Auto startup Newrizon raises US$50 million in new financing round
Newrison's new electric-powered vehicle iC1 launched in August
Chinese commercial vehicle startup Newrison has raised US$50 million in a Series B round of financing from China Creation Ventures and Lightspeed China.
Newrizon plans to invest the proceeds for research and development to optimize new features, including battery life and self-pilot mode, for its new electric-powered vehicle iC1. Newrizon also retained the support of its Series A round investor Lightspeed China.
"In the 'dual carbon' era, it is imperative to incorporate new energy into commercial vehicle development. Newrizon's environment-friendly, effective and new service models will make their practices sustainable, contributing to the ultimate goal of carbon neutrality," said James Mi, founding partner of Lightspeed China.
Newrizon has seen good sales for its first product EC1, an electric-light powered truck, and seeks to continue the same for iC1, which was launched in August.
Research shows that the market size of China's commercial vehicles in 2020 will exceed 5 million units, and up to 10 million units in 2025. Newrizon aims to reach its target of occupying up to 10 percent of this market by then.
