobile model backed by Geely Holding Group, final yr raised $500 million in its first exterior funding from traders together with Intel (NASDAQ:) Capital, battery maker CATL and on-line leisure agency Bilibili (NASDAQ:).

(This story has been corrected to mirror firm’s new identify to GLP in lead paragraph)