0001628280-24-014607 | 20-F | XBRL Viewer

^[2]

(1,175,952)

(1,173,955)

(1,997)

Share-based compensation (Note 21)

(1,306)

163,481

Re-designation of ordinary shares to Series A Preferred Shares (in shares) | shares

^[1]

(2,343,309)

Re-designation of ordinary shares to Series A Preferred Shares (Note 19)

(81,208)

Deemed dividend in association with acquisition of an equity-method investment (Note 8)

(689,670)

Deconsolidation of a subsidiary (Note 19(a))

(14,335)

Contribution from non-controlling shareholders (Note 19(a))

202,000

(105)

202,105

Repurchase of ordinary shares (Note 20)

Repurchase of ordinary shares (in shares) | shares

^[1]

(5,010,420)

Accretion of Redeemable Convertible Preferred Shares

(243,564)

(247,580)

4,016

Foreign currency translation adjustments, net of nil income taxes

4,551

Ending balance (in shares) at Dec. 31, 2021 | shares

^[3]

231,237,692

^[1]

^[4]

Ending balance, treasury (in shares) at Dec. 31, 2021 | shares

^[1],[3]

5,010,420

Ending balance at Dec. 31, 2021

(3,900,046)

(4,097,326)

¥ 7

¥ 0

(4,103,381)

6,048

197,280

CHANGES IN SHAREHOLDERS' DEFICIT

^[5]

(1,606,682)

(1,564,164)

(42,518)

Deconsolidation of a subsidiary (Note 19)

(714)

7,178

Share-based compensation (Note 21)

725,651

Reissuance of ordinary shares (in shares) | shares

^[3]

(5,010,420)

Accretion of Redeemable Convertible Preferred Shares

(354,878)

Deemed distribution to shareholders in the VIE Restructuring

(61,921)

Re-designation of ordinary shares into Class A ordinary shares (in shares) | shares

^[3]

(193,216,446)

^[4]

Re-designation of ordinary shares into Class A Ordinary Shares (Note 1(b))

¥ (6)

¥ 6

Re-designation of ordinary shares into Class B ordinary shares (in shares) | shares

^[3]

(43,031,666)

Re-designation of ordinary shares into Class B Ordinary Shares (Note 1(b))

¥ (1)

¥ 1

IPO cost capitalization

(270,539)

Conversion-Lotus convertible notes payable (in shares) | shares

^[3],[4]

1,052,632

Conversion-Lotus convertible notes payable (Note 1(b) and 15)

69,600

Geely strategic investment (in shares) | shares

^[3],[4]

2,000,000

Geely strategic investment (Note 1(b))

139,200

Luminar strategic investment (in shares) | shares

^[3],[4]

1,500,000

Luminar strategic investment (Note 1(b) and Note 8)

87,615

Conversion of Preferred Shares to Class A and Class B ordinary shares (in shares) | shares

^[3]

84,795,039

^[4]

5,929,250

Conversion of Preferred Shares to Class A and Class B ordinary shares (Note 18)

5,492,749

¥ 3

5,492,746

Issuance of Class A Ordinary Shares and warrants to COVA shareholders and warrant holders (in shares) | shares

^[3],[4]

5,870,357

Issuance of Class A Ordinary Shares and warrants to COVA shareholders and warrant holders

30,265

Foreign currency translation adjustments, net of nil income taxes

(391,934)

Ending balance (in shares) at Dec. 31, 2022 | shares

288,434,474

48,960,916

^[3]

288,434,474

^[3],[4],[6]

48,960,916

^[3]

Ending balance, treasury (in shares) at Dec. 31, 2022 | shares

^[3]

Ending balance at Dec. 31, 2022

(34,456)

(196,396)

¥ 0

¥ 9

¥ 1

¥ 0

5,919,660

(5,730,180)

(385,886)

161,940

CHANGES IN SHAREHOLDERS' DEFICIT

^[6]

(1,015,180)

(940,191)

(74,989)

Share-based compensation (Note 21)

$ 0

174,025

Accretion of Redeemable Convertible Preferred Shares

Issuance of Class A ordinary shares under 2022 Share Incentive Plan (in shares) | shares

^[6]

554,575

Foreign currency translation adjustments, net of nil income taxes

41,152

5,796

41,152

Ending balance (in shares) at Dec. 31, 2023 | shares

288,989,049

48,960,916

288,989,049

^[6]

48,960,916

^[7]

Ending balance at Dec. 31, 2023

¥ (834,459)

$ (117,531)

¥ (921,410)

¥ 9

¥ 1

¥ 6,093,685

¥ (6,670,371)

¥ (344,734)

¥ 86,951

[1]	Shares outstanding for all periods reflect the adjustment for Recapitalization
[2]	Excludes net loss attributable to redeemable non-controlling interests of RMB806 for the year ended December 31, 2021.Retrospectively adjusted to reflect the combination of JICA, as if the combination had been in effect since the inception of common control (refer to Note 1(e)).
[3]	Shares outstanding for all periods reflect the adjustment for Recapitalization.
[4]	Shares outstanding for all periods reflect the adjustment for Recapitalization.
[5]	Excludes net loss attributable to redeemable non-controlling interests of RMB464 for the year ended December 31, 2022. Retrospectively adjusted to reflect the combination of JICA, as if the combination had been in effect since the inception of common control (refer to Note 1(e)).
[6]	Retrospectively adjusted to reflect the combination of JICA, as if the combination had been in effect since the inception of common control (refer to Note 1(e)).
[7]	Shares outstanding for all periods reflect the adjustment for Recapitalization.

Property and equipment, net (Tables)

12 Months Ended

Dec. 31, 2023

Property, Plant and Equipment [Abstract]

Schedule of property and equipment, net

Property and equipment, net, consisted of the following:


	As of December 31,
	2022	2023
	RMB	RMB
Machinery and electronic equipment	180,264	197,777
Transportation vehicles	3,897	5,654
Office and other equipment	15,510	20,614
Leasehold improvements	43,440	44,747
Construction in progress	332	7,938
Property and equipment	243,443	276,730
Less: accumulated depreciation	(103,836)	(148,653)
Less: impairment provision	—	(7,292)
Property and equipment, net	139,607	120,785

Schedule of depreciation expenses of property and equipment

Depreciation on property and equipment was allocated as follows:


	Year ended December 31,
	2021	2022	2023
	RMB	RMB	RMB
Cost of revenues	1,401	1,022	544
Selling, general and administrative expenses	26,834	31,931	29,914
Research and development expenses	15,038	17,574	23,501
Total depreciation	43,273	50,527	53,959

Short-term borrowings - Schedule of short-term borrowings (Details) ¥ in Thousands, $ in Thousands	Dec. 31, 2023 CNY (¥)	Dec. 31, 2023 USD ($)	Dec. 31, 2022 CNY (¥)
Short-term borrowings
Short-term borrowings	¥ 1,200,000	$ 169,016	¥ 870,000
Unsecured bank loans
Short-term borrowings
Short-term borrowings	¥ 1,200,000		¥ 870,000

Short-term borrowings

12 Months Ended

Dec. 31, 2023

Short-Term Debt [Abstract]

Short-term borrowings

Short-term borrowings consisted of the following:


	As of December 31,
	2022	2023
	RMB	RMB
Unsecured bank loans	870,000	1,200,000

As of December 31, 2022, the Group’s short-term borrowings bear an interest rate of 4.30%, 4.35% and 4.38% per annum. As of December 31, 2023, the Group’s short-term borrowings bear interest rates of 3.80%, 3.90% and 4.00% per annum. As of December 31, 2022 and 2023, the Group had a total line of credit in the amount of RMB1,110,000 and RMB1,200,000, of which the unused portion was RMB140,000 and nil, respectively.

Short-term borrowings of RMB870,000 and RMB180,000 as of December 31, 2022 and 2023, respectively, were guaranteed by Hubei ECARX, which is a related party of the Group after the Restructuring as disclosed in the Note 1(c).

Long-term investments - Equity method investments (Details) $ / shares in Units, ¥ in Thousands, kr in Thousands, $ in Thousands					1 Months Ended							2 Months Ended	12 Months Ended
	Sep. 01, 2021 CNY (¥)	Jul. 26, 2021 CNY (¥) shares	Jul. 26, 2021 USD ($) $ / shares shares	Apr. 28, 2021 CNY (¥)	Dec. 31, 2022 CNY (¥)	Dec. 31, 2022 SEK (kr)	Apr. 30, 2022 investment	Jan. 31, 2022 CNY (¥)	Jul. 31, 2021 CNY (¥)	Jul. 31, 2021 SEK (kr)	May 31, 2021 CNY (¥)	Mar. 31, 2022 CNY (¥)	Dec. 31, 2023 CNY (¥)	Dec. 31, 2023 USD ($)	Dec. 31, 2022 CNY (¥)	Dec. 31, 2021 CNY (¥)	Jun. 30, 2023	Aug. 31, 2021
Long-term investments
Cash contribution to acquire equity method investment													¥ 0	$ 0	¥ 79,442	¥ 1,145,637
Excess of consideration over the carrying amount of the equity investment																689,670
Remeasured equity interest at fair value					¥ 284,536								252,407		284,536
Gain as a result of deconsolidation								¥ 71,974					¥ 0	$ 0	71,974	¥ 10,579
JICA
Long-term investments
Ownership interest																	70.00%
SiEngine Technology Co., Ltd
Long-term investments
Cash contribution to acquire equity method investment		¥ 68,967	$ 10,600
Value of shares issued to acquire equity method investment		620,703	95,800
Carrying amount of the Company's controlling shareholder \| $			$ 0
Excess of consideration over the carrying amount of the equity investment		¥ 689,670
SiEngine Technology Co., Ltd \| Series B Redeemable Convertible Preferred
Long-term investments
Number of shares issued to acquire equity method investment \| shares		9,882,082	9,882,082
Issuance price (in USD per share) \| $ / shares			$ 9.70
Geely Group
Long-term investments
Equity interest (as a percent)				50.00%
Cash contribution to acquire equity method investment				¥ 200,000
Suzhou Chenling Investment LLP
Long-term investments
Equity interest (as a percent)											9.416%
Cash contribution to acquire equity method investment											¥ 200,000
Volvo Cars
Long-term investments
Equity interest (as a percent)									40.00%	40.00%			60.00%
Cash contribution to acquire equity method investment					17,478	kr 25,620			¥ 269,813	kr 360,000
SiEngine Technology Co., Ltd
Long-term investments
Equity interest (as a percent)			34.61%
Hubei Dongjun Automotive Electronics Technology Co., Ltd.
Long-term investments
Equity interest (as a percent)	49.00%																	51.00%
Equity interest sold (as a percent)	2.00%
Cash consideration for sale of equity method investment	¥ 1,000
Remeasured equity interest at fair value	24,500
Gain as a result of deconsolidation	¥ 10,579
Suzhou Photon-Matrix
Long-term investments
Equity interest sold (as a percent)								3.45%
Number of equity method investments spun off \| investment							3
Cash consideration for sale of equity method investment								¥ 10,000
Remeasured equity interest at fair value					64,000			¥ 64,000							64,000
Gain as a result of deconsolidation															¥ 71,974
Suzhou Photon-Matrix \| Minimum
Long-term investments
Equity interest (as a percent)								49.17%
Suzhou Photon-Matrix \| Maximum
Long-term investments
Equity interest (as a percent)								50.92%
ECARX HK
Long-term investments
Equity interest (as a percent)													40.00%
Cash contribution to acquire equity method investment					¥ 11,652	kr 17,080
Anhui Xinzhi
Long-term investments
Cash consideration for sale of equity method investment												¥ 28,500

Leases -Weighted average remaining lease term and discount rate (Details)	Dec. 31, 2023	Dec. 31, 2022
Lessee Disclosure [Abstract]
Operating leases	6 years 1 month 20 days	5 years 8 months 4 days
Operating leases	8.65%	6.70%

Description of business and organization - Derecognized Assets (Details) ¥ / shares in Units, ¥ in Thousands	Dec. 31, 2023 CNY (¥) ¥ / shares
Mr. Shufu Li
Investments in and Advances to Affiliates, Activity [Line Items]
Par value of Authorized shares \| ¥ / shares	¥ 1.00
VIE's \| Hubei ECARX
Investments in and Advances to Affiliates, Activity [Line Items]
Cash	¥ 20,000
Long-term investments	211,908
Property and equipment, net	34,873
Intangible assets, net	¥ 1,094

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

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-Topic 946
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Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
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-Name Accounting Standards Codification
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-URI https://asc.fasb.org//1943274/2147480032/946-320-S99-6

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 320
-Name Accounting Standards Codification
-Section S99
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-Publisher FASB
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Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 320
-Name Accounting Standards Codification
-Section S99
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Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
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-Name Accounting Standards Codification
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Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
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-Name Accounting Standards Codification
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-Paragraph 6
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Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
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-Name Accounting Standards Codification
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Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
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-Name Accounting Standards Codification
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Reference 9: http://www.xbrl.org/2003/role/disclosureRef
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Reference 10: http://www.xbrl.org/2003/role/disclosureRef
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Reference 11: http://www.xbrl.org/2003/role/disclosureRef
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Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
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-Name Accounting Standards Codification
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Reference 13: http://www.xbrl.org/2003/role/disclosureRef
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Schedule of significant related parties and their relationships

Short-term borrowings - Additional Information (Details) - Unsecured bank loans - CNY (¥) ¥ in Thousands	Dec. 31, 2023	Dec. 31, 2022
Short-term borrowings
Total line of credit	¥ 1,200,000	¥ 1,110,000
Unused portion of line of credit	0	140,000
Short-term borrowings guaranteed	¥ 180,000	¥ 870,000
Loan One
Short-term borrowings
Interest rate (in percent)	3.80%	4.30%
Loan Two
Short-term borrowings
Interest rate (in percent)	3.90%	4.35%
Loan Three
Short-term borrowings
Interest rate (in percent)	4.00%	4.38%

Related party balances and transactions (Tables)

12 Months Ended

Dec. 31, 2023

(a)Related Parties


Names of the major related parties						Nature of relationship
Zhejiang Geely Holding Group (“Geely Group”) and its subsidiaries						Entity controlled by the controlling shareholder of the Company
Proton Holdings Berhad and its subsidiaries						Entity that the controlling shareholder of the Company has significant influence
Anhui Xinzhi Technology Co., Ltd.						Entity controlled by the controlling shareholder of the Company
Zhejiang Huanfu Technology Co., Ltd., (“Zhejiang Huanfu”, formerly known as Zhejiang Yikatong Technology Co., Ltd.,”Zhejiang Yikatong”)						Entity controlled by the controlling shareholder of the Company
Xi’an Liansheng Intelligent Technology Co., Ltd.						Entity controlled by the controlling shareholder of the Company
Hubei Xingji Meizu Group Co., Ltd. (formerly known as Hubei Yuanshidai Technology Co., Ltd.)						Entity controlled by the controlling shareholder of the Company
Hubei Xingji Meizu Technology Co., Ltd (formerly known as Hubei Xingji Times Technology Co., Ltd.)						Entity controlled by the controlling shareholder of the Company
Hubei ECARX Technology Co., Ltd (“Hubei ECARX”)						Entity controlled by the controlling shareholder of the Company
Arteus Group Limited (“Arteus”)						Entity controlled by the controlling shareholder of the Company
DreamSmart Technology Pte. Ltd. (“DreamSmart”) and its subsidiaries						Entity controlled by the controlling shareholder of the Company
SiEngine Technology Co., Ltd. (“SiEngine”)						Entity which is under significant influence of the Company
Hubei Dongjun Automotive Electronic Technology Co., Ltd. and its subsidiary						Entity which is under significant influence of the Company
Suzhou Photon-Matrix Optoelectronics Technology Co., Ltd						Entity which is under significant influence of the Company
HaleyTek AB						Entity which is under significant influence of the Company

(b)Significant transactions with related parties, except transactions disclosed elsewhere in these consolidated financial statements:


	Year ended December 31,
	2021	2022	2023
	RMB	RMB	RMB
Revenues(i):
Sales of goods revenues	1,466,340	1,663,076	2,715,136
Automotive computing platform	1,410,566	1,651,512	2,687,892
SoC Core Modules	—	77	410
Automotive merchandise and other products	55,774	11,487	26,834
Software license revenues	24,788	133,450	293,159
Service revenues	532,625	721,206	894,396
Automotive computing platform – Design and development service	306,027	466,747	668,802
Connectivity service	187,781	212,406	189,293
Other services	38,817	42,053	36,301
Total	2,023,753	2,517,732	3,902,691


	Year ended December 31,
	2021	2022	2023
	RMB	RMB	RMB
Purchase of products and services (ii)	293,552	677,775	602,838
Rental of office space, and administrative services (iii)	1,093	6,395	4,621
Other income (x)	—	22,846	7,078
Interest income on loans due from related parties (iv)	717	9,069	15,955
Interest expense on borrowings due to related parties (vi)	131	12,215	12,163
Loans to related parties (iv)	28,850	57,260	214,000
Repayment received of loans to related parties (iv)	—	29,360	214,000
Advances to Zhejiang Huanfu (iv)	19,806	—	—
Collection of advances to Zhejiang Huanfu (iv)	90,155	—	—
Repayment of borrowings from related parties (vi)	65,152	700,000	300,000
Borrowings from related parties (vi)	45,152	700,000	300,000
Transfer of property and equipment to Zhejiang Huanfu (vii)	707	1,604	—
Financial support to Anhui Xinzhi (ix)	—	28,500	—
Acquisition of software license rights (xi)	—	—	150,000

(c)Balances with related parties:


	As of December 31,
	2022	2023
	RMB	RMB
Accounts receivable – related parties, net (i)	835,320	1,545,752
Amounts due from related parties (ii)(iv)(v)	911,729	74,122
Other non-current assets – related parties (viii)	213,695	224,349
Accounts payable – related parties (ii) (xi)	241,773	278,750
Amounts due to related parties (iii)(vi)	42,843	35,664
Other non-current liabilities– related parties (xi)	—	44,519

___________________________

(i)The Group sold automotive computing platform products and provided related technology development services, merchandise and other products, connectivity service, software licenses and other consulting services to a number of related parties. Accounts receivable, net due from related parties arising from sales of products and provision of services were RMB835,320 and RMB1,545,752 as of December 31, 2022 and 2023, respectively. The balance as of December 31, 2022 was fully received in 2023. Of the balance as of December 31, 2023, RMB917,709 was subsequently received by February 2024.

