Cavan Auto, a new energy commercial vehicles manufacturer based in Beijing and majority-owned by Chinese auto company Foton, has successfully completed its Series Pre-A funding round, raising over 1.2 billion yuan ($167.5 million). The company specializes in producing pure electric vehicles (EVs) and hydrogen fuel cell-powered new energy vehicles (NEVs) tailored for commercial use in the logistics sector, particularly urban logistics, inter-city transportation, and truck line logistics. The funding round attracted new investors, including Beijing Green Energy and Low Carbon Industry Investment Fund, Guotai Jun’an Innovation Investment, and CICC Capital, alongside continued support from existing shareholders like Foton, BAIC Capital, Boyuan Capital, and Robert Bosch Venture Capital. With this financial backing, Cavan Auto plans to expand its global presence, capitalizing on China's leading expertise in green vehicles and manufacturing. China's NEV exports have seen significant growth, focusing on markets in the Middle East and developed economies, particularly in Western Europe and Asia. The country exported 1.16 million NEV units from January to May, showing a 33% increase year-on-year. May alone accounted for 43% of total vehicle exports, as reported by the China Passenger Car Association (CPCA). The latest financing will enable Cavan Auto to invest in R&D, enhance industry collaborations, and digitalize its business processes. The company, established in late 2022 by Foton, Boyuan Capital, Robert Bosch Venture Capital, SinoHytec, and a subsidiary of BAIC Group's investment arm, is poised to introduce eco-friendly logistics vehicles globally, building on its commitment to sustainability and innovation.