Beijing Calvin New Energy Automobile

About Beijing Calvin New Energy Automobile

Positioned within China's rapidly expanding new energy vehicle market, Beijing Calvin New Energy Automobile Co., Ltd., which also operates under the brand CAVAN Auto, was formally established on October 18, 2022. The company functions as a majority-owned subsidiary of Beiqi Foton Motor, a prominent Chinese commercial vehicle manufacturer, which maintains a controlling stake of 63.59% following the company's Pre-A funding round. CAVAN Auto was established as a strategic venture with initial investments from a consortium including Foton, Robert Bosch Venture Capital (RBVC), Boyuan Capital, SinoHytec, and Shenzhen Fuyuan Zhihui.

CAVAN Auto concentrates on the research, development, production, and sales of commercial vehicles powered by alternative energy sources. The firm's technological roadmap is twofold, pursuing both pure battery-electric (BEV) and hydrogen fuel cell propulsion systems for the commercial sector. Its product development aims to serve a variety of logistics and transportation scenarios, from urban distribution to long-haul freight. The business model involves not just vehicle manufacturing but also the development of critical components, drive-by-wire systems, and intelligent driving technologies. The company plans to provide integrated solutions for its clients, encompassing the vehicle, smart logistics, charging infrastructure, and energy management.

Since its inception, the company has reached several key milestones, including the launch of the Foton CAVAN Auto brand in January 2024 and the rollout of its first VAN product prototype in June 2024. The company secured over 1.2 billion yuan in a Pre-A funding round, which saw participation from new investors like the Beijing Green Energy and Low-Carbon Industry Investment Fund alongside continued support from existing shareholders. This capital injection is intended to finance the company's growth and scale its new energy commercial vehicle operations. Looking ahead, CAVAN Auto plans to introduce three distinct product platforms to both domestic and international markets, starting with a highly intelligent, pure electric VAN model.