(ii)The Group purchased raw materials, technology development services and other consulting services from a number of related parties, of which, RMB51,171, RMB29,717 and RMB41,409 of purchase of raw materials were recorded as inventories as of December 31, 2021, 2022 and 2023, respectively, RMB220,062, RMB591,613 and RMB513,788 were recorded in cost of revenues for the years ended December 31, 2021, 2022 and 2023, respectively, RMB23,412, RMB62,840 and RMB47,641 were recorded in operating expenses for the years ended December 31, 2021, 2022 and 2023, respectively.

Accounts payable to related parties includes payables arising from purchase of raw materials and services of RMB241,773 and RMB228,750, amount due from related parties includes prepayments arising from purchase of raw materials and services of RMB29,595 and RMB8,420 as of December 31, 2022 and 2023, respectively.

(iii)The Group has rented office space from related parties, pursuant to which, the Group recorded rental expenses of RMB1,093, RMB6,395 and RMB4,621 in operating expenses for the years ended December 31, 2021, 2022 and 2023, respectively. The Group also purchased technical services and logistics services from related parties, of which amounts due to related parties of RMB29,043 and RMB9,701 as of December 31, 2022 and 2023, respectively.

(iv)The Group provided loans of RMB28,850, RMB57,260 and RMB214,000 to related parties for the years ended December 31, 2021, 2022 and 2023 respectively. Interest incomes on loans due from related parties were RMB717, RMB9,069 and RMB15,955 for the years ended December 31, 2021, 2022 and 2023 respectively.

In 2021, the Group paid advances of RMB19,806 and received collection of RMB90,155 from Zhejiang Huanfu. The payments were interest-free and due on demand.

As of December 31, 2022 and 2023, loans and interest receivables due from related parties was RMB63,091 and RMB65,702.

(v)As of December 31, 2022, the Group recorded amounts due from Volvo Cars for its disposal of Zenseact, an equity security. The consideration of the disposal was US$115,000 (equivalent to RMB793,177) and the amount was settled in January 2023 (see Note 8); and the amounts due from Arteus Group Limited as of December 31, 2022 were GBP3,082 (equivalent to RMB25,866) (see below note (x)).

(vi)On March 29, 2018, Hubei ECARX entered into an unsecured loan agreement with Geely Group in an amount of RMB20,000 with an interest rate of 4.35% per annum, which was repayable on demand. The loan has been fully repaid on February 25, 2021. On August 25, 2021, the Company entered into an unsecured loan agreement with the controlling shareholder of the Company to obtain a loan of US$7,000 (equivalent to RMB45,152), which was fully repaid on October 8, 2021.

On March 28, 2022, ECARX (Hubei) Tech entered into an unsecured loan agreement with Hubei Xingji Times Technology Co., Ltd. in an amount of RMB200,000 with an interest rate of 2.25% per annum, which was repaid at the maturity date on September 30, 2022. On June 27, 2022, ECARX (Hubei) Tech entered into an unsecured loan agreement with Geely Group in an amount of RMB500,000 with an interest rate of 4.35% per annum, which was fully repaid on December 26, 2022.

In January 2023, ECARX (Hubei) Tech entered into an unsecured loan agreement with Geely Group in an amount of RMB300,000 with an interest rate of 4.1% per annum, which was fully repaid in December 2023.

Interest expense on borrowings from related parties were RMB131, RMB12,215 and RMB12,163 for the years ended December 31, 2021, 2022 and 2023, respectively.

The borrowings and the interest payable on borrowings from related parties was included in the amounts due to related parties and was RMB13,800 and RMB25,963 as of December 31, 2022 and 2023, respectively.

(vii)In October 2021, Hubei ECARX disposed certain property and equipment to Zhejiang Huanfu at RMB745 and recorded a gain of RMB38 as a result of the disposal. In February 2022, Hubei ECARX disposed certain property and equipment to Zhejiang Huanfu at RMB1,697 and recorded a gain of RMB93 as a result of the disposal.

(viii)As of December 31, 2022 and 2023, the balance of other non-current assets due from related parties included the amounts due from its former VIE, Hubei ECARX in the amount of RMB213,695 and RMB224,349, which represented the net present value of a loan provided by the Group to Hubei ECARX with the principal of RMB252,287 and an effective annual interest rate of 5.0%.

(ix)In February and March 2022, the Group provided cash in the amount of RMB28,500 to Anhui Xinzhi as financial support. The investment was derecognized as part of the Restructuring. See the Note 1(d) and Note 8 for details.

(x)Other income from related parties represents the amounts due from Arteus for recharges of expenses including those in relation to management service, sharing of office space, consultancy and other expenses paid by the Group on behalf of Arteus Group Limited. The amounts were outstanding as of December 31, 2022 and were fully settled in March 2023.In June 2023, ECARX signed an assignment of rights agreement with Arteus and DreamSmart. The amounts due from Arteus were assigned to DreamSmart, all of which were settled as of December 31, 2023.

(xi)In November 2023, the Group entered into a licensing agreement with Xingji Meizu, pursuant to which, the Group obtained a non-exclusive license under certain software of Xingji Meizu to develop and sell these software worldwide for three years. The consideration is due by instalment in three years of RMB50,000 each year. As of December 31, 2023, amounts due to Xingji Meizu of RMB94,519, representing the net present value of the long-term payables to Xingji Meizu with an effective annual interest rate of 4.0%, of which RMB50,000 was included within accounts payable – related parties and RMB44,519 was recorded as other non-current liabilities.

Description of business and organization

12 Months Ended

Dec. 31, 2023

Organization, Consolidation and Presentation of Financial Statements [Abstract]

Description of business and organization

1. Description of business and organization

(a)Description of business

ECARX Holdings Inc. (“ECARX” or the “Company’) was incorporated as an exempted company with limited liability in the Cayman Islands on November 12, 2019. The Company along with its subsidiaries, consolidated variable interest entity (“VIE”) and VIE’s subsidiaries is collectively referred to as “the Group”. The terms “we,” “our,” and “us” refer to the Group, unless the context indicates otherwise. Historically, we conducted our operations in China through subsidiaries as well as through Hubei ECARX Technology Co., Ltd (“Hubei ECARX”), our former VIE based in mainland China. In 2022, as a result of a restructuring described below, we do not have any VIE in China. We are a global mobility-tech company partnering with original equipment manufacturers (“OEM”s) to reshape the automotive landscape as the industry transitions to an all-electric future. As OEMs develop new vehicle platforms from the ground up, we are developing a full-stack solution - central computer, system on a chip (“SoC”) and software to help continuously improve the in-car user experience. Our products continue to shape the interaction between people and vehicles by rapidly advancing the technology at the heart of smart mobility. We are engaged in the sales of SoC core modules, automotive computing platform products, software stacks as well as the provision of research and development services primarily in the People’s Republic of China (“PRC”).

(b)Merger and recapitalization

On December 20, 2022, (the “Closing Date”), the Company consummated its merger with COVA Acquisition Corp. (“COVA”) pursuant to a merger agreement dated May 26, 2022 (the “Merger Agreement”) by and among COVA, ECARX, ECARX Temp Limited, a wholly-owned subsidiary of ECARX (“Merger Sub 1”), and ECARX&Co Limited, a wholly-owned subsidiary of ECARX ( “Merger Sub 2”). Pursuant to the Merger Agreement, (i) Merger Sub 1 was merged with and into COVA (the “First Merger”), with COVA surviving the First Merger as a wholly owned subsidiary of ECARX Holdings Inc. (such company, as the surviving entity of the First Merger, “Surviving Entity 1”), and (ii) immediately following the First Merger and as part of the same overall transaction as the First Merger, Surviving Entity 1 was merged with and into Merger Sub 2 (the “Second Merger,” and together with the First Merger, the “Mergers”), with Merger Sub 2 surviving the Second Merger as a wholly-owned subsidiary of ECARX Holdings Inc. (such company, as the surviving entity of the Second Merger, “Surviving Entity 2”) (collectively, the “Merger”).

On the Closing Date:

(i)the amended and restated memorandum and articles of association the Company became effective;

(ii)90,724,289 of the preferred shares of the Company that were issued and outstanding immediately prior to the First Effective Time (i.e. effective time of the First Merger) were re-designated and reclassified into one ordinary share of the Company on a one-for-one basis (the “Preferred Share Conversion”);

(iii)immediately following the Preferred Share Conversion but immediately prior to the Recapitalization (as defined below), the authorized share capital of the Company was re-designated as follows (“Re-designation”):

(A) each of the issued and outstanding ordinary shares of the Company (other than the Co-Founder Shares, defined as all of the ECARX shares held by Mr. Ziyu Shen and 20,520,820 ECARX shares held by Mr. Eric Li (Shufu Li) immediately prior to the Re-designation) and each of 7,766,956,008 authorized but unissued ordinary shares of the Company was re-designated as one Class A Ordinary Share;

(B) each of the issued and outstanding Co-Founder Shares and each of the 958,958,360 authorized but unissued ordinary shares of the Company was re-designated as one Class B Ordinary Share; and

(C) 1,000,000,000 authorized but unissued ordinary shares of the Company were re-designated as shares of par value of US$0.000005 each of such class or classes (however designated) as the board of directors of the Company may determine in accordance with the Amended Articles; and

(iv)Recapitalization

(A) each of the issued and outstanding ordinary shares of ECARX immediately following the Re-designation was recapitalized by way of a repurchase in exchange for issuance of such number of Class A Ordinary Shares and Class B Ordinary Shares, in each case, equal to the Recapitalization Factor (as defined below) (i.e., one such Company Class A Ordinary Share or Company Class B Ordinary Share, as the case may be, multiplied by the Recapitalization Factor);

(B) each ECARX restricted share unit and option issued and outstanding immediately prior to the Recapitalization was adjusted to give effect to the foregoing transactions, such that each ECARX restricted share unit and option shall be exercisable for that number of Class A Ordinary Shares equal to the product of (a) the number of shares of the Company subject to such ECARX restricted share unit and option immediately prior to the Recapitalization multiplied by (b) the Recapitalization Factor (such product rounded down to the nearest whole number), and the per share exercise price for each Class A Ordinary Share issuable upon exercise of the ECARX restricted share unit and options, as adjusted, shall be equal to the quotient (rounded up to the nearest whole cent) obtained by dividing (y) the per share exercise price for each share of the Company subject to such ECARX restricted share unit and option by (z) the Recapitalization Factor.

“Recapitalization Factor” is 1.19295710, representing the number resulting from dividing (i) US$3,400,000,000, being the pre-money equity value of ECARX as agreed between ECARX and COVA, by (ii) the product of (x) the Fully-Diluted Company Shares, and (y) US$10.00.

“Fully-Diluted Company Shares” means, without duplication, (a) the aggregate number of shares of ECARX Holdings Inc. (i) that are issued and outstanding immediately prior to the Re-designation and (ii) that are issuable upon the exercise of all ECARX Options and other equity securities of ECARX Holdings that are issued and outstanding immediately prior to the Re-designation (whether or not then vested or exercisable as applicable), minus (b) the shares of ECARX Holdings held by it or any subsidiary of ECARX Holdings Inc. (if applicable) as treasury shares.

On the Closing Date, the Company issued:

(i)5,870,357 Class A Ordinary Shares to then holders of Class A ordinary shares of COVA, including 5,250,000 Class A Ordinary Shares issued to COVA Acquisition Sponsor LLC (the “Sponsor”);

(ii)23,871,971 Warrants to then holders of COVA Public Warrants and COVA Private Warrants;

(iii)282,564,117 Class A Ordinary Shares, consisted of (a) 2,000,000 Class A Ordinary Shares to Geely Investment Holding Ltd. and 1,500,000 Class A Ordinary Shares to Luminar Technologies, Inc. (collectively referred to as “Strategic Investors”), (b) 1,052,632 Class A Ordinary Shares issued to Lotus Technology Inc., the holder of the Note (defined in the Note 15), and (c) 84,795,039 Class A Ordinary Shares to then existing preferred shareholders and 193,216,446 Class A Ordinary Shares to then existing ordinary shareholders of the Company.

(iv)48,960,916 Class B Ordinary Shares to the then existing shareholders of the Company.

Pursuant to the mergers above stated, COVA was considered as the “acquired” company for financial reporting purposes. Accordingly, for accounting purposes, the financial statements of ECARX represented a continuation of its operations with the Merger treated as the equivalent of ECARX issuing shares for the net assets of COVA, accompanied by a recapitalization. The net assets of ECARX are stated at historical cost, with no goodwill or other intangible assets recorded. This determination was primarily based on the following:

•ECARX is the larger of the combining entities and is the operating company.

•ECARX will have control of the board as it will hold a majority of the seats on the board of directors with COVA only taking two seats on the board after the mergers.

•ECARX’s senior management will be continuing as senior management of the combined company.

•In addition, a larger portion of the voting rights in the combined entity will be held by existing ECARX’s shareholders.

The equity structure has been recast in all comparative periods up to the Closing to reflect the number of the Company’s preferred shares and ordinary shares issued and outstanding in history. As such, the shares and corresponding capital amounts and earnings per share prior to the Merger have been retroactively recast.

The Class A Ordinary Shares and ECARX Public Warrants (defined in the Note 13) of the Company are listed on the Nasdaq Stock Market LLC, or “Nasdaq,” under the trading symbols “ECX” and “ECXWW,” respectively.

In connection with the Merger, the Company raised aggregated proceeds of US$38,870 (equivalent to RMB270,539), including (i) cash proceeds consisted of US$6,282 (equivalent to RMB43,724) in connection with the Merger, US$20,000 (equivalent to RMB139,200) from Geely Investment Holding Ltd. (referred to as “Geely strategic investment”) and (ii) US$12,588 (equivalent to RMB87,615) worth of shares from Luminar Technologies, Inc., a strategic investor (referred to as “Luminar strategic investment”, collectively referred to as “Strategic Investments”). The Company incurred transaction costs of US$42,122 (equivalent to RMB293,168). Any excess of these costs over the proceeds amounting to US$3,252 (equivalent to RMB22,629) were recorded in general and administrative expenses of the statement of comprehensive loss.

(c)Restructuring

Historically, the Company conducted its operation in China through its PRC consolidated subsidiaries as well as through the VIE and VIE’s subsidiaries based in China. Since early 2022, the Company implemented a series of transactions to restructure its organization and business operations (the “Restructuring”). In connection with the Restructuring, in April 2022, the Company, Hubei ECARX and shareholders of Hubei ECARX entered into a VIE Termination Agreement to terminate the VIE Agreements with immediate effect.

In addition, ECARX (Hubei) Tech Co., Ltd. (“ECARX (Hubei) Tech”), a wholly-owned PRC subsidiary of the Company, and Hubei ECARX reached an agreement, pursuant to which:

•All of the business and operations, excluding a contract on AI voice products signed by Hubei ECARX on March 5, 2020, and the working capital of Hubei ECARX of approximately RMB20,000, which are not subject to restrictions on the foreign investments, including the sales of automotive computing platforms, SoC core modules, automotive merchandise or other products, software licensing and the provision of automotive computing platform design and development service and other services of Hubei ECARX, and related assets and liabilities, contracts, intellectual properties and employees, were transferred from Hubei ECARX to ECARX (Hubei) Tech, at nil consideration.

