Chinese automaker Geely Auto’s NEV brand raised $300 million

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Chinese automaker Geely Auto’s new energy vehicle subsidiary said its brand Farizon has raised over $300 million from a funding round led by Asian logistics firm Global Logistics Properties’ (GLP) investment arm Hidden Hill Capital.

Other investors include Chinese logistics and chemical group Transfar and an investment firm backed by major Chinese investment bank CITIC Securities, it said on Wednesday.

Farizon will use much of the funding “for research & development and ecosystem development, in order to further consolidate its market-leading position in new energy commercial vehicles,” Zhejiang Geely New Energy Commercial Vehicle Group said.