Geely Backed Mobility Tech Company ECARX Received USD 65 Mn Funding

Automotive Author: Ziying Wu Editor: Mu Li Nov 21, 2022 09:28 AM (GMT+8)

Recently, ECARX, a China-based automotive intelligent technology company, successfully bagged USD 65 Mn of funding.

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Recently, ECARX Co., Ltd. (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. The convertible notes are expected to be mature in 2025. The funds raised will be used for R&D, product development, strategic acquisitions and investments, and global expansion, ultimately enhancing the company's competitiveness.

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). Moreover, ECARX announced its merger with COVA Acquisition Corp on May 26, 2022.

ECARX, 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. 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.

Ziyu Shen, CEO and Chairman of ECARX, claimed that the financing agreement brings the company one step closer to entering the public market listing. 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.