•Other business and operations, which include the above-mentioned contract entered into by Hubei ECARX on March 5, 2020 and the working capital of approximately RMB20,000 as well as the business and operations that are subject to the restrictions on foreign investments, including (i) map surveying and mapping qualification (referring to Grade A Surveying and Mapping Qualification of Navigation Electronic Map and Grade B Surveying and Mapping Qualification of Internet Map Service of Hubei ECARX), (ii) mapping activities (including relevant assets, contracts, intellectual property rights and employees), and (iii) ICP license, were retained by Hubei ECARX and spun off from the Group upon the completion of the Restructuring. The operating results of the remaining business operations in 2020 and 2021 were inconsequential.

•In addition, the Group also spun off three equity method investments, primarily including the equity method investment in Suzhou Chenling Investment LLP (“Suzhou Chenling”) to Hubei ECARX.The Company also temporarily transferred three of its equity method investments to two investment and consulting companies, including Hubei Dongjun Automotive Electronic Technology Co., Ltd (“Hubei Dongjun”) and Suzhou Photon-Matrix Optoelectronics Technology Co., Ltd (“Suzhou Photon-Matrix”). The three equity method investments were transferred out in April 2022 and transferred back to ECARX (Hubei) Tech, a wholly-owned subsidiary of

the Company, before the consummation of the Restructuring. Since there was no substantial change in economic substance before and after the Restructuring to these equity interests and considering the short lapse of time between the equity interests having been transferred to third parties and the same being transferred back to the Company, the Company determined that there is no accounting impact as a result of such temporary transfers. Hubei Dongjun and Suzhou Photon-Matrix were deconsolidated in September 2021 and January 2022, respectively, before the temporary transfers, as a result of the Company’s loss of control of such entities. Therefore, the temporary transfers to the two investment and consulting companies that were returned to the Company did not include the equity interests that led to the deconsolidation of Hubei Dongjun and Suzhou Photon-Matrix.

Pursuant to the Restructuring, the following assets of Hubei ECARX were derecognized by the Group:


			RMB
Assets
Cash			20,000
Long-term investments			211,908
Property and equipment, net			34,873
Intangible assets, net			1,094

In addition, the Group recognized amounts due from Hubei ECARX in the amount of RMB205,954, which represented the net present value of a loan provided by the Group in June 2021 to Hubei ECARX in the amount of RMB252,287. The loan is interest free and will be settled in cash no later than May 2026. The present value of the loan is discounted at an effective annual interest rate of 5%.

The excess of the assets derecognized over the amounts due from the VIE in the amount of RMB61,921 was treated as deemed distribution to shareholders and recorded in accumulated deficit.

The Restructuring does not represent a strategic shift, nor will it have a major effect on the Group’s operations and financial results.

(d)VIE

The Group operated all of its business in the PRC through Hubei ECARX, a limited liability company established under the laws of the PRC prior to the Restructuring in April 2022 as described in Note 1(c). The recognized and unrecognized revenue-producing assets of the VIE and VIE’s subsidiaries primarily consisted of property and equipment, internally developed software and intellectual property, patents and trademarks and other licenses necessary for the operation and assembled workforce.

The equity interests of Hubei ECARX were legally held by Mr. Shufu Li and Mr. Ziyu Shen, who acted as the nominee equity holders of Hubei ECARX on behalf of ECARX (Wuhan) Technology Co., Ltd. (“ECARX WH” or “WFOE”). A series of VIE agreements, including the Power of Attorney, the Exclusive Business Cooperation Agreement, the Exclusive Purchase Option Agreement, the Equity Interest Pledge Agreement and Spousal Consent, as amended, were entered among the VIE, the WFOE and the nominee equity holders of the VIE. Through the VIE Agreements, the nominee equity holders of the VIE had granted all their legal rights including voting rights and disposition rights of their equity interests in the VIE to the WFOE. The nominee equity holders of the VIE did not participate significantly in income and loss and did not have the power to direct the activities of the VIE that most significantly impact their economic performance. Accordingly, the VIE was considered a variable interest entity.

In accordance with Accounting Standards Codification (“ASC”) 810-10-25-38A, the Company, through the WFOE, had a controlling financial interest in the VIE because the WFOE had (i) the power to direct activities of the VIE that most significantly impact the economic performance of the VIE; and (ii) the right to receive benefits from the VIE that

could potentially be significant to the VIE. Thus, the Company, through the WFOE, is the primary beneficiary of the VIE.

Under the terms of the VIE Agreements, the Company, through the WFOE, had (i) the right to receive economic benefits that could potentially be significant to the VIE in the form of service fees under the Exclusive Business Cooperation Agreement; (ii) the right to receive all dividends declared by the VIEs and the right to all undistributed earnings of the VIE under the Power of Attorney; (iii) the right to receive the residual benefits of the VIE through its exclusive option to acquire 100% of the equity interests and assets in the VIE, to the extent permitted under PRC law, under the Exclusive Purchase Option Agreement. Accordingly, the financial statements of the VIE were consolidated in the Company’s consolidated financial statements.

Under the terms of the VIE Agreements, the VIE’s nominee equity holders had no rights to the net assets nor had the obligations to fund the deficit, and such rights and obligations had been vested to the Company. All of the deficit (net liabilities) and net loss of the VIE were attributed to the Company.

The principal terms of the VIE Agreements are as follows:

Power of Attorney

Pursuant to the power of attorney agreement entered into among WFOE and each of the equity holders of VIE, the equity holders of VIE unconditionally and irrevocably appointed WFOE as their sole attorney-in-fact to exercise all equity holder rights, including, but not limited to, the right to convene and attend equity holders’ meeting, to exercise voting rights and sign any resolution and minutes of the meetings as a shareholder or director, the rights to sale, transfer, pledge or disposal of all or any part of the equity interests in VIE, to appoint the legal representative, director, supervisor and other senior management personnel, of VIE and to exercise all other equity holders’ rights stipulated by PRC laws and regulations and the articles of association of VIE. The powers of attorney will remain effective until such equity holders cease to be equity holders of the VIE.

Exclusive Business Cooperation Agreement

Pursuant to the Exclusive Business Cooperation Agreement, WFOE has agreed to provide to the VIEs with comprehensive technical support, consulting services and other services, including but not limited to software licensing legally owned by WFOE; development, maintenance and update of software involved in VIEs’ business; design, installation, daily management, maintenance and updating of network system, hardware and database design; technical support and training for employees of VIEs; assisting VIEs in consultancy, collection and research of technology and market information; providing business management consultation, marketing and promotion services, customer order management, customer services, leasing of equipment or properties and other related services. The VIEs shall pay WFOE service fees determined by WFOE in its sole discretion. WFOE has the right to determine the level of service fees paid and therefore receives substantially all of the economic benefits of its VIEs in the form of service fees. WFOE, as appropriate, will exclusively own any intellectual property rights arising from the performance of these agreements. The aforementioned agreement will terminate automatically when WFOE terminates it by written notice.

Exclusive Purchase Option Agreements

Under the exclusive purchase option agreements, Mr. Shufu Li and Mr. Ziyu Shen granted WFOE or its designee an option to purchase their equity interest in VIE at RMB1.00 or a price equal to the minimum amount of consideration permitted by PRC law. Mr. Shufu Li and Mr. Ziyu Shen should remit to the VIE any amount that is paid by the WFOE or its designated person(s) in connection with the purchased equity interest. Mr. Shufu Li and Mr. Ziyu Shen also granted WFOE or its designee an option to purchase all or a portion of the assets of VIE for the minimum amount of consideration permitted by PRC law. Mr. Shufu Li and Mr. Ziyu Shen also agreed not to transfer or mortgage any equity interest in or dispose of or cause the management to dispose of any material assets of VIE without the prior written consent of WFOE. The Exclusive Purchase Option Agreement shall remain in effect until all of the equity interests in VIE have been acquired by WFOE or its designee.

Equity Interest Pledge Agreements

Under the Equity Interest Pledge Agreement, Mr. Shufu Li and Mr. Ziyu Shen pledged their respective equity interest in VIE to WFOE to secure obligations under the Power of Attorney, Exclusive Business Cooperation Agreement, and Exclusive Purchase Option Agreement. Mr. Shufu Li and Mr. Ziyu Shen further agreed not to transfer or pledge their equity interests in VIE without the prior written consent of WFOE. The Equity Interest Pledge Agreement will remain binding until the pledgers, Mr. Shufu Li and Mr. Ziyu Shen, as the case may be, discharge all of their obligations under the above-mentioned agreements. On January 10, 2020, the equity pledges under the Equity Interest Pledge Agreement were registered with competent PRC regulatory authority.

Spousal Consents

The spouses of Mr. Shufu Li and Mr. Ziyu Shen, have each signed a spousal consent. Under the spousal consent, the signing spouse unconditionally and irrevocably agreed that the equity interest in VIE which is held by and registered under the name of her spouse will be disposed of pursuant to the above mentioned Equity Interest Pledge Agreements, Exclusive Purchase Option Agreements, the Exclusive Business Cooperation Agreement and the Power of Attorney. Moreover, the spouse confirmed she has no rights, and will not assert in the future any right, over the equity interests in VIE held by her spouse. In addition, in the event that the spouse obtains any equity interest in VIE held by her spouse for any reason, she agrees to be bound by and sign any legal documents substantially similar to the contractual arrangements entered into by her spouse, as may be amended from time to time.

The Company relied on the VIE Agreements to operate and control VIEs. All of the VIE Agreements are governed by PRC laws and provide for the resolution of disputes through arbitration in China. Accordingly, these contracts would be interpreted in accordance with PRC laws and any disputes would be resolved in accordance with PRC legal procedures.

Based on the legal opinion obtained from the Company’s mainland PRC legal counsel, management is of the view that the above contractual arrangements were legally binding and enforceable and did not violate current mainland PRC laws and regulations.

Pursuant to the VIE Restructuring, the Group did not consolidate Hubei ECARX as of December 31, 2022.

The following consolidated revenues, net loss and cash flow information for the year ended December 31, 2021 and for the period between January 1, 2022 and the completion of the Restructuring, have been included in the accompanying consolidated financial statements. All intercompany transactions and balances with the Company, and its wholly-owned subsidiaries, prior to the Restructuring, have been eliminated upon consolidation.


	Year ended December 31,
	2021	2022
	RMB	RMB
Revenues (i)	2,755,780	936,520
Net (loss) income (ii)	(1,106,865)	2,793,301
Net cash (used in) provided by operating activities (iii)	(817,989)	224,031
Net cash (used in) provided by investing activities	(436,280)	165,672
Net cash provided by (used in) financing activities (iv)	1,047,854	(1,055,000)
Net decrease in cash and restricted cash	(206,415)	(665,297)
Cash and restricted cash at the beginning of the year	871,712	665,297
Cash and restricted cash at the end of the year	665,297	—

___________________________

(i)For the years ended December 31 2021 and 2022, revenues include RMB26,290 and RMB265,452, respectively, from the Company and its subsidiaries, which are eliminated upon consolidation.

(ii)For the years ended December 31, 2021 and 2022, net income (loss) includes RMB(44,361) and RMB2,981,707, respectively, from the Company and its subsidiaries, which are eliminated upon consolidation.

(iii)Net cash used in operating activities respectively includes RMB33,405 and RMB228,428 generated from the Company and its subsidiaries for the years ended December 31 2021 and 2022, which are eliminated upon consolidation.

(iv)Net cash provided by financing activities respectively includes RMB2,067,268 and RMB157,000 provided by the Company and its subsidiaries for the years ended December 31, 2021 and 2022, which are eliminated upon consolidation.

Income taxes - Components of income / (loss) before income taxes (Details) ¥ in Thousands, $ in Thousands	12 Months Ended
	Dec. 31, 2023 CNY (¥)	Dec. 31, 2023 USD ($)	Dec. 31, 2022 CNY (¥)	Dec. 31, 2021 CNY (¥)
Income taxes
Income / (loss) before income taxes	¥ (1,018,823)	$ (143,498)	¥ (1,578,081)	¥ (1,169,897)
The Cayman Islands
Income taxes
Income / (loss) before income taxes	(53,587)		(57,261)	(4,811)
British Virgin Islands
Income taxes
Income / (loss) before income taxes	18,832		(2)	0
Hong Kong S.A.R
Income taxes
Income / (loss) before income taxes	(17,343)		(27,262)	(53,347)
Sweden
Income taxes
Income / (loss) before income taxes	13,969		7,015	(310)
United Kingdom
Income taxes
Income / (loss) before income taxes	(246,423)		(348,872)	(11,164)
Americas
Income taxes
Income / (loss) before income taxes	(26,109)		0	0
Germany
Income taxes
Income / (loss) before income taxes	(13,291)		0	0
The PRC, excluding Hong Kong S.A.R.
Income taxes
Income / (loss) before income taxes	¥ (694,871)		¥ (1,151,699)	¥ (1,100,265)

Contract liabilities (Tables)

12 Months Ended

Dec. 31, 2023

Contract with Customer, Liability [Abstract]

Contract with Customer, Contract Asset, Contract Liability, and Receivable

Contract liabilities consisted of the following:


	As of December 31,
	2022	2023
	RMB	RMB
Current liabilities – third parties	4,706	621
Current liabilities – related parties	316,667	207,017
Non-current liabilities – third parties	70	2
Non-current liabilities – related parties	282,080	133,993
Contract liabilities, current and non-current	603,523	341,633

Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction

As of December 31, 2023, revenue expected to be recognized in the future related to the unsatisfied performance obligations is as follows:


Year ending December 31,						Amount
2024						207,638
2025						96,651
2026						36,835
2027						322
2028						187

Parent only financial information - Condensed Balance Sheets (Details) ¥ in Thousands, $ in Thousands	Dec. 31, 2023 CNY (¥)	Dec. 31, 2023 USD ($)	Dec. 31, 2022 CNY (¥)	Jan. 01, 2022 CNY (¥)	Dec. 31, 2021 CNY (¥)
Current assets
Cash	¥ 561,148	$ 79,036	¥ 860,472
Short-term investments	137,876	19,419	0
Prepayments and other assets	441,483	62,181	424,918	¥ 240,647	¥ 247,411
Amounts due from related parties	74,122	10,440	911,729
Total current assets	3,288,741	463,210	3,853,333
Non-current assets
Long-term investments	300,987	42,393	353,855
Total non-current assets	978,903	137,876	877,699
Total assets	4,267,644	601,086	4,731,032
Current liabilities
Accrued expenses and other current liabilities	614,540	86,557	785,134
Amounts due to related parties	35,664	5,023	42,843
Total current liabilities	4,215,479	593,738	3,927,441
Non-current liabilities
Convertible notes payable	455,701	64,184	439,869
Total non-current liabilities	886,624	124,879	838,047
Total liabilities	5,102,103	718,617	4,765,488
SHAREHOLDERS’ DEFICIT
Additional paid-in capital	6,093,685	858,278	5,919,660
Accumulated deficit	(6,670,371)	(939,502)	(5,730,180)
Accumulated other comprehensive loss	(344,734)	(48,555)	(385,886)
Total deficit attributable to ordinary shareholders	(921,410)	(129,778)	(196,396)
Total liabilities and shareholders’ deficit	4,267,644	601,086	4,731,032
Class A Ordinary Shares
SHAREHOLDERS’ DEFICIT
Ordinary Shares	9	1	9
Class B Ordinary Shares
SHAREHOLDERS’ DEFICIT
Ordinary Shares	1	$ 0	1
Parent company
Current assets
Cash	12,947		119,022
Short-term investments	121,876		0
Prepayments and other assets	0		35
Amounts due from related parties	4,288,934		4,168,615
Total current assets	4,423,757		4,287,672
Non-current assets
Long-term investments	48,580		69,319
Total non-current assets	48,580		69,319
Total assets	4,472,337		4,356,991
Current liabilities
Accrued expenses and other current liabilities	64,924		146,507
Amounts due to related parties	180,698		18,925
Share of losses in excess of investments in subsidiaries	4,692,424		3,948,086
Total current liabilities	4,938,046		4,113,518
Non-current liabilities
Convertible notes payable	455,701		439,869
Total non-current liabilities	455,701		439,869
Total liabilities	5,393,747		4,553,387
SHAREHOLDERS’ DEFICIT
Additional paid-in capital	6,093,685		5,919,660
Accumulated deficit	(6,670,371)		(5,730,180)
Accumulated other comprehensive loss	(344,734)		(385,886)
Total deficit attributable to ordinary shareholders	(921,410)		(196,396)
Total liabilities and shareholders’ deficit	4,472,337		4,356,991
Parent company \| Class A Ordinary Shares
SHAREHOLDERS’ DEFICIT
Ordinary Shares	9		9
Parent company \| Class B Ordinary Shares
SHAREHOLDERS’ DEFICIT
Ordinary Shares	¥ 1		¥ 1

Leases (Tables)

12 Months Ended

Dec. 31, 2023

Lessee Disclosure [Abstract]

Summary of effect on the consolidated balance sheet as a result of adopting ASC 842

The following table summarizes the effect on the consolidated balance sheet as a result of adopting ASC Topic 842:


	As of December 31,	Adjustments due to adoption of ASC 842		As of January 1,
	2021			2022
	RMB	RMB		RMB
ASSETS
Prepayments and other current assets	247,411	(6,764)	(a)	240,647
Operating lease right-of-use assets	—	95,108	(b)	95,108

LIABILITIES
Operating lease liabilities, current	—	(42,094)	(c)	(42,094)
Operating lease liabilities, non-current	—	(46,250)	(c)	(46,250)

___________________________

(a)Represents prepaid rent reclassified to operating lease right-of-use assets.

