Farizon Auto, a new energy commercial vehicle manufacturer owned by China's Geely Holding Group, said on Thursday that it has raised $600 million in a Series A funding round.

The fundraising round, which was led by Boyu Capital and Yuexiu Industrial Fund, comes on the heels of its pre-A round in October 2022, in which it raised over $300 million.

Farizon said it will utilize its new funds for further R&D and global expansion, as the company seeks to solidify its leading position in the new energy commercial vehicle market.

The company has established itself in China and is moving into key markets, including the Asia Pacific, the Middle East, South America and Europe.

Farion had produced over 150,000 new energy commercial vehicles as of May. The company has held the top position in Chinese new energy commercial vehicle sector for 14 consecutive months.

It expects to become the first new energy commercial vehicle maker to see its total sales to reach 1 million units in five years.