IPO on the agenda? Geely’s subsidiary, Faraday Future, completes $600 million Series A financing for long-range vehicles
Faraday Future, a subsidiary of Geely, completes $600 million Series A financing for long-range vehicles, indicating a potential IPO is in the works
【Phoneauto News】On July 20th, Phoneauto noticed that the remote brand of Geely’s remote new energy commercial vehicle group announced the completion of its Series A financing, with a financing amount of 600 million US dollars. It is understood that this round of financing will be mainly used for continuous research and development investment and market ecosystem construction, further consolidating its leading position in the market and enhancing its core competitiveness.
This round of financing is jointly led by Boyu Capital and Yuexiu Industrial Fund, with follow-up investments from United Clean Energy, Sichuan Linjiang Industrial Group, and other well-known investment institutions. Existing shareholders such as Yunshan Capital under Prolos, Hunan Xiangtan Industrial Fund, and upstream and downstream partners will continue to invest.
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At the same time as announcing the completion of the financing, Remote also released the first green sustainable development report in China’s new energy commercial vehicle industry, the “Remote Green Sustainable Development Report.” Remote has announced its long-term carbon emissions strategy, which aims to achieve operational carbon neutrality by 2025 and full lifecycle carbon neutrality by 2030.
In 2022, the total lifecycle carbon emissions of Remote’s new energy commercial vehicle group decreased by 9.3% compared to 2021; the per vehicle carbon emissions decreased by 26% compared to 2021. In addition, the data shows that in the first half of 2023, Remote’s new energy commercial vehicle sales far exceeded the sum of the second and third place in the industry. Among them, the sales of new energy light trucks increased by 38% year-on-year, with a market share of 29%, and remained the top-selling for 18 consecutive months; the sales of new energy logistics vehicles increased by 123.8% year-on-year, with a market share of 26%, and remained the top-selling for 15 consecutive months.
It is worth noting that in March of this year, Bloomberg reported that Remote Auto plans to obtain a valuation of approximately $4.5 billion in the new round of financing before its IPO in the United States.
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