(b)Represents operating lease right-of-use assets, which is made up of present value of operating lease payments, and the reclassification of prepaid rent from prepayments and other current assets.

(c)Represents the recognition of operating lease liabilities, current and non-current.

Summary of operating lease right-of-use assets and the amortization

The following table provides information on the components of the operating leases included in the consolidated balance sheets as of December 31, 2022 and 2023:

The operating lease right-of-use assets and the amortization were as follows:


	As of December 31,
	2022	2023
	RMB	RMB

Operating lease right-of-use assets	141,627	172,643
Less: accumulated amortization	(41,975)	(47,438)
Total	99,652	125,205

Summary of components of lease cost

The components of lease costs were as follows:


	Year ended December 31,
	2022	2023
	RMB	RMB

Operating lease costs	47,163	47,828
Short-term lease costs	4,234	3,675
Total	51,397	51,503

The lease cost was allocated as follows:


	Year ended December 31,
	2022	2023
	RMB	RMB
Selling, general and administrative expenses	20,359	28,272
Research and development expenses	31,038	23,231
Total	51,397	51,503


	As of December 31,
	2022		2023
Weighted average remaining lease term (years):
Operating leases	5.68		6.14

Weighted average discount rate:
Operating leases	6.70	%	8.65	%

Supplemental cash flow information related to operating leases was as follows:


	Year ended December 31,
	2022	2023
	RMB	RMB
Cash paid for amounts included in the measurement of lease liabilities
Operating cash flows from operating leases	40,173	31,218

Right-of-use assets obtained in exchange for lease obligations
Operating leases	51,621	56,098

Schedule of future minimum lease payments

Future minimum lease payments as of December 31, 2023, including rental payments for lease renewal options the Group is reasonably certain to exercise were as follows:


			As of December 31,
			2023
			RMB
2024			35,632
2025			34,332
2026			24,028
2027			18,396
2028			18,396
2029 and thereafter			58,616
Total lease payments			189,400
Less imputed interest			(46,672)

Present value of lease liabilities			142,728
Operating lease liabilities, current			35,123
Operating lease liabilities, non-current			107,605

Subsequent events	12 Months Ended
Subsequent events	Dec. 31, 2023
Subsequent Events [Abstract]
Subsequent events	Subsequent eventsOn January 31, 2024, ECARX (Hubei) Tech acquired additional 13.10% equity interest in Suzhou Photon-Matrix from four of its existing shareholders for a total consideration of RMB46,306. As a result of this acquisition, the Company owns a controlling interest of 62.27% in Suzhou Photon-Matrix and will consolidate Suzhou Photon-Matrix from this date.

Non-controlling interests

12 Months Ended

Dec. 31, 2023

Noncontrolling Interest [Abstract]

Non-controlling interests

. Non-controlling interests

(a)Non-redeemable non-controlling interests

In May 2021, Hubei ECARX and a third party established Suzhou Photon-Matrix, in which Hubei ECARX held 60% equity interest in exchange for total cash contribution of RMB6,000 and the non-controlling interest holder held 40% equity interest with a total cash consideration of RMB4,000, of which, RMB2,000 has not been received as of December 31, 2021.

In August 2021, a third-party investor made a capital contribution of RMB520 to Suzhou Photon-Matrix, as a result, the Group’s equity interest in Suzhou Photon-Matrix decreased by 2.97% while the Group continued to maintain control. The Group recorded the decrease of RMB105 in additional paid-in capital due to the change of its ownership percentage in Suzhou Photon-Matrix.

In September 2021, as stated in the Note 8, the Group sold 2% equity interest in Hubei Dongjun at a cash consideration of RMB1,000, with 49% equity interest retained. The relevant non-redeemable non-controlling interests in the amount of RMB14,335 was derecognized along with the sale of equity interests.

In January 2022, the Group lost control in Suzhou Photon-Matrix, following its capital transactions with other shareholders as a consequence of which the Group’s ownership interest reduced to 49.17%. The carrying amount of relevant non-redeemable non-controlling interests in the amount of RMB 7,178 was derecognized upon deconsolidation.

In June 30, 2023, as a result of the combination between entities under common control stated in the Note 1(e), the Group owns a controlling interest of 70% in JICA. The remaining 30% equity interest in JICA was recorded as non-redeemable non-controlling interests.

(b)Redeemable non-controlling interests

In October 2021, Suzhou Photon-Matrix entered into financing agreements with third party investors, pursuant to which these investors contributed RMB30,000 in cash in exchange for 10.71% of equity interests of Suzhou Photon-Matrix. These investors have the right to request Suzhou Photon-Matrix to redeem all of the equity interest they hold if Suzhou Photon-Matrix does not achieve a qualified IPO within 7 years after their investment, at a redemption price of RMB30,000 plus 10% interest per annum.

The redeemable non-controlling interest was recorded outside permanent equity, as mezzanine equity- redeemable non-controlling interests, in the consolidated balance sheets, initially at RMB30,000. The amount presented in redeemable non-controlling interest should be higher of the non-controlling interest balance after attribution of net income or loss of the subsidiary and related dividends to the non-controlling interest, or the redemption amount. As of December 31, 2021, the balance of redeemable non-controlling interests was RMB30,500.

In January 2022, Suzhou Photon-Matrix entered into financing agreements with third party investors, pursuant to which these investors in aggregate contributed RMB10,000 in cash in exchange for 3.45% of equity interests of Suzhou Photon-Matrix. These investors have the right to request Suzhou Photon-Matrix to redeem all of the equity interest they hold if Suzhou Photon-Matrix does not achieve a qualified IPO within 7 years after their investment, at a redemption price of RMB10,000 plus 10% interest per annum.

Before the deconsolidation of Suzhou Photon-Matrix as stated in the Note 8, the redeemable non-controlling interest was recorded outside of permanent equity, as mezzanine equity- redeemable non-controlling interests in the

consolidated balance sheets. The amount presented in redeemable non-controlling interests should be higher of the non-controlling interests balance after attribution of net income or loss of the subsidiary and related dividends to the non-controlling interests, or the redemption amount.

During the years ended December 31, 2022 and 2023, changes of redeemable non-controlling interests were as follows:


			RMB
Balance as of January 1, 2022			30,500
Add: Capital contribution			10,000
Less: Comprehensive loss			(464)
Add: Accretion of redeemable non-controlling interests			714
Less: Deconsolidation of Suzhou Photon-Matrix			(40,750)
Balance as of December 31, 2022 and 2023			—

Contract liabilities - Schedule of contract liabilities (Details) ¥ in Thousands, $ in Thousands	12 Months Ended
	Dec. 31, 2023 CNY (¥)	Dec. 31, 2022 CNY (¥)	Dec. 31, 2021 CNY (¥)	Dec. 31, 2023 USD ($)
Related party balances and transactions
Contract liabilities, current and non-current	¥ 341,633	¥ 603,523
Revenue recognized from contract liabilities	321,215	364,004	¥ 159,371
Transaction price allocated to the performance obligation	341,633	603,523
Nonrelated Party
Related party balances and transactions
Contract liabilities, current	621	4,706		$ 87
Contract liabilities, non-current	2	70		0
Related Party
Related party balances and transactions
Contract liabilities, current	207,017	316,667		29,158
Contract liabilities, non-current	¥ 133,993	¥ 282,080		$ 18,873

Mezzanine equity - Rights, preferences and privileges of preferred shares (Details)	12 Months Ended
	Dec. 31, 2023 day
Temporary Equity Disclosure [Abstract]
Number of days within which a material breach is to be cured	30
Number of days within which a material illegal act is to be cured	30
Competent directors vote	67.00%
Number of days after the resignation of Mr. Ziyu Shen, to appoint a successor	30
Redemption price percentage	100.00%
Interest rate percentage	8.00%
Conversion ratio	1
Preferred Preference Amount, percentage	100
Ordinary Preference Amount, percentage	100

Cash and restricted cash (Tables)

12 Months Ended

Dec. 31, 2023

Cash and Cash Equivalents [Abstract]

Schedule of reconciliation of cash and restricted cash

A reconciliation of cash at bank and restricted cash in the consolidated balance sheets to the total amount in the consolidated statement of cash flows is as follows:


	As of December 31,
	2022	2023
	RMB	RMB
Cash at bank	860,472	561,148
Restricted cash	40,957	27,126
Cash and restricted cash shown in the consolidated statements of cash flows	901,429	588,274

Cash and restricted cash are amounts deposited with financial institutions at the locations noted below:


	As of December 31,
	2022	2023
	RMB	RMB
Financial institutions in the mainland of the PRC
– Denominated in RMB	595,559	528,022
– Denominated in US$	258,475	14,542
– Denominated in Great Britain Pound (“GBP”)	—	81
Total cash balances held in the mainland of the PRC	854,034	542,645
Financial institutions in Hong Kong
– Denominated in US$	9,402	—
– Denominated in Hong Kong dollars (“HKD”)	14	13
– Denominated in RMB	—	27
Total cash balances held in Hong Kong	9,416	40
Financial institutions in Sweden
– Denominated in Swedish Krona (“SEK”)	14,473	28,972
– Denominated in US$	555	204
Total cash balances held in Sweden	15,028	29,176
Financial institutions in the United Kingdom
– Denominated in Great Britain Pounds (“GBP”)	22,934	12,356
Total cash balances held in the United Kingdom	22,934	12,356
Financial institutions in the United States
– Denominated in US$	17	3,867
Total cash balances held in the United States	17	3,867
Financial institutions in Germany
– Denominated in Euro	—	190
Total cash balances held in Germany	—	190
Total cash balances held at financial institutions in RMB	901,429	588,274

Restrictions on Cash and Cash Equivalents

A reconciliation of cash at bank and restricted cash in the consolidated balance sheets to the total amount in the consolidated statement of cash flows is as follows:


	As of December 31,
	2022	2023
	RMB	RMB
Cash at bank	860,472	561,148
Restricted cash	40,957	27,126
Cash and restricted cash shown in the consolidated statements of cash flows	901,429	588,274

Cash and restricted cash are amounts deposited with financial institutions at the locations noted below:


	As of December 31,
	2022	2023
	RMB	RMB
Financial institutions in the mainland of the PRC
– Denominated in RMB	595,559	528,022
– Denominated in US$	258,475	14,542
– Denominated in Great Britain Pound (“GBP”)	—	81
Total cash balances held in the mainland of the PRC	854,034	542,645
Financial institutions in Hong Kong
– Denominated in US$	9,402	—
– Denominated in Hong Kong dollars (“HKD”)	14	13
– Denominated in RMB	—	27
Total cash balances held in Hong Kong	9,416	40
Financial institutions in Sweden
– Denominated in Swedish Krona (“SEK”)	14,473	28,972
– Denominated in US$	555	204
Total cash balances held in Sweden	15,028	29,176
Financial institutions in the United Kingdom
– Denominated in Great Britain Pounds (“GBP”)	22,934	12,356
Total cash balances held in the United Kingdom	22,934	12,356
Financial institutions in the United States
– Denominated in US$	17	3,867
Total cash balances held in the United States	17	3,867
Financial institutions in Germany
– Denominated in Euro	—	190
Total cash balances held in Germany	—	190
Total cash balances held at financial institutions in RMB	901,429	588,274

Leases - Lease cost allocated expense items (Details) - CNY (¥) ¥ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
Leases
Total	¥ 51,503	¥ 51,397
Selling, general and administrative expenses
Leases
Total	28,272	20,359
Research and development expenses
Leases
Total	¥ 23,231	¥ 31,038

Cash and restricted cash - Deposits in financial institutions (Details) ¥ in Thousands, $ in Thousands	Dec. 31, 2023 CNY (¥)	Dec. 31, 2023 USD ($)	Dec. 31, 2022 CNY (¥)	Dec. 31, 2022 USD ($)	Dec. 31, 2021 CNY (¥)	Dec. 31, 2020 CNY (¥)
Cash and restricted cash
Cash and restricted cash shown in the consolidated statements of cash flows	¥ 588,274	$ 82,857	¥ 901,429	$ 126,964	¥ 989,132	¥ 1,003,876
Restricted cash	27,126	$ 3,821	40,957
stricted Cash For Litigation
Cash and restricted cash
Restricted cash	23,613
Asset Pledged as Collateral \| Restricted Cash For Notes Payable
Cash and restricted cash
Restricted cash	3,513		40,957
PRC
Cash and restricted cash
Cash and restricted cash shown in the consolidated statements of cash flows	542,645		854,034
PRC \| RMB
Cash and restricted cash
Cash and restricted cash shown in the consolidated statements of cash flows	528,022		595,559
PRC \| US
Cash and restricted cash
Cash and restricted cash shown in the consolidated statements of cash flows	14,542		258,475
PRC \| GBP
Cash and restricted cash
Cash and restricted cash shown in the consolidated statements of cash flows	81		0
Hong Kong
Cash and restricted cash
Cash and restricted cash shown in the consolidated statements of cash flows	40		9,416
Hong Kong \| RMB
Cash and restricted cash
Cash and restricted cash shown in the consolidated statements of cash flows	27		0
Hong Kong \| US
Cash and restricted cash
Cash and restricted cash shown in the consolidated statements of cash flows	0		9,402
Hong Kong \| HKD
Cash and restricted cash
Cash and restricted cash shown in the consolidated statements of cash flows	13		14
Sweden
Cash and restricted cash
Cash and restricted cash shown in the consolidated statements of cash flows	29,176		15,028
Sweden \| US
Cash and restricted cash
Cash and restricted cash shown in the consolidated statements of cash flows	204		555
Sweden \| SEK
Cash and restricted cash
Cash and restricted cash shown in the consolidated statements of cash flows	28,972		14,473
United Kingdom
Cash and restricted cash
Cash and restricted cash shown in the consolidated statements of cash flows	12,356		22,934
United Kingdom \| GBP
Cash and restricted cash
Cash and restricted cash shown in the consolidated statements of cash flows	12,356		22,934
United States
Cash and restricted cash
Cash and restricted cash shown in the consolidated statements of cash flows	3,867		17
United States \| US
Cash and restricted cash
Cash and restricted cash shown in the consolidated statements of cash flows	3,867		17
Germany
Cash and restricted cash
Cash and restricted cash shown in the consolidated statements of cash flows	190		0
Germany \| Euro
Cash and restricted cash
Cash and restricted cash shown in the consolidated statements of cash flows	¥ 190		¥ 0

Income taxes - Reconciliation of the differences between PRC statutory income tax rate and the Group's effective income tax rates (Details)	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Income Tax Disclosure [Abstract]
Computed expected income tax benefit	(25.00%)	(25.00%)	(25.00%)
Effect of preferential tax rate	4.00%	(17.00%)	10.00%
Effect of different tax jurisdiction	2.00%	2.00%	(1.00%)
Change in tax rate	18.00%	0.00%	0.00%
Prior year return-to-provision true up	(2.00%)	0.00%	0.00%
Non-deductible expenses	4.00%	40.00%	5.00%
Research and development expenses additional deduction	(6.00%)	(5.00%)	(6.00%)
Change in valuation allowance	5.00%	7.00%	17.00%
Actual income tax expense	0.00%	2.00%	0.00%

Loss per share - Schedule of basic and diluted net loss per share (Details)
¥ / shares in Units, $ / shares in Units, ¥ in Thousands, $ in Thousands

12 Months Ended

Dec. 31, 2023

CNY (¥)

¥ / shares

Dec. 31, 2023

USD ($)

$ / shares

Dec. 31, 2022

CNY (¥)

¥ / shares

Dec. 31, 2021

CNY (¥)

¥ / shares

Numerator:

Net loss attributable to ECARX Holdings Inc.

¥ (940,191)

$ (132,423)

¥ (1,564,878)

¥ (1,175,261)

Accretion of Redeemable Convertible Preferred Shares

354,878

243,564

Numerator for basic and diluted net loss per share calculation

¥ (940,191)

$ (132,423)

¥ (1,919,756)

¥ (1,418,825)

Denominator:

Weighted average number of ordinary shares, basic (in shares)

^[1]

337,407,225

239,296,386

236,691,093

Weighted average number of ordinary shares, diluted (in shares)

^[1]

337,407,225

239,296,386

236,691,093

Basic loss per share, ordinary shares (in RMB per share) | (per share)

¥ (2.79)

$ (0.39)

^[1]

¥ (8.02)

^[1]

¥ (5.99)

^[1]

Diluted loss per share, ordinary shares (in RMB per share) | (per share)

¥ (2.79)

$ (0.39)

^[1]

¥ (8.02)

^[1]

¥ (5.99)

^[1]

[1]	Shares outstanding for all periods reflect the adjustment for Recapitalization.

