NIO Capital, a venture capital firm, has invested more than RMB 100 million ($14.6 million) in Newrizon, an electric commercial vehicle manufacturer founded by a former senior vice president of NIO, Huang Chendong. The funding was part of a Series B+ round and will be used 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.
Newrizon received a Series A investment of over $10 million from Lightspeed China Partners at its inception and a nearly $50 million funding round led by CCV with several other investors, including Lightspeed, in November 2021. The company’s brand was officially announced in August 2021, along with the launch of its two electric commercial vehicle models, the iC1 and EC1.
See also: NIO Capital Invests in Battery Recycling Company to Expand NEV Industry Presence
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 and has become one of the best-selling new energy light trucks in China after only one year on the market. 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.
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. The company has received recognition and orders from logistics customers, including Lalamove, SF Express, and JD Logistics. It has also launched overseas market layouts in regions such as South America and South Asia.
According to Zhu Yan, managing partner of NIO Capital, the electrification of commercial vehicles will become the next important position with huge potential for carbon reduction. Many commercial vehicle usage scenarios already have electrification economics, but the electrification rate still needs to be increased and the market needs superior products. Newrizon plans to launch models, including vans, around the logistics scene in the future to accelerate the electrification and intelligent change of the logistics scene.
