NIO Capital invests in Chinese commercial vehicle startup Newrizon

Shanghai (Gasgou)- Chinese new energy commercial vehicle (NECV) maker Newrizon today announced via its WeChat account that it has raised more than 100 million yuan ($14.56 million) in a series B+ funding round backed by NIO Capital.

Proceeds are mainly used for research and development, mass production and marketing of light truck and van models and iteration of core technologies related to new energy vehicles (including batteries, electric motors and electric control units). intelligent connected car.

In addition, the newly raised funds will also help facilitate supply chain integration and further accelerate domestic and international market expansion.

iC1; photo credit: Newrison

Founded in 2020, Newrizon has already completed two funding rounds in addition to the aforementioned B+ round. In 2020, Lightspeed China Partners completed a series A round with an investment of approximately $10 million. Then, in 2021, he raised $50 million in Series B funding. It was led by China Creation Ventures, followed by Lightspeed China Partners, Lalamove and Axiom Asia.

The startup’s first light truck model, the EC1, is already on the market. The company plans to bring another new energy light truck iC1 to market in mid-2023.

The iC1 supports battery swapping and optional autonomous driving features, the automaker said.

In the future, New Rizon will also roll out vans and other types of models to accelerate the electrification and intelligent transformation of logistics scenarios, helping business users reduce costs and improve operational efficiency. .