The amount of net income (loss) for the period per each share of common stock or unit outstanding during the reporting period.

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The amount of net income (loss) for the period available to each share of common stock or common unit outstanding during the reporting period and to each share or unit that would have been outstanding assuming the issuance of common shares or units for all dilutive potential common shares or units outstanding during the reporting period.

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Amount, after deduction of tax, noncontrolling interests, dividends on preferred stock and participating securities; of income (loss) available to common shareholders.

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Convertible notes payable

Warrant liabilities, Government Warrants - Movement (Details) - Government Warrants ¥ in Thousands	1 Months Ended
	Apr. 30, 2017 CNY (¥)
Warrant liabilities
Aggregate principal amount	¥ 1,125,310
Drawdown period	3 years
Percentage of equity shares on exercise of warrants to government fund	2.00%
Consideration for issuance of warrants	¥ 81,950

Property and equipment, net - Schedule of property and equipment (Details) ¥ in Thousands, $ in Thousands	Dec. 31, 2023 CNY (¥)	Dec. 31, 2023 USD ($)	Dec. 31, 2022 CNY (¥)
Property and equipment, net
Property and equipment	¥ 276,730		¥ 243,443
Less: accumulated depreciation	(148,653)		(103,836)
Less: impairment provision	(7,292)		0
Property and equipment, net	120,785	$ 17,012	139,607
Machinery and electronic equipment
Property and equipment, net
Property and equipment	197,777		180,264
Transportation vehicles
Property and equipment, net
Property and equipment	5,654		3,897
Office and other equipment
Property and equipment, net
Property and equipment	20,614		15,510
Leasehold improvements
Property and equipment, net
Property and equipment	44,747		43,440
Construction in progress
Property and equipment, net
Property and equipment	¥ 7,938		¥ 332

Share based compensation - Fair value of options granted that are estimated using binomial model (Details) - 2021 Option Plan - $ / shares	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Share based compensation
Risk-free rate of return, minimum	3.79%	1.63%	1.20%
Risk-free rate of return, maximum	3.88%	3.83%	1.65%
Volatility, minimum	44.37%	44.18%	44.03%
Volatility, maximum	44.95%	45.07%	44.47%
Expected dividend yield	0.00%	0.00%	0.00%
Expected terms	10 years	10 years	10 years
Minimum
Share based compensation
Fair value of underlying ordinary share	$ 3.16	$ 7.57	$ 6.99
Maximum
Share based compensation
Fair value of underlying ordinary share	$ 8.02	$ 9.30	$ 7.55

Convertible notes payable

12 Months Ended

Dec. 31, 2023

Debt Disclosure [Abstract]

Convertible notes payable to a related party

On May 13, 2022, the Company issued convertible notes due in 12 months following the issuance (the “Note”) with aggregate principal of US$10,000 (equivalent to RMB67,871) to one investor, which is a related party. The Note bore an interest rate of 5% per annum.

The Note holder shall have the right to require the Company to redeem for cash all of the Note on the date (the “Redemption Date”) notified in writing by the Company that is not less than 20 business days and not more than 35 business days following the date of the notice of an Event of Default or a Fundamental Change as defined below, or in the event the Company fails to deliver such a notice, the date on which the Note holder becomes aware of the

occurrence of an Event of Default or a Fundamental Change, at a price equal to the Redemption Price, which equal to the principal plus interests accrued thereon at an interest rate of 5% per annum.

•An Event of Default refers to the occurrence of any of the events, including the Company’s breach of conversion obligations, the individual or aggregated amount of the Group’s subsidiaries’ indebtedness, indemnity or guarantee obligations in excess of US$100,000 (or an equivalent amount in any other currency), ECARX (Hubei) Tech's bankruptcy or involuntary proceeding after seeking liquidation, winding-up, reorganization;

•a Fundamental Change includes the change of control of the Company via any share exchange, consolidation or mergers or any similar transaction, any sale, lease or other transfer in one transaction or a series of transactions of all or substantially all of the Group’s consolidated assets, to any person outside of the Group, the liquidation or dissolution of the Company, and other events which prohibits listing of the Company.

Conversion of the Note is stipulated as below:

•In the event the Company consummates a public offering of Class A ordinary shares that is no more than six (6) months following the issuance date, the outstanding principal amount of the Note shall be mandatorily converted to Class A Ordinary Shares at the conversion price of (i) the lesser of (A) US$10.00 per share (assuming that the Company’s authorized shares will be subdivided based on the pre-money equity valuation in connection with an offering via mergers with a special purpose acquisition company to give each ordinary share of the Company a deemed value of US$10.00) and (B) the lowest per share price at which any Class A ordinary shares or ordinary shares of the Company are issued in any subscription by certain investors of the Company’s securities to be issued concurrently, if the offering is via mergers with a special purpose acquisition company; or (ii) the per share offering price in an IPO (the “Initial Conversion Price”). In the event the Company consummates a public offering of Class A ordinary shares that is more than six (6) months following the issuance date, the outstanding principal amount of the Note shall be mandatorily converted to Class A Ordinary Shares at the conversion price of 95% of the Initial Conversion Price.

•If the Company fails to consummate a public offering of Class A ordinary shares on or prior to the maturity date, the Note holder is entitled to deliver a written notice to the Company within ten (10) business days after the maturity date, electing to convert the Note, the outstanding principal amount of the Note shall be converted into such number of fully paid and non-assessable Series B Preferred Shares at the conversion price equal to the issuance price of the Series B Preferred Shares.

Upon the consummation of the Company’s merger with COVA, the Company issued 1,052,632 Class A Ordinary Shares to the noteholder as a result of the automatic conversion of the Note at a conversion price of $9.50 per share.

16. Convertible notes payable

On October 25, 2022, the Company entered into a convertible note purchase agreement (the “Investor Note Purchase Agreement”) with certain institutional investors, pursuant to which the Company agreed to issue and sell US$65,000 (equivalent to RMB459,410) aggregate principal amount of unsecured convertible notes (the “Investor Notes”, each an “Investor Note”) due to mature on November 8, 2025 (the “Investor Note Maturity Date”). The Investor Notes bear interest at a rate of 5% per annum.

As the Merger with COVA was consummated on December 20, 2022, each holder of an Investor Note now has the right from time to time to convert all or any portion of the Investor Notes (plus any accrued but unpaid interest thereon) into fully paid and non-assessable Class A ordinary shares of the Company to such number which is equal to the quotient of (x) the outstanding principal and accrued but unpaid interest of such Note divided by (y) conversion price.

Pursuant to the Merger, all or any portion of the Investor Notes is convertible into fully paid and non-assessable ECARX Class A Ordinary Shares (the “Investor Note Conversion Shares”) at a conversion price equal to $11.50 per

share, subject to customary anti-dilution adjustments and certain limitations on the conversion right as described in the Investor Note.

Each holder of an Investor Note also has the right to require the Company to redeem for cash all outstanding principal amount of such Investor Note prior to the Investor Note Maturity Date, upon occurrence of a Mandatory Redemption Event, at a redemption price equal to (i) the outstanding principal amount of the Investor Note, plus (ii) accrued and unpaid interest thereon, and plus (iii) an additional amount that shall, together with any interest paid to the holder of the Investor Note and any accrued and unpaid interest on the Investor Note, provide the holder of the Investor Note an internal rate of return of 9% per annum on such principal amount over the period starting from (and including) the note issue date (November 8, 2022) and ending on (and including) the date of redemption. “Mandatory Redemption Event” means the occurrence of any change of control, any sale, lease or other transfer of all or substantially all of the consolidated assets of the Company and its subsidiaries, taken as a whole, to any person other than a subsidiary, the Company’s shares ceasing to be listed on the stock exchange, any redemption event set forth in the current organization documents of the Company prior to the listing, an event of default, among other things.

The Company incurred issuance costs of US$1,225 which is presented on the balance sheet as a direct deduction from the Investor Notes. Investor Notes are classified as a long-term debt on balance sheet and measured at amortized cost; they do not meet the definition of a derivative; and not issued at a substantial premium or discount. None of the option features of the Investor Notes were determined to meet the definition of a derivative if they were a freestanding instrument as they do not permit net settlement, or, the feature was determined to be clearly and closely related to the debt host contract. The fair value of the Investor Notes is valued by independent valuer as at the reporting date.

The following is a summary of the Company’s convertible notes payable as of December 31, 2022. The fair value of the Investor Notes approximates its carrying value as of December 31, 2022.

Principal amount

Unamortized debt issuance costs

Net carrying amount

RMB

5% Investor Notes due on November 8, 2025

448,318

(8,449)

439,869

The following is a summary of the Company’s convertible notes payable and its fair value as of December 31, 2023.

Fair value

Principal amount

Unamortized debt issuance costs

Net carrying amount

Amount

Leveling

RMB

5% Investor Notes due on November 8, 2025

461,494

(5,793)

455,701

396,884

Level 3

The entire disclosure for information about short-term and long-term debt arrangements, which includes amounts of borrowings under each line of credit, note payable, commercial paper issue, bonds indenture, debenture issue, own-share lending arrangements and any other contractual agreement to repay funds, and about the underlying arrangements, rationale for a classification as long-term, including repayment terms, interest rates, collateral provided, restrictions on use of assets and activities, whether or not in compliance with debt covenants, and other matters important to users of the financial statements, such as the effects of refinancing and noncompliance with debt covenants.

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Summary of significant accounting policies

Accounts receivable, net - Movement of the allowance for doubtful accounts (Details) - CNY (¥) ¥ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Accounts Receivable, Allowance for Credit Loss [Roll Forward]
Balance at the beginning of the year	¥ 6,887	¥ 0	¥ 0
Additions	9,951	6,887	0
Reversal	(2,426)	0	0
Write-off	(507)	0	0
Balance at the end of the year	¥ 13,905	¥ 6,887	¥ 0

Mezzanine equity - Information related to the Redeemable Convertible Preferred Shares (Details) ¥ / shares in Units, $ / shares in Units, ¥ in Thousands, $ in Thousands						1 Months Ended						2 Months Ended	4 Months Ended		5 Months Ended		12 Months Ended
	Jun. 29, 2021 CNY (¥)	Mar. 05, 2021 CNY (¥) ¥ / shares shares	Feb. 26, 2021 CNY (¥) shares	Jan. 16, 2020 CNY (¥) investor shares	Jan. 16, 2020 USD ($) investor $ / shares shares	Dec. 31, 2021 CNY (¥) investor shares	Dec. 31, 2021 USD ($) investor shares	Jul. 31, 2021 CNY (¥) shares	Jul. 31, 2021 USD ($) $ / shares shares	Mar. 31, 2021 shares	Jan. 31, 2020 CNY (¥) shares	Mar. 31, 2021 CNY (¥)	Dec. 31, 2021 CNY (¥) investor shares	Jun. 30, 2021 investor shares	Jul. 31, 2021 CNY (¥) day investor shares	Jul. 31, 2021 USD ($) day investor $ / shares shares	Dec. 31, 2023 CNY (¥)	Dec. 31, 2023 USD ($)	Dec. 31, 2022 CNY (¥)	Dec. 31, 2021 CNY (¥) shares	Mar. 31, 2022 CNY (¥) shares	Mar. 31, 2022 USD ($) $ / shares shares	Dec. 31, 2021 USD ($) $ / shares shares	May 17, 2021 shares	Mar. 05, 2021 $ / shares	Jan. 31, 2020 USD ($)
Mezzanine equity
Number of investors \| investor													2
Amount of excess of the ordinary shares' fair value over their par value \| ¥																				¥ 81,208
Cash contribution to acquire equity method investment																	¥ 0	$ 0	¥ 79,442	1,145,637
Series A Preferred Shares
Mezzanine equity
Issuance of preferred shares (in shares)				26,841,535	26,841,535
Shares issued (In RMB or USD per share) \| $ / shares					$ 6.71
Number of investors \| investor				2	2
Total consideration for shares issued																	0	0	0	¥ 1,032,104
Issuance costs \| ¥				¥ 8,500
Number of shares issuable (in shares)					22,367,946
Amount of deposits received				¥ 1,032,104	$ 150,000						¥ 1,032,104
Number of shares subscribed				22,367,946	22,367,946						22,367,946
Consideration for shares issuable											¥ 206,422															$ 30,000
Re-designation of ordinary shares to Series A Preferred Shares (in shares)			2,343,309
Amount of excess of the ordinary shares' fair value over their par value \| ¥			¥ 81,208
Amount of excess of the preferred shares' fair value over the ordinary shares' fair value \| ¥			¥ 16,452
Series Angel Preferred Shares
Mezzanine equity
Issuance of preferred shares (in shares)																				6,016,207
Shares issued (In RMB or USD per share) \| (per share)		¥ 13.62																							$ 2.11
Total consideration for shares issued	¥ 81,950																0	0	0	¥ 81,950
Number of shares issuable (in shares)		6,016,207
Consideration for shares issuable \| ¥		¥ 81,950
Shares issuable, percentage on outstanding shares		2.00%
Number of warrants to purchased shares exercised (in shares)																								6,016,207
Redeemable convertible preferred shares, liquidation preference \| ¥		¥ 273,519
Fair value of warrant liabilities \| ¥		¥ 191,569
Series A+ Preferred Shares
Mezzanine equity
Issuance of preferred shares (in shares)																				29,361,157
Total consideration for shares issued				¥ 1,238,526	$ 180,000												0	0	0	¥ 1,331,641
Series A+ Redeemable Convertible Preferred Shares
Mezzanine equity
Shares issued (In RMB or USD per share) \| $ / shares									$ 9.70							$ 9.70						$ 7.04
Issuance costs \| ¥												¥ 10,000
Number of shares issuable (in shares)																					29,361,157	29,361,157
Consideration for shares issuable																					¥ 1,331,641	$ 206,741
Series A++ Redeemable Convertible Preferred Shares
Mezzanine equity
Shares issued (In RMB or USD per share) \| $ / shares									$ 8.31							$ 8.31
Number of investors \| investor						4	4
Amount of deposits received						¥ 461,849									¥ 461,849	$ 71,000
Number of shares subscribed						8,546,916	8,546,916	8,546,916	8,546,916	8,546,916				8,546,916	8,546,916	8,546,916
Consideration for shares issuable						¥ 452,241			$ 71,000,000				¥ 452,241			$ 71,000,000				¥ 452,241			$ 71,000,000
Number of investors with whom share purchase agreements were entered \| investor														4	4	4
Number of business days after the company received the deposits, within which the subscription amount is to be paid by the investors \| day															5	5
Series B Preferred Shares
Mezzanine equity
Issuance of preferred shares (in shares)								9,882,082	9,882,082											17,615,165
Shares issued (In RMB or USD per share) \| $ / shares																							$ 9.70
Total consideration for shares issued						¥ 324,270	$ 50,000										¥ 0	$ 0	¥ 159,485	¥ 324,270
Number of shares issuable (in shares)						7,733,083							7,733,083							7,733,083			7,733,083
Consideration for shares issuable \| $																							$ 75,000
Cash contribution to acquire equity method investment \| $									$ 10,649
Issuance of Series B Convertible Redeemable Preferred Shares in connection with acquisition of an equity-method investment (Note 8)								¥ 620,703	$ 95,800
Subscription receivable from Convertible Preferred Shares						¥ 159,392							¥ 159,392							¥ 159,392			$ 25,000

Summary of significant accounting policies

12 Months Ended

Dec. 31, 2023

Accounting Policies [Abstract]

2. Summary of significant accounting policies

(a) Basis of presentation

These consolidated financial statements have been prepared in accordance with U.S. generally accepted accounting principles (“U.S. GAAP”).

The consolidated financial statements are presented in Renminbi (“RMB”), rounded to the nearest thousand.

These consolidated financial statements have been prepared assuming the Company will continue as a going concern. The going concern assumption contemplates the realization of assets and satisfaction of liabilities in the normal course of business. However, substantial doubt about the Company’s ability to continue as a going concern exists.

The Company has incurred losses since its inception. As of December 31, 2023, the Company had an accumulated deficit of RMB6,670,371 and its consolidated current liabilities exceeded current assets in the amount of RMB926,738. In addition, the Company recorded net cash used in operating activities in the amount of RMB1,243,406 for the year ended December 31, 2023. The Company will require additional liquidity to continue its operations over the next 12 months.

