CAVAN AUTO raises over 1.2 billion yuan in Pre-A round

Shanghai (Gasgoo)- Beijing CAVAN New Energy Vehicle Co., Ltd. ("CAVAN AUTO"), a subsidiary majority-owned by FOTON, has successfully completed its Pre-A funding round, securing over 1.2 billion yuan in capital, according to an announcement from FOTON.

The round saw the introduction of new investors including Beijing Green Energy and Low-Carbon Industry Investment Fund, alongside continued and increased support from existing shareholders such as FOTON, BAIC Capital, Robert Bosch Venture Capital, and Boyuan Capital. Additional participation came from Guotai Jun'an Innovation Investment, China Capital Investment Group, and Xiamen Jinyuan Investment Group.

According to the official announcement, the fundraising was conducted through a combination of private capital increase agreements and public listing via China Beijing Equity Exchange. Shares were priced at 1.5 yuan per unit of registered capital, raising a total of 1.209 billion yuan and adding around 805.85 million yuan in registered capital.

Following the capital increase, FOTON remains the controlling shareholder of CAVAN AUTO with a 63.59% stake. FOTON stated that the capital injection aims to leverage the strengths of all parties involved, address financial needs during the company's growth phase, and concentrate resources on scaling up its new energy commercial vehicle business. The move is expected to further align with the company's long-term strategic goals.

Founded in 2022, CAVAN AUTO focuses on developing a new generation of commercial vehicles powered by battery-electric and hydrogen fuel technologies. The company has made rapid progress in product development since its inception.

At the end of 2024, CAVAN AUTO unveiled its new energy vehicle technology roadmap along with the concept model for its next-generation platform, named Beacon. In April this year, the company held its European Ecosystem Partnership Summit in Shanghai, signing agreements with its first overseas strategic customers—officially marking its entry into international markets. Earlier this year, CAVAN put its first product, the FOTON CAVAN LeFu, onto the market. New mini-truck and light-duty truck models are also set to debut later this year.