Geely Automobile Holdings Limited (HK.0175) announced that it has signed a strategic investment agreement with ECARX Technology Co. Ltd. (ECARX) to acquire approximately 1.51% of the company in return for an investment of US$50 million. The investment represents Geely Auto’s latest move in the field of automotive intelligence.
Founded in 2016 by two automotive entrepreneurs, Li Shufu and Shen Ziyu, ECARX is a leading automotive intelligence technology company, committed to developing advanced open intelligent connected operating system, which empowers automotive companies to jointly create a more intelligent and a safer mobility experience. With offices in the cities of Hangzhou, Beijing, Shanghai, Wuhan, and Dalian in China, and in Gothenburg, Sweden, ECARX offers connected services on a global basis.
ECARX has previously received strategic investment from Baidu, SIG (Susquehanna International Group, LLP), CVC (Corporate Venture Capital) and Hubei Changjiang Jingkai V2X Industry Fund LLP in 2020 and 2021.
ECARX’s business focus aligns with Geely Auto’s long-term strategy in relation to the creation of an intelligent technology ecology with a focus on intelligent vehicle solutions that encompasses the SoC, cockpit and vehicle operating systems, software, autonomous drive solutions and also vehicle driving vehicle chip sets.