![]() It's also believed that this financing is a vote of confidence in ECARX's market position and will facilitate the automotive industry development, eventually transforming vehicles into seamlessly integrated information, communications and transportation devices. Ziyu Shen, CEO and Chairman of ECARX, claimed that the financing agreement brings the company one step closer to entering the public market listing. ![]() Over the past three years, ECARX's technology has been integrated into more than 3.2 million cars worldwide and the company has grown to over 2,000 team members, with facilities in China and Europe. Moreover, ECARX announced its merger with COVA Acquisition Corp on May 26, 2022.ĮCARX, co-founded in 2017 by the founder of Geely Holding Eric Li and Ziyu Shen, is an automotive intelligence company specializing in developing a full-stack automotive computing platform. In addition to this USD 65 million convertible note financing, the company previously raised USD 45 million successfully from strategic partners Geely Holdings Group (Chinese:吉利控股集团) and Luminar, as well as convertible note holders Lotus Technology (Chinese:路特斯科技). The funds raised will be used for R&D, product development, strategic acquisitions and investments, and global expansion, ultimately enhancing the company's competitiveness. The convertible notes are expected to be mature in 2025. (hereinafter referred to as ECARX) (Chinese: 亿咖通) has reached an agreement with SPDB International Holdings Limited and CNCB (Hong Kong) Investment Limited to secure a USD 65 million senior convertible note financing investment. According to a Thursday (May 26) press release, the. (This story has not been edited by NDTV staff and is auto-generated from a syndicated feed.Recently, ECARX Co., Ltd. Smart car tech startup ECARX said it is going public through a special purpose acquisition company merger that values the firm at 3.8 billion. The planned listing is also supported by $300 million raised by COVA in its initial public offering (IPO) in February last year.Ī blank-check firm, or a special purpose acquisition company (SPAC), is a listed shell entity that uses the money raised in its IPO to merge with a private company, taking it public in the process. ![]() The company was founded by Ziyu Shen, its chief executive officer, and Li Shufu, Geely's chairman, in 2017. With facilities in China and Europe, ECARX focuses on technology used in car chips, high-definition maps and smart vehicles. ![]() "As things are successful, I don't think it would be surprising if we ultimately collaborate even more, invest even more, as this partnership scales," he told Reuters. Luminar CEO Austin Russell told Reuters that the California-based startup will be investing 15 million in ECARX in a bid to break into the Chinese car market, the world's biggest, and tap. Luminar CEO Austin Russell told Reuters that the California-based startup will be investing $15 million in ECARX in a bid to break into the Chinese car market, the world's biggest, and tap customers such as Geely. The deal with COVA Acquisition Corp includes a $45 million investment from mobility tech company Geely, lidar sensor maker Luminar Technologies Inc and automotive company Lotus Technology. regulators have been locked in a dispute over the latter's demand for complete access to the books of U.S-listed Chinese companies. ECARX Holdings, a Chinese auto tech startup backed by Geely Holding Group's chairman, on Thursday said it would go public through a merger with a blank-check firm in a deal that values it at $3.82 billion.Ĭhinese listings in the United States have been frozen for months, as Beijing and U.S. Luminar, the Florida-based lidar company, recently snagged a strategic investment from Ecarx, a smart car platform started by China’s auto mogul Li Shufu, the founder of Geely, which is expected.
0 Comments
Leave a Reply. |
AuthorWrite something about yourself. No need to be fancy, just an overview. ArchivesCategories |