Historically, the Company had relied principally on proceeds from the issuance of redeemable convertible preferred shares and bank borrowings to finance its operations and business expansion. Since the consummation of the Merger, the Company funded its operations principally through short-term borrowings from banks and related parties, and long-term convertible notes. The Company has evaluated plans to continue as a going concern which include, but are not limited to, (i) reducing discretionary capital and operating expenses (ii) obtaining additional facilities from banks and renewal of existing bank borrowings (iii) obtaining extended financial support from controlling shareholder and related parties (iv) accelerating pace of collections of amounts due from related and third parties to optimize operational efficiency and (v) exploring opportunities for further equity financing. Subsequent to December 31, 2023, the Company has secured commitment from a related party under which the Company will be able to extend its existing loan of RMB300,000 up to June 30, 2025. Notwithstanding this, feasibility of some of these plans is contingent upon factors outside of the control of the Company and, as such, the Company concluded that substantial doubt about its ability to continue as a going concern has not been alleviated as of the reporting date.

These consolidated financial statements do not include any adjustments to the carrying amounts and classification of assets, liabilities, and reported expenses that may be necessary if the Company were unable to continue as a going concern.

(b) Principles of consolidation

The consolidated financial statements include the financial statements of the Company and its consolidated subsidiaries. Prior to the completion of the Restructuring, the consolidated financial statements also included the financial statements of the VIE in which the Company, through its WFOE, had a controlling financial interest, and the VIE’s subsidiaries. All intercompany transactions and balances among the Company, its subsidiaries and the VIEs have been eliminated upon consolidation. Noncontrolling interests are separately presented as a component of shareholders’ deficit in the consolidated financial statements.

The preparation of the consolidated financial statements in accordance with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, related disclosures of contingent assets and liabilities at the balance sheet date, and the reported revenues and expenses during the reported period in the consolidated financial statements and accompanying notes. Significant accounting estimates include, but not limited to, service period of connectivity services; expected credit losses for accounts receivable, other non-current assets and amounts due from related parties; realizability of inventories; accrual for warranty obligations; useful lives and recoverability of property, equipment and intangible assets and right-of-use assets; recoverability of long-term investments; valuation allowance of deferred tax assets; fair values of share-based compensation awards, redeemable convertible preferred shares, warrant liabilities, and incremental borrowing rates of the Group’s leases. Changes in facts and circumstances may result in these estimates to be revised. Actual results could differ from those estimates, and as such, differences may be material to the consolidated financial statements.

(d) Cash and restricted cash

Cash consists of cash at bank. Restricted cash represents cash that cannot be withdrawn without the permission of third parties. The Group’s restricted cash are bank deposits pledged for notes payable and restricted cash due to litigation.

(e) Short-term investments

The Group’s short-term investments represent the Group’s fixed rate debt securities issued by financial institutions which are redeemable at the option of the Group on any working day or have the original maturities of less than twelve months. The Group’s short-term investments are classified as held-to-maturity based on the positive intent and ability to hold the securities to maturity. Income related to these securities is included in interest income in the consolidated statements of comprehensive loss.

(f) Accounts receivable and current expected credit losses

Accounts receivable represent those receivables derived in the ordinary course of business when the Group has sold the products or provided services to its customers and when its right to consideration is unconditional (i.e., only the passage of time is required before payment is due). Accounts receivable are presented net of allowance for credit losses.

The Group adopted Accounting Standards Update (“ASU”) 2016-13, Financial Instruments - Credit Losses: Measurement of Credit Losses on Financial Instruments (or ASU 2016-13) on January 1, 2023 (ASC326). ASC 326 requires the measurement and recognition of expected credit losses using the current expected credit losses (CECL) model for financial assets held at amortized cost, which includes the Group’s accounts receivable, notes receivable, amounts due from related parties and other financial assets. Expected credit losses include losses expected based on known credit issues with specific customers as well as a general expected credit loss allowance based on relevant information, including historical loss rates, current conditions, and reasonable economic forecasts that affect collectability. The Group updates allowance for credit losses on a quarterly basis with changes in the allowance recognized in the consolidated statements of comprehensive loss.

Prior to the adoption of ASC 326 on January 1, 2023, the Group maintained a general and specific allowance for doubtful accounts for estimated losses inherent in its accounts receivable portfolio. Accounts receivable balances with large creditworthy customers were reviewed by management individually for collectability. All other balances were

reviewed on a pooled basis. A percentage of general allowance was applied to the balances of accounts receivable in each aging category, excluding those which were assessed individually for collectability. Management considered various factors, including historical loss experience, current market conditions, the financial condition of its debtors, any receivables in dispute, the aging of receivables and current payment patterns of its debtors, in establishing the required allowance.

An allowance for credit losses is recorded into general and administrative expenses. Receivables which are deemed to be uncollectible are charged off against the allowance after all means of collection have been exhausted and the potential for recovery is considered remote. The Group does not have any off-balance-sheet credit exposure related to its customers.

(g) Notes receivable

Notes receivable are primarily bank acceptance notes issued by reputable financial institutions that entitle the Group to receive the full face value amount from the financial institutions at maturity, which is typically six months from the date of issuance. The Group accepts bank acceptance notes from customers for products sold or services performed in the ordinary course of business. Upon receipt of the bank acceptance notes, the Group’s accounts receivable from the customer is derecognized.

(h) Inventories

Inventories consist of raw materials, work-in-process, and finished goods, are accounted for using the first-in-first-out method and are valued at the lower of cost and net realizable value. Net realizable value is the estimated selling price of the inventory in the ordinary course of business less reasonably predictable costs of completion, disposal and transportation.

Cost of work-in-process and finished goods comprise primarily direct materials and manufacturing charges from outsourced factories. The Group identifies potentially slow-moving and obsolete inventories through physical counts, monitoring of inventories on hand and specific identification. The Group records inventory write-downs for excess or obsolete inventories based upon assumptions on current and future demand forecasts. If the inventory on hand is in excess of future demand forecast, the excess amounts are written off. Write-downs to inventory are recorded in the cost of revenues to reduce the carrying amount of any obsolete and excess inventories to their estimated net realizable value.

(i) Long-term investments

Equity method investments

The Group applies the equity method to account for equity interests in investees over which the Group has significant influence but does not own a majority equity interest or controls the investee otherwise.

Under the equity method of accounting, the Group’s share of the investees’ results of operations is reported as income (loss) from equity method investments in the consolidated statements of comprehensive loss. When the Group’s share of losses in the equity investee equals or exceeds its interest in the equity investee, the Group does not recognize further losses, unless the Group has incurred obligations or made payments or guarantees on behalf of the equity investee, or the Group holds other investments in the investee.

The Group recognizes an impairment loss when there is a decline in value below the carrying value of the equity method investment that is considered to be other-than-temporary. The process of assessing and determining whether impairment on an investment is other-than-temporary requires a significant amount of judgment. To determine whether an impairment is other-than-temporary, management considers whether it has the ability and intent to hold the investment until recovery and whether evidence indicating the carrying value of the investment is recoverable outweighs evidence to the contrary. Evidence considered in this assessment includes the reasons for the impairment, the severity and duration of the decline in value and any change in value subsequent to the period end.

Equity securities

Equity investments with readily determinable fair values are measured and recorded at fair value using the market approach based on the quoted prices in active markets at the reporting date. The Group classifies the valuation techniques that use these inputs as Level 1 of fair value measurements.

Equity investments without readily determinable fair values which do not qualify for net asset value per share (or its equivalent) practical expedient and over which the Group does not have the ability to exercise significant influence through the investments in common stock, are initially measured at cost under the measurement alternative. Subsequently, these equity investments are measured at cost, less any impairment, plus or minus changes resulting from observable price changes in orderly transactions for identical or similar investments of the same issuer. All gains and losses on these investments, realized and unrealized, are recognized in the consolidated statements of comprehensive loss.

The Group makes a qualitative assessment considering impairment indicators to evaluate whether the equity investments without a readily determinable fair value is impaired at each reporting period and recognizes an impairment loss equal to the difference between the carrying value and fair value in earnings.

(j) Property and equipment

Property and equipment are carried at cost less accumulated depreciation and impairment, if any.

Depreciation on property and equipment is calculated on the straight-line method over the estimated useful lives of the assets as below:


Category						Estimated useful life
Machinery and electronic equipment						3 – 10 years
Transportation vehicles						4 years
Office and other equipment						5 years
Leasehold improvements						Shorter of the lease term and the estimated useful lives of the assets

Construction in progress represents property and equipment under construction. Construction in progress is transferred to property and equipment and depreciation commences when an asset is ready for its intended use.

Gains or losses arising from the disposal of an item of property and equipment are determined based on the difference between the net disposal proceeds and the carrying amount of the item and are recognized in profit or loss on the date of disposal.

(k) Intangible assets

Intangible assets mainly include purchased intangible assets. Purchased intangible assets are initially recognized and measured at cost upon acquisition. Separately identifiable intangible assets that have determinable lives are amortized over their estimated useful lives on a straight-line method as follows. In determining the useful life of an intangible asset, the Group considers the factors such as the expected use of the asset by the Group, and any legal, regulatory, or contractual provisions that may limit the useful life:


Category						Estimated useful life
Software						3 years
Software license rights						3 years
Patent						3 years
Trademarks						10 years

(l) Impairment of long-lived assets

Long-lived assets, including property and equipment, intangible assets, and right-of-use assets subject to amortization are reviewed for impairment whenever events or changes in circumstances indicate that the carrying amount of an asset or asset group may not be recoverable. If circumstances require a long-lived asset or asset group to be tested for possible impairment, the Group first compares undiscounted cash flows expected to be generated by that asset or asset group to its carrying amount. If the carrying amount of the long-lived asset or asset group is not recoverable on an undiscounted cash flow basis, an impairment is recognized to the extent that the carrying amount exceeds its fair value. Fair value is determined through various valuation techniques including discounted cash flow models, quoted market values and third-party independent appraisals, as considered necessary.

(m) Product warranties

The Group provides product warranties on all applicable products based on the contracts with its customers at the time of sale of products. The Group accrues a warranty reserve for the products sold, which includes the best estimate of projected costs to settle indemnity for claims under warranties. Factors that affect the Group’s warranty obligation include product defect rates and costs of repair or replacement. These factors are estimates that may change based on new information that becomes available each period. The portion of the warranty reserve expected to be incurred within the next 12 months is included within accrued expense and other current liabilities while the remaining balance is included in provision on the consolidated balance sheets. Warranty cost is recorded as a component of cost of goods sold in the consolidated statements of comprehensive loss. The Group reevaluates the adequacy of the warranty accrual on a regular basis.

The Group recognizes the benefit from a recovery of the costs associated with the warranty when specifics of the recovery have been agreed with the Group’s suppliers and the amount of the recovery is virtually certain.

(n) Value added taxes

The Group’s PRC subsidiaries and VIEs are subject to value added tax (“VAT”) on its products and services, less any deductible VAT the Group has already paid or borne. They are also subject to surcharges on VAT payments in accordance with PRC law. VAT is not included in the revenue recognized for the Group. Revenue from sales of products and provision of services are generally subject to VAT at the rate of 6% to 13%, and subsequently paid to PRC tax authorities after netting input VAT on purchases.

The excess of output VAT over input VAT is reflected in accrued expenses and other current liabilities, and the excess of input VAT over output VAT is reflected in prepayments and other current assets in the consolidated balance sheets.

(o) Commitments and contingencies

In the normal course of business, the Group is subject to loss contingencies, such as legal proceedings and claims arising out of its business, that cover a wide range of matters, including, among others, government investigations, shareholder lawsuits, and non-income tax matters. An accrual for a loss contingency is recognized when it is probable that a liability has been incurred and the amount of loss can be reasonably estimated. If a potential material loss contingency is not probable but is reasonably possible, or is probable but cannot be estimated, then the nature of the contingent liability, together with an estimate of the range of possible loss if determinable and material, is disclosed.

(p) Fair value measurement

The Group measures certain assets and liabilities at fair value. Fair value is the exit price, or the amount that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants as of the measurement date. The fair value hierarchy is based on inputs to valuation techniques that are used to measure fair value that are either observable or unobservable. Observable inputs reflect assumptions market participants would use in pricing an asset or liability based on market data obtained from independent sources while unobservable inputs reflect a reporting entity’s pricing based upon their own market assumptions.

The fair value hierarchy consists of the following three levels:

Level 1 — Observable inputs that reflect quoted prices (unadjusted) for identical assets or liabilities in active markets.

Level 2 — Includes other inputs that are directly or indirectly observable in the marketplace.

Level 3 — Inputs are derived from valuation techniques in which one or more significant inputs or value drivers are unobservable.

Financial assets and liabilities of the Group primarily consist of cash, restricted cash, short-term investments, accounts receivable, amounts due from related parties, notes receivable, equity securities, short-term borrowings, accounts payable, notes payable, amounts due to related parties, warrant liabilities, convertible notes, and other payables included in accrued expenses and other current liabilities. The Group measures below assets and liabilities at fair value on a recurring basis by level within the fair value hierarchy as of December 31, 2022 and 2023 as below:

Level 1 – Equity securities and public warrant liabilities using observable inputs in active markets;

Level 3 – Private warrant liabilities using unobservable inputs.

As of December 31, 2022 and 2023, the carrying values of other financial instruments approximate their fair values due to the short-term maturity of these instruments or their interest rates are comparable to the prevailing interest rates in the market.

(q) Revenue recognition

The Group accounts for revenue in accordance with Accounting Standards Codification (ASC) Topic 606, Revenue from Contracts with Customers (“ASC 606”). In accordance with ASC 606, the Group recognizes revenue upon the transfer of control of promised products or services to the Group’s customers, in the amount of consideration the Group expects to receive for those products or services (excluding VAT collected on behalf of government authorities).

The Group generates revenues from sales of goods, software license and services.

Sales of goods

Sales of goods include the following products:

a.Automotive computing platform, which Tier 1 automotive suppliers or the Original Equipment Manufacturers (“OEM”) purchase from the Group and assemble on cars with infotainment head unit or digital cockpit;

b.SoC core modules, where the Group sells standardized computing board, which integrates SoC with core integrated circuits and peripherals to Tier 1 automotive suppliers or the OEMs; and

c.Automotive merchandise and other products, which are primarily basic electronic components such as resistor, capacitor and circuit board sold to automotive suppliers.

The Group is mainly engaged by the related parties to manufacture and sell automotive computing platforms. The Group also generates revenue from the sales of SoC core modules, automotive merchandise and other products. Revenues are recognized when the automotive computing platform, SoC core modules, automotive merchandise or

other products are accepted by the customers, which is the point in time that control of the product is transferred to the customers. The selling price, which is specified in the purchase orders, is fixed. The Group determines that it is the principal of the contract and recognizes revenue generated from sales of products on a gross basis as the Group has control of products before they are transferred to the customers. Unless a product was defective, the Group does not provide customers any right of product return.

Software license revenues

Software license revenues include revenues from the sales of software stack, which incorporates the service software framework to connect the application layer to the operating system layer of the overall cockpit system.

The Group generates revenues from licensing its software to its customers, which are Tier 1 automotive suppliers, in two types of contracts. Customers may subscribe to term licenses or purchase perpetual licenses, which provide customer with the same functionality but for different duration.

For subscription to licenses, the Group licenses its software to its customers for a fixed period. The customers then indicate their acceptance upon receiving the software by providing a written notice. For perpetual licenses, the Group does not license customers for a specific period and it is accepted by customer with an acceptance notice.

The Group’s software licenses have significant standalone functionality which is not expected to substantively change during the license term. The nature of the software is functional and a right to use the Group’s intellectual property according to ASC 606. Revenues related to the fixed period software licenses, is fixed and are recognized at a point in time upon customers’ acceptance which is when the control is transferred to the customer. Revenues related to perpetual licenses are recognized when subsequent sale occurs using the sales-based royalties guidance under ASC 606 as this type of software is invoiced based on the subsequent sale made by Tier 1 automotive suppliers to the OEMs after the software has been configured into Tier 1 supplier’s auto parts. The license does not have a renewal term. Post-contract customer support, which includes technical support and unspecified minor bug fixes, are provided to all customers. The post-contract customer support is not material and not accounted for as a distinct performance obligation.

Service revenues

The Group generates revenues by provision of the following services:

a.Automotive computing platform design and development service;

b.Connectivity service, which enables end-users of automobiles access internet; and,

c.Other services, including technical consulting services provided to automotive companies. The performance obligations are satisfied, and revenues are recognized, at a point in time the customers accept the services, as the criteria for recognition of revenue over time are not met.

The Group provides design and development services on automotive computing platform for OEMs. The contracts for design and development services are separate from the contracts for manufacture of automotive computing platform because they are not entered into at or near the same time. Prior to January 1, 2022, the service contracts for design and development services were entered into with the customers near the end of the development process. The Group did not have any enforceable right to payment before the agreed deliverables were accepted by customers. Therefore, the Group recognized revenue at a point in time when the agreed deliverables were accepted by customers.

