Farizon Auto, the truck unit of Chinese automaker Geely, has raised $600 million in a Series A funding round led by Geely Holding Group. The funding will be used to support Farizon’s expansion outside of China.

Farizon Auto was founded in 2021 and is headquartered in Hangzhou, China. The company develops, manufactures, and sells commercial vehicles, including trucks, buses, and vans. Farizon’s products are currently sold in China, and the company plans to expand to other countries in Asia, Europe, and South America in the coming years.

The $600 million funding round was led by Geely Holding Group, which is the parent company of Geely Auto. Other investors in the round include CMB International Capital, Hillhouse Capital, and Sequoia Capital China.

Farizon Auto’s CEO, An Conghui, said that the funding will help the company “accelerate its global expansion and become a leading player in the commercial vehicle market.”

The global commercial vehicle market is expected to grow at a compound annual growth rate (CAGR) of 4.4% from 2022 to 2027. This growth is being driven by the increasing demand for commercial vehicles in emerging markets such as China, India, and Southeast Asia.