The company raised over $300 million in a Pre-A Round in October 2022 led by GLP's investment arm Hidden Hill Capital,[1] and $600 million in a Series A funding round in July 2023, led by Boyu Capital and Yuexiu Industrial Fund.

[2] The factory was later acquired by the Chinese electric commercial vehicle company Yuancheng Auto, which in conjunction with Myoung Shin.

The company plans to manufacture CKD-made electric trucks for the China market.

[3] On May 29, it was announced that it would give up production of finished vehicles and switch to the automobile parts and automation equipment business.

[4] Farizon acquired Ouling (Chinese: 欧铃) in 2021, a brand selling gasoline-powered lower end micro trucks.