(Yicai Global) July 20 -- Farizon Auto, a Chinese private automaker Geely's new energy commercial vehicle brand, has raised USD600 million in a Series A financing round led by Boyu Capital Advisory and Yuexiu Industrial Fund, according to Geely New Energy Commercial Vehicles Group, the brand's operating company.

United Clean Energy Singapore, Sichuan Linjiang Industrial Development Group, and other investors and institutions also took part in the fundraiser, Geely New Energy Commercial Vehicles Group said on WeChat today.

Existing investors Yinshan Capital, Hunan Xiangtan Industrial Fund, and upstream and downstream partners increased their stakes in the Hangzhou-based commercial vehicle maker.

Founded in 2016, Geely NECV has been China’s leading maker of new energy logistics vehicles by sales for 15 consecutive months, achieving a 26 percent market share, according to figures from the Big Data Platform for Commercial Vehicle Industry. Its marque Farizon Auto was China’s first commercial vehicle brand to focus on the new energy vehicle sector.

Proceeds of the fundraiser will be mainly used for research and development and market ecology building to consolidate Geely NECV’s leading market position and enhance its core competitiveness, the company said.

Editor: Futura Costaglione