China New Electric Commercial Vehicle Startup Cavan Automobile Raised $168 Million in Pre-Series A Funding, Founded in 2022 by Foton Motor, Boyuan Capital & Robert Bosch Venture Capital, Investors Include Beijing Green Energy, Low-Carbon Industry Investment Fund, Guotai Jun’an Innovation Investment, China Capital Investment Group & Xiamen Jinyuan Investment Group
3rd July | Hong Kong
China new electric commercial vehicle startup Cavan Automobile has raised $168 million (CNY 1.2 billion) in Pre-Series A funding. Cavan Automobile was founded in 2022 by Foton Motor, Boyuan Capital & Robert Bosch Venture Capital. Cavan Automobile investors include Beijing Green Energy, Low-Carbon Industry Investment Fund, Guotai Jun’an Innovation Investment, China Capital Investment Group & Xiamen Jinyuan Investment Group. Foton Motor – As one of the world’s most successful commercial automotive company, Foton Motor Group was founded on August 28th in Beijing China in 1996. With a business scope covering a full series of commercial vehicles including medium and heavy-duty trucks, light-duty trucks, vans, pickups buses, and construction machinery, Foton Motor has an record of an accumulative production and sales volume of approximate 8,000,000 vehicles. Foton Motor Brand value has been evaluated as about US$ 16.6 billion, ranking NO. 1 for 13 consecutive years in China commercial vehicle field. Foton established the joint venture of Beijing Foton Cummins Engine Co., Ltd.(BFCEC) with Cummins in 2008 and Beijing Foton Daimler Automotive Co., Ltd.(BFDA) with the Daimler AG in 2012. In addition, Foton joined with such well-known worldwide enterprises as Cummins, ZF, CEVA Logistics, Faurecia, Wabco, Continental Electron, TUV Rheinland etc. to establish “Foton Global Innovating Alliance”, aiming to make breakthroughs in science and technology, and produce energy-saving, environmentally friendly and intelligently interconnected automobile products. Foton has over 1,000 overseas distributors around the world. Its products and services had extended to over 110 countries all over the world. Foton has five production bases in China, India, Brazil, Russia and Thailand, and has set up marketing companies in India, Brazil, Russia, Algeria, Kenya, Vietnam, Indonesia and Australia, with its products being exported to more than 110 countries and regions. At present, it has launched 34 overseas KD projects and 30 of them have been put into operation. The total production capacity is expected to reach 272,000 vehicles in 2020.
“ China New Electric Commercial Vehicle Startup Cavan Automobile Raised $168 Million in Pre-Series A Funding, Founded in 2022 by Foton Motor, Boyuan Capital & Robert Bosch Venture Capital, Investors Include Beijing Green Energy, Low-Carbon Industry Investment Fund, Guotai Jun’an Innovation Investment, China Capital Investment Group & Xiamen Jinyuan Investment Group “
China New Electric Commercial Vehicle Startup Cavan Automobile Raised $168 Million in Pre-Series A Funding, Founded in 2022 by Foton Motor, Boyuan Capital & Robert Bosch Venture Capital, Investors Include Beijing Green Energy, Low-Carbon Industry Investment Fund, Guotai Jun’an Innovation Investment, China Capital Investment Group & Xiamen Jinyuan Investment Group
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