Starting from January 1, 2022, the Group entered into a number of contracts with OEMs upon the commencement of design and development services on automotive computing platform. After the fulfillment of the design and development services, the Group delivers customized deliverables to the OEMs.

For such contracts, the Group recognizes revenue at a point in time because (1) the customer does not receive benefits until the delivery of deliverables; (2) the Company does not create or enhance assets which the customer controls as

the assets are created or enhanced; and (3) the Group does not have any enforceable rights to payment for performance completed to date before the deliverables are accepted by the customers.

Costs incurred to fulfill such service contracts which are not within the scope of other guidance are recognized as contract cost assets, as the costs relate directly to the service contracts that the Group can specifically identify. The costs are expected to be recovered and generate or enhance resources of the Group that will be used in satisfying performance obligations of design and development services for the OEMs in the future.

The Group recognizes an impairment loss of contract cost assets in the statement of comprehensive loss to the extent that the carrying amount of the assets exceeds:

a.The amount of consideration that the Group expects to receive in the future and that the Group has received but not recognized as revenue, for providing the design and development services, less

b.The costs that relate directly to providing those services and that have not been recognized as expenses.

The Group purchases data traffic from its suppliers and maintains a data pool to provide connectivity service to its related parties with the provision of data service packs. The connectivity service commences upon activation of the data service packs and remains effective with agreed standard connectivity speed (1) over the duration of ownership under the first registered owner of the automobiles or (2) over the shorter of (i) an agreed fixed period or (ii) the duration of ownership under the first registered owner. Therefore, the Group estimates the period when the data service pack is activated and recognizes revenue over the estimated period on a straight-line basis. The Group determines that it is the principal in providing such connectivity service, as it has control over the services, including negotiating arrangement details with customers, establishing prices for service packs sold, selecting data traffic suppliers and management of the data traffic pool to fulfil users’ needs.

Contract liabilities

The timing of revenue recognition, billings and cash collections result in accounts receivable and contract liabilities. The Group’s contract liabilities consist of advance payments from clients and billings in excess of revenues recognized. The Group classifies contract liabilities as current or noncurrent based on the timing of when the Group expects to recognize the revenues.

(r) Research and development expenses

Research and development expenses mainly consist of direct material cost, outsourced development expenses, payroll, share-based compensation related to research and development personnel, and expenses associated with the use of facilities and equipment by these functions, such as lease rental and depreciation. Research and development expenses are expensed as incurred.

(s) Selling and marketing expenses

Selling and marketing expense mainly consists of payroll and share-based compensation related to the selling and marketing activities, advertising costs, rental, depreciation related to selling and marketing functions. Advertising costs are expensed as incurred. The advertising costs were RMB13,674, RMB11,800 and RMB17,651 for the years ended December 31, 2021, 2022 and 2023, respectively.

(t) Government grants

Government grants are recognized when there is reasonable assurance that the Group will comply with the conditions attached to it and the grants will be received. Grants that compensate the Group for expenses incurred are recognized in the Group’s consolidated statements of comprehensive loss on a systematic basis in the same periods in which the expenses are incurred. Grants that compensate the acquisition cost of an asset are recorded as a liability in the Group’s consolidated balance sheets and are recognized in the Group’s consolidated statements of comprehensive loss over the useful life of the asset.

(u) Income tax

Current income taxes are provided on the basis of income before income taxes for financial reporting purposes and adjusted for income and expense items which are not taxable or deductible for income tax purposes, in accordance with the regulations of the relevant tax jurisdictions.

Deferred income taxes are provided for using the asset and liability method. Under this method, deferred tax assets and liabilities are recognized for the tax consequences attributable to differences between carrying amounts of assets and liabilities in the financial statements and their respective tax bases, and operating loss carryforwards. Deferred tax assets and liabilities are measured using enacted tax rates expected to apply to taxable income in the years in which those temporary differences are expected to be recovered or settled. The effect on deferred taxes of a change in tax rates is recognized in the consolidated statements of comprehensive loss in the period that includes the enactment date.

A valuation allowance is provided to reduce the amount of deferred income tax assets if based on the weight of available evidence, it is more-likely-than-not that some portion, or all, of the deferred income tax assets will not be realized. This assessment considers, among other matters, the nature, frequency and severity of current and cumulative losses, forecasts of futures profitability, the duration of statutory carryforward periods, the Group’s operating history and tax credit carryforwards, if any, not expiring.

The Group applies a “more-likely-than-not” recognition threshold in the evaluation of uncertain tax positions. The Group recognizes the benefit of a tax position in its consolidated financial statements if the tax position is “more-likely-than-not” to prevail based on the facts and technical merits of the position. Tax positions that meet the “more-likely-than-not” recognition threshold are measured at the largest amount of tax benefit that has a greater than fifty percent likelihood of being realized upon settlement. Unrecognized tax benefits may be affected by changes in interpretation of laws, rulings of tax authorities, tax audits, and expiry of statutory limitations. In addition, changes in facts, circumstances and new information may require the Group to adjust the recognition and measurement estimates with regard to individual tax positions. Accordingly, unrecognized tax benefits are periodically reviewed and re-assessed. Adjustments, if required, are recorded in the Group’s consolidated financial statements in the period in which the change that necessities the adjustments occur. The ultimate outcome for a particular tax position may not be determined with certainty prior to the conclusion of a tax audit and, in certain circumstances, a tax appeal or litigation process. The Group records interest and penalties related to unrecognized tax benefits (if any) in interest expense and general and administrative expenses, respectively.

(v) Share-based compensation

The Group measures the cost of employee and non-employee services received in exchange for an award of equity instruments based on the grant-date fair value of the award and recognizes the cost over the period the employee and non-employee is required to provide service in exchange for the award, which generally is the vesting period. For graded vesting awards with only service condition, the Group recognizes compensation cost on a straight-line basis over the requisite service period for the entire award, provided that the cumulative amount of compensation cost recognized at any date at least equals the portion of the grant-date value of such award that is vested at that date. For awards with performance conditions, compensation cost is recognized over the estimated vesting period if it is probable that the performance condition will be achieved.

The Group elects to recognize the effect of forfeitures in compensation costs when they occur. To the extent the required vesting conditions are not met resulting in the forfeiture of the share-based awards, previously recognized compensation expense relating to those awards is reversed.

(w) Employee benefits

The Group’s subsidiaries and the VIEs in the PRC participate in a government mandated, multi- employers, defined contribution plan, pursuant to which certain retirement, medical, housing and other welfare benefits are provided to employees. PRC labor laws require the entities incorporated in the PRC to pay to the local labor bureau a monthly contribution calculated at a stated contribution rate on the monthly basic compensation of qualified employees. The

Group has no further commitments beyond its monthly contribution. Employee social benefits included as expenses in the accompanying consolidated statements of comprehensive loss amounted to RMB168,971, RMB197,669 and RMB213,772 for the years ended December 31, 2021, 2022 and 2023, respectively.

(x) Leases

The Group leases premises for offices under non-cancellable operating leases. There are no capital improvement funding, lease concessions, escalated rent provisions or contingent rent in the lease agreements. The Group has no legal or contractual asset retirement obligations at the end of the lease term.

Right-of-use assets and lease liabilities are recognized upon lease commencement for operating leases based on the present value of lease payments over the lease term. As the rate implicit in the lease cannot be readily determined, the Group uses different incremental borrowing rates for subsidiaries in different countries at the lease commencement date in determining the present value of lease payments. The incremental borrowing rates were determined based on the rates of interest that each subsidiary would be expected to pay to borrow an amount equal to the lease payments on a collateralized basis over a similar term.

The Group has elected not to recognize right-of-use assets or lease liabilities for leases with an initial term of 12 months or less and recognizes a single lease cost on a straight-line basis over the lease term.

Prior to the adoption of ASC Topic 842 on January 1, 2022, operating leases were not recognized on the consolidated balance sheets of the Group but payments made for those leases were charged to the consolidated statements of comprehensive loss on a straight-line basis over the term of underlying lease.

(y) Foreign currency

The Group uses RMB as its reporting currency. Functional currency of the entities consolidated within the Group is the currency of the primary economic environment in which the entity operates. Transactions denominated in currencies other than the functional currency are remeasured into the functional currency at the exchange rates prevailing at the dates of the transactions. Monetary assets and liabilities denominated in a foreign currency are remeasured into the functional currency using the applicable exchange rate at the balance sheet date. The resulted exchange differences are recorded as foreign currency exchange gains (losses), net in the consolidated statements of comprehensive loss.

The assets and liabilities of the Company’s foreign subsidiaries whose functional currency is not the RMB are translated into RMB from functional currencies at the current exchange rates while revenues and expenses are translated from functional currencies at average exchange rates. Equity accounts other than earnings (deficits) generated in the current period are translated into at the appropriate historical rates. The resulting foreign currency translation adjustments are recorded as a component of other comprehensive income (loss) in the consolidated statements of comprehensive loss, and the accumulated foreign currency translation adjustments are recorded as a component of accumulated other comprehensive income (loss) in the consolidated statements of changes in shareholders’ deficit.

RMB is not a freely convertible currency. The PRC State Administration for Foreign Exchange, under the authority of the PRC government, controls the conversion of RMB to foreign currencies. The value of RMB is subject to changes of central government policies and international economic and political developments affecting supply and demand in the PRC foreign exchange trading system market.

(z) Convenience translation

The United States dollar (“US$”) amounts disclosed in the accompanying financial statements are presented solely for the convenience of the readers. Translations of amounts from RMB into US$ for the convenience of the reader were calculated at the rate of US$1.00=RMB 7.0999, the certified noon buying rate set forth in the H.10 statistical release of

the Federal Reserve Board on December 29, 2023. No representation is made that the RMB amounts could have been, or could be, converted into US$ at that rate on December 31, 2023, or at any other rate.

(aa) Loss per share

Basic loss per share is computed by dividing net loss attributable to ordinary shareholders, taking into consideration the accretions to redemption value of redeemable convertible preferred shares, by the weighted average number of ordinary shares outstanding during the periods presented using the two-class method. Under the two-class method, any net income is allocated between ordinary shares and other participating securities based on their participating rights. ECARX Warrants (Note 13) are not participating securities, as they are not entitled to participating rights until exercised; Government Warrants (Note 13) and redeemable convertible preferred shares are participating securities, as they participate in undistributed earnings on an if-converted basis. A net loss is not allocated to participating securities when the participating securities do not have contractual obligations to share losses.

Diluted loss per share is calculated by dividing net loss attributable to ordinary shareholders, as adjusted for the effect of dilutive ordinary equivalent shares, if any, by the weighted average number of ordinary and dilutive ordinary equivalent shares outstanding during the year. Ordinary equivalent shares consist of shares issuable upon the conversion of the redeemable convertible preferred shares and convertible notes, using the if-converted method, and ordinary shares issuable upon the exercise of warrants and share options using the treasury stock method. Ordinary equivalent shares are not included in the denominator of the diluted loss per share calculation when inclusion of such share would be anti-dilutive.

(bb) Segment reporting

The Group uses the management approach in determining its operating segments. The Group’s chief operating decision maker has been identified as the chief executive officer, who reviews consolidated results when making decisions about allocating resources and assessing performance of the Group. For the purpose of internal reporting and management’s operation review, the Group’s chief executive officer does not segregate the Group’s business by product or service. Management has determined that the Group has one operating segment, which is automotive intelligence and networking segment.

The Group’s long-lived assets are substantially all located in the PRC and substantially all the Group’s revenues are derived from within the PRC, therefore, no geographical information is presented.

(cc) Statutory reserves

In accordance with the PRC Company Law, the paid-in capitals of the PRC subsidiaries and VIEs are not allowed to be transferred to the Company by way of cash dividends, loans or advances, nor can they be distributed except in the event of a liquidation.

In addition, in accordance with the PRC Company Law, the Group’s PRC subsidiaries and VIEs must make appropriations from their after-tax profits as determined under the generally accepted accounting principles in the PRC (“PRC GAAP”) to non-distributable reserve funds including statutory surplus fund and discretionary surplus fund. The appropriation to the statutory surplus fund must be 10% of the after-tax profits after offsetting any prior year losses as determined under PRC GAAP. Appropriation is not required if the statutory surplus fund has reached 50% of the registered capital of the PRC companies. Appropriation to the discretionary surplus fund is made at the discretion of the PRC companies.

The statutory surplus fund and discretionary surplus fund are restricted for use. They may only be applied to offset losses or increase the registered capital of the respective companies. These reserves are not allowed to be transferred to the Company by way of cash dividends, loans or advances, nor can they be distributed except in the event of a liquidation.

During the years ended December 31, 2021, the profit appropriation to statutory surplus fund for the Group’s entities incorporated in the PRC was RMB3,240. No appropriation to statutory surplus fund was made during the years ended December 31, 2022 and 2023. The balance of the statutory surplus was RMB3,240 as of December 31, 2022 and 2023.

No appropriation to the discretionary surplus fund was made by the Group’s PRC subsidiaries and VIEs.

(dd) Prior period reclassification

The Group has reclassified certain prior period amounts as shown below to make the presentation consistent with current year. There was no change in total non-current liabilities and total liabilities as of December 31, 2022 and total operating expenses, loss from operation, loss before income taxes or net loss for the years ended December 31, 2021 and 2022 as a result of these reclassifications.


	As of December 31, 2022
	Before reclassification	After reclassification
	RMB	RMB
Provisions	—	30,716
Other non-current liabilities	30,716	—


	Year ended December 31, 2021		Year ended December 31, 2022
	Before reclassification	After reclassification	Before reclassification	After reclassification
	RMB	RMB	RMB	RMB
Selling and marketing expenses	(82,827)	—	(86,597)	—
General and administrative expenses	(525,041)	—	(1,223,610)	—
Selling, general and administrative expenses	—	(607,868)	—	(1,310,207)
Change in fair value of an equity security	—	—	(16,843)	—
Gains on sale of an equity security	—	—	59,728	—
Gains on deconsolidation of a subsidiary	10,579	—	71,974	—
Change in fair value of warrant liabilities	(111,299)	—	(3,245)	—
Government grants	34,507	—	59,393	—
Foreign currency exchange gains (losses), net	18,315	—	(18,216)	—
Other non-operating (expenses) income	—	(47,898)	—	152,791

(ee) Recently adopted accounting pronouncements

The Group adopted ASU 2016-13, Financial Instruments—Credit Losses (Topic 326), Measurement of Credit Losses on Financial Instruments, and subsequent amendments to the initial guidance within ASU 2018-19, ASU 2019-04, ASU 2019-05, ASU 2019-11 and ASU 2020-02 (collectively referred to as ASC 326) on January 1, 2023 using the modified retrospective approach. ASC 326 requires the measurement and recognition of expected credit losses using the current expected credit loss model for financial assets held at amortized cost, which includes the Group’s accounts receivable, notes receivable, amounts due from related parties and other financial assets. It replaces the existing

incurred loss impairment model with an expected loss methodology. The recorded credit losses are adjusted each period for changes in expected lifetime credit losses. On adoption of ASC 326, there is no change to accumulated deficit as of January 1, 2023.

The Group adopted ASC Topic 842, Leases, as of January 1, 2022, using an effective date method following the modified retrospective transition approach for leases that existed on January 1, 2022, and has not recast the comparative periods presented in these consolidated financial statements. The adoption of ASC 842 did not have any impact to the accumulated deficit of the Group as of January 1, 2022. See Note 17 for further information.

The Group early adopted ASU 2020-06, Debt – Debt with Conversion and Other Options (Subtopic 470-20) and Derivatives and Hedging – Contracts in Entity’s Own Equity (Subtopic 815 – 40) from January 1, 2021. This guidance simplifies the accounting for certain financial instruments with characteristics of liabilities and equity, including convertible instruments and contracts on an entity’s own equity. ASU 2020-06 is effective for public companies for fiscal years beginning after December 15, 2021, including interim periods within those fiscal years. For all other entities, it is effective for fiscal years beginning after December 15, 2023, including interim periods within those fiscal years. Early adoption is permitted, but no earlier than fiscal years beginning after December 15, 2020, including interim periods within those fiscal years. The Group early adopted ASU 2020-06 on January 1, 2021. The adoption of ASU 2020-06 did not have a material impact on the Group’s consolidated financial statements for the fiscal year ended December 31, 2021.

(ff) New accounting pronouncements

In November 2023, the FASB issued ASU 2023-07, Segment Reporting - Improvements to Reportable Segment Disclosures (Topic 280) which requires public entities to disclose (1) significant segment expenses by reportable segment if they are regularly provided to the Chief Operating Decision Maker (CODM) and included in each reported measure of segment profit or loss, (2) other segment items by reportable segment, (3) more than one measure of segment profit or loss used by the CODM, provided that at least one of the reported measures includes the segment profit or loss measure that is most consistent with GAAP measurement principles, (4) CODM’s title and position on both an annual and an interim basis. The standard is effective for the Group from January 1, 2024. The Group is in the process determining the impact of the adoption of this standard on its consolidated financial statements.

