ECARX sells minority stake in Zenseact, while maintaining strategic collaboration
London, December 31, 2022 – ECARX Holdings Inc. (“ECARX” or the “Company”) (Nasdaq: ECX), a global mobility tech company, has sold its subsidiary held minority stake of 13.5% in Zenseact, the autonomous driving (AD) software development subsidiary of Volvo Cars, to the Swedish automotive group for a total consideration of USD 115m while maintaining its strategic collaboration with Zenseact after the sale.
The share-sale will allow ECARX to accelerate the development of its core technology, a vertically integrated full-stack computing platform, while working with key partners to integrate the broader technology required to fully realize the benefits of connected and automated vehicles. ECARX retains its agreement with Zenseact to explore collaborations between the companies.
ECARX, which is listed on Nasdaq (ECX), is transforming vehicles into seamlessly integrated information, communications, and transportation devices. It is shaping the interaction between people and cars by rapidly advancing the technology at the heart of smart mobility. ECARX's current core products include infotainment head units (IHU), digital cockpits, vehicle chip-set solutions, a core operating system and integrated software stack. Beyond this, ECARX is developing a full-stack automotive computing platform.
Over the last three years, ECARX's technology has been integrated into more than 3.7 million cars worldwide. ECARX was founded in 2017 and has since grown to close to 2,000 team members. The co-founders are two automotive entrepreneurs, Chairman and CEO Ziyu Shen and Eric Li (Li Shufu), who is also the founder and chairman of Zhejiang Geely Holding Group (Geely), one of the largest automotive groups in the world that holds ownership interest and investment in international brands such as Lotus, Lynk & Co, Polestar, smart and Volvo Cars.
This press release contains statements that may constitute “forward-looking” statements pursuant to the “safe harbor” provisions of the U.S. Private Securities Litigation Reform Act of 1995. These forward-looking statements can be identified by terminology such as “will,” “expects,” “anticipates,” “aims,” “future,” “intends,” “plans,” “believes,” “estimates,” “likely to,” and similar statements. Statements that are not historical facts, including statements about the beliefs, plans, and expectations of ECARX, are forward-looking statements. Forward-looking statements involve inherent risks and uncertainties, including those identified under the heading “Risk Factors” in the registration statement on Form F-4 filed by ECARX with the U.S. Securities and Exchange Commission. All information provided in this press release is as of the date of this press release, and ECARX undertakes no obligation to update any forward-looking statement, except as required under applicable law.
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SOURCE ECARX Holdings, Inc.