NIO Capital has invested in Newrizon, a manufacturer of commercial electric vehicles founded by a former NIO executive.
NIO Capital announced today that Newrizon had garnered over RMB 100 million ($14.6 million) in Series B+ funding without disclosing the exact amount.
According to a press release from NIO Capital, the funds will be used mainly for advancing and mass-producing light truck and van models, developing vital electric vehicle technologies, and sped-up expansion into international and domestic markets.
The Newrizon EC1, all-electric truck
Former NIO senior vice president Huang Chendong founded Newrizon in September 2020, and the company received a Series A investment of more than $10 million from Lightspeed China Partners at its inception.
Newrizon confirmed a nearly $50 million funding round led by CCV in November 2021 with many other investors, including Lightspeed.
The Newrizon brand was officially launched on August 5, 2021, along with the iC1 and EC1 electric commercial vehicle models.
The Newrizon EC1, a 4.5-ton all-electric light truck developed in collaboration with Sinotruk Fujian Haixi Truck, will be released in September 2021.
According to Newrizon’s website, three of the six core executives are former NIO employees, with Fu Jingwei, former deputy director of NIO automated driving, serving as CTO, and Fan Jun, former senior director of NIO, serving as COO.
Huang was NIO’s senior vice president until April 2021, reporting to the company’s founder, William Li.
According to a press release from NIO Capital, the Newrizon EC1, with the highest load volume of 18.3 cubic meters and a full-load range of more than 230 kilometers, has already been one of the best-selling new energy light trucks in China only after one year on the industry.
iC1 coming this 2023
The iC1 will be officially released in mid-2023 and will help with body and battery separation, battery swap, and optional self-driving functions.
According to NIO Capital, Newrizon will also release models, including vans, around the logistics scene in the coming years to accelerate the electrification and progressive change of the logistics scene.
According to Zhu Yan, managing partner of NIO Capital, electrification of commercial vehicles will be the next important position with great potential for carbon reduction after passenger cars.
Zhu reported that numerous commercial vehicle usage scenarios already have electrification economics, but the electrification rate must be increased, and the market requires superior products.
Lalamove, SF Express, and JD Logistics are among the logistics clients who have recognized Newrizon and placed orders with them, the release states.
NIO Capital reports that Newrizon has also started international market layouts in places like South America and South Asia to hasten the commercialization of resources on the global market.
