Geely's Farizon Auto Said To Raise $300M Ahead Of Potential US IPO

Author: Shivani Kumaresan | March 24, 2023 11:36am

• Farizon Auto, the new energy commercial vehicle brand of Zhejiang Geely Holding Group Co., is reportedly planning to raise about $300 million fund ahead of the U.S. initial public offering.
• The new energy truck maker expects to be valued at $4.5 billion, up from a $3 billion valuation last year, reported Bloomberg.
• Farizon is also said to be considering U.S. listing at the end of 2023.
• Also Read: China's Geely Snaps Profit-Decline Streak, Raises Sales View For 2023
• In October 2022, Farizon raised more than $300 million in a pre-A series funding led by a unit of Logistics and real estate company, GLP Pte.
• Farizon, founded in 2016, makes commercial electric vehicles, buses, and coaches. In 2019, Farizon Auto launched M100 methanol fuel heavy truck.
• The report further noted that the brand's alternative-energy-powered light duty truck garners about 42% of the market share in China in the segment.
• Price Action: GELYY shares are trading lower by 0.27% at $25.32 on the last check Friday.
• Photo Via Company

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