Newrizon was founded in September 2020 by former NIO senior vice president Huang Chendong.
(Image credit: NIO Capital)
NIO Capital has invested in Newrizon, an electric commercial vehicle manufacturer founded by a former NIO executive.
Newrizon received more than RMB 100 million ($14.6 million) in Series B+ funding from NIO Capital, the venture capital firm announced today, without disclosing the exact amount.
The funds will be used primarily for the development and mass production of light trucks and van models, the development of core electric vehicle technologies, and accelerated expansion into domestic and international markets, according to a press release from NIO Capital.
Newrizon was founded in September 2020 by former NIO senior vice president Huang Chendong, and the company received a Series A investment of over $10 million from Lightspeed China Partners at its inception.
In November 2021, Newrizon announced a nearly $50 million funding round led by CCV with several other investors, including Lightspeed, to follow
The Newrizon brand was officially announced on August 5, 2021, when the company also unveiled the iC1 and EC1, two electric commercial vehicle models.
The EC1, a 4.5-ton all-electric light truck developed by Newrizon in partnership with Sinotruk Fujian Haixi Truck, was launched in September 2021.
Newrizon's website shows that three of the six core executives are from NIO, with Fu Jingwei, former deputy director of NIO autonomous driving, as CTO and Fan Jun, former senior director of NIO, as COO.
Until April 2021 Huang was NIO's senior vice president, reporting to the company's founder William Li.
The Newrizon EC1, with a maximum load volume of 18.3 cubic meters and an actual full-load range of greater than 230 kilometers, has already become one of the best-selling new energy light trucks in China after only one year on the market, according to the press release from NIO Capital.
The iC1 is scheduled to be officially launched in mid-2023, and it will support body and battery separation, battery swap and optional self-driving functions, according to the press release.
Newrizon will also launch models, including vans, around the logistics scene in the future to accelerate the electrification and intelligent change of the logistics scene, according to NIO Capital.
After passenger cars, the electrification of commercial vehicles will become the next important position with huge potential for carbon reduction, according to Zhu Yan, managing partner of NIO Capital.
Many commercial vehicle usage scenarios already have electrification economics, but the electrification rate still needs to be increased and the market needs superior products, said Zhu.
Currently, Newrizon has received recognition and orders from logistics customers, including Lalamove, SF Express, JD Logistics, according to the release.
Newrizon has also launched overseas market layouts in regions such as South America and South Asia to accelerate the integration and commercialization of resources in the global market, according to NIO Capital.
Former NIO senior VP starts electric commercial vehicle company