However, the car system carried by these brands’ models is often described by users as “Android phones of 10 years ago” due to their many failures. Geely and its sub-brand Geometry and Lynk & Co are major customers of ECARX. However, there are still many problems with the application of ECARX’s products. SEE ALSO: ECARX Secures $65M Prior to Listing in Merge With COVA Acquisition Corp In December of last year, the company’s first 7nm intelligent cockpit chip was launched, and the next generation of products is expected to be commercialized in 2024. As early as 2018, ECARX and Arm China established SiEngine Technology to focus on three product lines – intelligent cockpit chips, automatic driving chips and vehicle-mounted CPU chips. ECARX also intends to incubate key suppliers, so as to enhance its comprehensive competitiveness. Shen also publicly stated that the company accelerates its global expansion through financing and technology.ĮCARX achieved revenue of $415 million in 2021, and is expected to achieve adjusted profit before tax, interest, depreciation and amortization before the end of 2024. In 2020, it established a branch and R&D center in Gothenburg, Sweden, to open up the European market. In 2019, it established joint ventures with Proton Automobile and ALTEL of Malaysia to deepen its overseas layout. Since its inception, ECARX has been determined to serve global consumers. Its technology has been applied to more than 3.7 million vehicles worldwide, serving 12 brands in Asia and Europe. Headquartered in Wuhan, its core products include on-board infotainment system, digital cockpit, on-board chip module solution and core operating system. Prior to this, ECARX completed three rounds of financing worth about $650 million from Geely, Baidu, SIG and others.ĮCARX’s co-founders are two automotive entrepreneurs, Chairman and CEO Ziyu Shen and Eric Li, who is also the founder and chairman of Geely. In the transaction in May, the equity value of ECARX was $3.4 billion, and it received $300 million in cash held by COVA in the form of trust, and $45 million in additional financing from investors including Geely Holding, Luminar and Lotus Technology. The new entity retains the ECARX name and its shares and warrants have commenced trading under the symbols “ECX” and “ECXWW.”Īs early as May of this year, ECARX announced the signing of a merger agreement with COVA. Shen Ziyu, Ecarx's other co-founder and a former General Motors executive, told Reuters in March 2021 that the company had already supplied 2.5 million vehicles.ECARX Holdings, a Chinese automotive technology startup, listed its shares on the Nasdaq on December 21 alongside special purpose acquisition company COVA Acquisition Corp. Its customers include, unsurprisingly, Geely-owned brands like Lotus and Volvo. Ecarx is building a comprehensive platform for the future of cars, focusing on the likes of auto chips and smart vehicles. Luminar's sensing technology can potentially reach millions of vehicles through the Geely/Ecarx auto empire. The funding will be part of the pair's wider collaboration on automotive-grade technologies, which aims to " enable advanced safety and automated driving capabilities in the production of consumer vehicles and commercial trucks," a plan that Luminar unveiled in May. It's making a strategic investment of an undisclosed amount in Ecarx, an auto tech startup co-founded by Eric Li, founder of China's largest private automaker Geely, Ecarx said on Thursday. Luminar, the Florida-based lidar company that went public via SPAC in 2020, has formed a close alliance with an auto behemoth in China.
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