In December 2023, the FASB issued ASU 2023-09, Income Taxes - Improvements to Income Tax Disclosures (Topic 740). Under the ASU, Public Business Entities must annually (1) disclose specific categories in the rate reconciliation and (2) provide additional information for reconciling items that meet a quantitative threshold (if the effect of those reconciling items is equal to or greater than 5 percent of the amount computed by multiplying pretax income or loss by the applicable statutory income tax rate. The standard is effective for the Group from January 1, 2025. The Group is in the process determining the impact of the adoption of this standard on its consolidated financial statements.

Accounts receivable, net - Accounts Receivable, Net (Details) ¥ in Thousands, $ in Thousands	Dec. 31, 2023 CNY (¥)	Dec. 31, 2023 USD ($)	Dec. 31, 2022 CNY (¥)
Nonrelated Party
Related party balances and transactions
Accounts receivable	¥ 288,507		¥ 422,743
Less: Allowance for doubtful accounts	(2,688)		(4,521)
Accounts receivable	285,819	$ 40,257	418,222
Related Party
Related party balances and transactions
Accounts receivable	1,556,969		837,686
Less: Allowance for doubtful accounts	(11,217)		(2,366)
Accounts receivable	¥ 1,545,752	$ 217,715	¥ 835,320

Summary of significant accounting policies (Policies)

12 Months Ended

Dec. 31, 2023

Accounting Policies [Abstract]

Basis of presentation

(a) Basis of presentation

These consolidated financial statements have been prepared in accordance with U.S. generally accepted accounting principles (“U.S. GAAP”).

The consolidated financial statements are presented in Renminbi (“RMB”), rounded to the nearest thousand.

Principles of consolidation

Principles of consolidationThe consolidated financial statements include the financial statements of the Company and its consolidated subsidiaries. Prior to the completion of the Restructuring, the consolidated financial statements also included the financial statements of the VIE in which the Company, through its WFOE, had a controlling financial interest, and the VIE’s subsidiaries. All intercompany transactions and balances among the Company, its subsidiaries and the VIEs have been eliminated upon consolidation. Noncontrolling interests are separately presented as a component of shareholders’ deficit in the consolidated financial statements.

Use of estimates

Use of estimatesThe preparation of the consolidated financial statements in accordance with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, related disclosures of contingent assets and liabilities at the balance sheet date, and the reported revenues and expenses during the reported period in the consolidated financial statements and accompanying notes. Significant accounting estimates include, but not limited to, service period of connectivity services; expected credit losses for accounts receivable, other non-current assets and amounts due from related parties; realizability of inventories; accrual for warranty obligations; useful lives and recoverability of property, equipment and intangible assets and right-of-use assets; recoverability of long-term investments; valuation allowance of deferred tax assets; fair values of share-based compensation awards, redeemable convertible preferred shares, warrant liabilities, and incremental borrowing rates of the Group’s leases. Changes in facts and circumstances may result in these estimates to be revised. Actual results could differ from those estimates, and as such, differences may be material to the consolidated financial statements.

Cash and restricted cash

Short-term and Long-term investments

Short-term investments

Long-term investments

Equity method investments

Equity securities

Accounts receivable and current expected credit losses

Notes receivable

Inventories

Property and equipment

Property and equipment are carried at cost less accumulated depreciation and impairment, if any.

Depreciation on property and equipment is calculated on the straight-line method over the estimated useful lives of the assets as below:


Category						Estimated useful life
Machinery and electronic equipment						3 – 10 years
Transportation vehicles						4 years
Office and other equipment						5 years
Leasehold improvements						Shorter of the lease term and the estimated useful lives of the assets

Intangible assets


Category						Estimated useful life
Software						3 years
Software license rights						3 years
Patent						3 years
Trademarks						10 years

Impairment of long-lived assets

Impairment of long-lived assetsLong-lived assets, including property and equipment, intangible assets, and right-of-use assets subject to amortization are reviewed for impairment whenever events or changes in circumstances indicate that the carrying amount of an asset or asset group may not be recoverable. If circumstances require a long-lived asset or asset group to be tested for possible impairment, the Group first compares undiscounted cash flows expected to be generated by that asset or asset group to its carrying amount. If the carrying amount of the long-lived asset or asset group is not recoverable on an undiscounted cash flow basis, an impairment is recognized to the extent that the carrying amount exceeds its fair value. Fair value is determined through various valuation techniques including discounted cash flow models, quoted market values and third-party independent appraisals, as considered necessary.

Product warranties

Value added taxes

Commitments and contingencies

Fair value measurement

The fair value hierarchy consists of the following three levels:

Level 1 — Observable inputs that reflect quoted prices (unadjusted) for identical assets or liabilities in active markets.

Level 2 — Includes other inputs that are directly or indirectly observable in the marketplace.

Level 3 — Inputs are derived from valuation techniques in which one or more significant inputs or value drivers are unobservable.

Level 1 – Equity securities and public warrant liabilities using observable inputs in active markets;

Level 3 – Private warrant liabilities using unobservable inputs.

Revenue recognition and Contract liabilities

Revenue recognition

The Group generates revenues from sales of goods, software license and services.

Sales of goods

Sales of goods include the following products:

b.SoC core modules, where the Group sells standardized computing board, which integrates SoC with core integrated circuits and peripherals to Tier 1 automotive suppliers or the OEMs; and

c.Automotive merchandise and other products, which are primarily basic electronic components such as resistor, capacitor and circuit board sold to automotive suppliers.

Software license revenues

Service revenues

The Group generates revenues by provision of the following services:

a.Automotive computing platform design and development service;

b.Connectivity service, which enables end-users of automobiles access internet; and,

the assets are created or enhanced; and (3) the Group does not have any enforceable rights to payment for performance completed to date before the deliverables are accepted by the customers.

The Group recognizes an impairment loss of contract cost assets in the statement of comprehensive loss to the extent that the carrying amount of the assets exceeds:

a.The amount of consideration that the Group expects to receive in the future and that the Group has received but not recognized as revenue, for providing the design and development services, less

b.The costs that relate directly to providing those services and that have not been recognized as expenses.

Contract liabilities

Research and development expenses

Selling and marketing expenses

Selling and marketing expensesSelling and marketing expense mainly consists of payroll and share-based compensation related to the selling and marketing activities, advertising costs, rental, depreciation related to selling and marketing functions. Advertising costs are expensed as incurred.

Government grants

Income tax

Share-based compensation

Employee benefits

Group has no further commitments beyond its monthly contribution.

Leases

Foreign currency

Convenience translation

Loss per share

Segment reporting

Statutory reserves

Prior period reclassification

Recently adopted accounting pronouncements and New accounting pronouncements

Recently adopted accounting pronouncements

(ff) New accounting pronouncements

Related party balances and transactions - Related party balances (Details) ¥ in Thousands, £ in Thousands, $ in Thousands					1 Months Ended				2 Months Ended	12 Months Ended
	Feb. 29, 2024 CNY (¥)	Jun. 27, 2022 CNY (¥)	Mar. 28, 2022 CNY (¥)	Mar. 29, 2018 CNY (¥)	Nov. 30, 2023 CNY (¥)	Jan. 31, 2023 CNY (¥)	Feb. 28, 2022 CNY (¥)	Oct. 31, 2021 CNY (¥)	Mar. 31, 2022 CNY (¥)	Dec. 31, 2023 CNY (¥)	Dec. 31, 2023 USD ($)	Dec. 31, 2022 CNY (¥)	Dec. 31, 2021 CNY (¥)	Mar. 28, 2024 CNY (¥)	Dec. 31, 2023 USD ($)	Dec. 31, 2022 USD ($)	Dec. 31, 2022 GBP (£)	Aug. 25, 2021 CNY (¥)	Aug. 25, 2021 USD ($)
Related party balances and transactions
Amounts due from related parties										¥ 74,122		¥ 911,729			$ 10,440
Amounts due to related parties										35,664		42,843			5,023
Other non-current liabilities – related parties												0
Amount of transaction					¥ 50,000
Interest expense										79,309	$ 11,170	44,543	¥ 131,585
Gain on disposal of property, equipment and intangible assets										(1,751)	$ (247)	(1,939)	(1,562)
Software licensing agreement period					3 years
Total liabilities										5,102,103		4,765,488			718,617
Operating expense
Related party balances and transactions
Amount of transaction										47,641		62,840	23,412
Purchase of products and services
Related party balances and transactions
Amount of transaction										602,838		677,775	293,552
Loans to related parties
Related party balances and transactions
Amount of transaction										214,000		57,260	28,850
Interest income on loans due from related parties
Related party balances and transactions
Amount of transaction										15,955		9,069	717
Advances to related parties \| Zhejiang Huanfu
Related party balances and transactions
Amount of transaction										0		0	19,806
Collection of advances from related parties \| Zhejiang Huanfu
Related party balances and transactions
Amount of transaction										0		0	90,155
Financial support to related parties \| Anhui Xinzhi
Related party balances and transactions
Amount of transaction									¥ 28,500	0		28,500	0
Related Party
Related party balances and transactions
Accounts receivable										1,545,752		835,320			217,715
Amounts due from related parties										74,122		911,729
Other non-current assets – related parties										224,349		213,695			31,599
Accounts payable – related parties										278,750		241,773			39,261
Amounts due to related parties										35,664		42,843
Other non-current liabilities – related parties										44,519		0			$ 6,270
Inventory purchases										41,409		29,717	51,171
Cost of revenues										513,788		591,613	220,062
Lease expense										4,621		6,395	1,093
Interest expense										12,163		12,215	¥ 131
Related Party \| Zhejiang Huanfu
Related party balances and transactions
Proceeds from disposal of property and equipment							¥ 1,697	¥ 745
Gain on disposal of property, equipment and intangible assets							¥ 93	¥ 38
Related Party \| Volvo Cars
Related party balances and transactions
Amounts due from related parties												793,177				$ 115,000
Related Party \| Arteus
Related party balances and transactions
Amounts due from related parties												25,866					£ 3,082
Related Party \| Geely Group \| Unsecured bank loans
Related party balances and transactions
Face amount of debt		¥ 500,000		¥ 20,000		¥ 300,000
Interest rate		4.35%		4.35%		4.10%
Related Party \| Hubei Xingji Times Technology Co., Ltd \| Unsecured bank loans
Related party balances and transactions
Face amount of debt			¥ 200,000
Interest rate			2.25%
Related Party \| Hubei ECARX
Related party balances and transactions
Other non-current assets – related parties										224,349		213,695
Amount of transaction										¥ 252,287
Interest rate										5.00%	5.00%
Related Party \| Xingji Meizu
Related party balances and transactions
Accounts payable – related parties										¥ 50,000
Other non-current liabilities – related parties										¥ 44,519
Interest rate										4.00%	4.00%
Software licensing agreement period					3 years
Total liabilities										¥ 94,519
Related Party \| Subsequent events
Related party balances and transactions
Proceeds from customers	¥ 917,709
Face amount of debt														¥ 300,000
Related Party \| Purchase of products and services
Related party balances and transactions
Amounts due from related parties										8,420		29,595
Accounts payable – related parties										228,750		241,773
Related Party \| Technical and logistical services
Related party balances and transactions
Amounts due to related parties										9,701		29,043
Related Party \| Loans and interest receivable
Related party balances and transactions
Amounts due from related parties										65,702		63,091
Related Party \| Borrowings and interest payable on borrowing
Related party balances and transactions
Amounts due to related parties										¥ 25,963		¥ 13,800
Related Party \| Annual Software Sales \| Xingji Meizu
Related party balances and transactions
Amount of transaction					¥ 50,000
Controlling Shareholder \| Unsecured bank loans
Related party balances and transactions
Face amount of debt																		¥ 45,152	$ 7,000

Intangible assets, net - Estimated amortization expenses for intangible assets (Details) ¥ in Thousands	Dec. 31, 2023 CNY (¥)
Intangible Assets, Net (Excluding Goodwill) [Abstract]
2024	¥ 68,895
2025	62,511
2026	46,802
2027	811
2028	¥ 253

Convertible notes payable (Tables)

12 Months Ended

Dec. 31, 2023

Debt Disclosure [Abstract]

Convertible Debt

The following is a summary of the Company’s convertible notes payable as of December 31, 2022. The fair value of the Investor Notes approximates its carrying value as of December 31, 2022.

Principal amount

Unamortized debt issuance costs

Net carrying amount

RMB

5% Investor Notes due on November 8, 2025

448,318

(8,449)

439,869

The following is a summary of the Company’s convertible notes payable and its fair value as of December 31, 2023.

Fair value

Principal amount

Unamortized debt issuance costs

Net carrying amount

Amount

Leveling

RMB

5% Investor Notes due on November 8, 2025

461,494

(5,793)

455,701

396,884

Level 3

Fair Value Measurements, Recurring and Nonrecurring

The following is a summary of the Company’s convertible notes payable and its fair value as of December 31, 2023.

Fair value

Principal amount

Unamortized debt issuance costs

Net carrying amount

Amount

Leveling

RMB

5% Investor Notes due on November 8, 2025

461,494

(5,793)

455,701

396,884

Level 3

Prepayments and other current assets (Tables)

12 Months Ended

Dec. 31, 2023

Prepaid Expense and Other Assets, Current [Abstract]

Schedule of prepayments and other current assets

Prepayments and other current assets consisted of the following:


	As of December 31,
	2022	2023
	RMB	RMB
Prepayments to suppliers	210,819	300,890
Contract cost assets	192,848	104,309
Others	21,251	36,284
Prepayments and other current assets	424,918	441,483

Accrued expenses and other liabilities (Tables)

12 Months Ended

Dec. 31, 2023

Accrued Liabilities and Other Liabilities [Abstract]

Schedule of accrued expenses and other current liabilities

Accrued expenses and other liabilities, current and non-current consisted of the following:


	As of December 31,
	2022	2023
	RMB	RMB
Salaries and benefits payables	246,189	257,207
Taxes payable	103,067	101,487
Product warranties	61,432	41,924
Accrued costs of the Merger	136,756	54,984
Other payables and accrued charges*	237,690	158,938
Accrued expenses and other current liabilities	785,134	614,540

___________________________

*Other payables and accrued charges primarily include accrual for research and development expenses.

Convertible notes payable to a related party

12 Months Ended

Dec. 31, 2023

Debt Disclosure [Abstract]

Convertible notes payable to a related party

occurrence of an Event of Default or a Fundamental Change, at a price equal to the Redemption Price, which equal to the principal plus interests accrued thereon at an interest rate of 5% per annum.

Conversion of the Note is stipulated as below:

16. Convertible notes payable

share, subject to customary anti-dilution adjustments and certain limitations on the conversion right as described in the Investor Note.

The following is a summary of the Company’s convertible notes payable as of December 31, 2022. The fair value of the Investor Notes approximates its carrying value as of December 31, 2022.

Principal amount

Unamortized debt issuance costs

Net carrying amount

RMB

5% Investor Notes due on November 8, 2025

448,318

(8,449)

439,869

The following is a summary of the Company’s convertible notes payable and its fair value as of December 31, 2023.

Fair value

Principal amount

Unamortized debt issuance costs

Net carrying amount

Amount

Leveling

RMB

5% Investor Notes due on November 8, 2025

461,494

(5,793)

455,701

396,884

Level 3

Commitments and Contingencies Disclosure [Abstract]

Income taxes - Withholding tax on undistributed dividends (Details) - CNY (¥) ¥ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Income Tax Disclosure [Abstract]
Withholding tax rate (in percent)	10.00%
Deferred tax liability accrued for dividend withholding taxes	¥ 0	¥ 0	¥ 0

Long-term investments - Investments (Details) ¥ in Thousands, $ in Thousands	Dec. 31, 2023 CNY (¥)	Dec. 31, 2023 USD ($)	Dec. 31, 2022 CNY (¥)
Long-Term Investments [Abstract]
Equity method investments	¥ 252,407		¥ 284,536
Equity securities	48,580		69,319
Total long-term investments	¥ 300,987	$ 42,393	¥ 353,855

Commitments and contingencies (Tables)

12 Months Ended

Dec. 31, 2023

Schedule of future minimum purchase commitments

Total purchase obligations contracted but not yet reflected in the consolidated financial statements as of December 31, 2023 were as follows:

Total

Less than
one year

1-2 Years

2-3 Years

3-5 Years

Over 5
Years

RMB

Purchase commitments

85,354

72,021

6,667

—

Schedule of future minimum capital commitments

Total capital expenditures contracted but not yet reflected in the consolidated financial statements as of December 31, 2023 were as follows:

Total

Less than
one year

1-2 Years

2-3 Years

3-5 Years

Over 5 Years

RMB

Capital commitments

39,504

38,502

1,002

—

Investment commitment

The investment commitment represents the Group's investment in a joint venture with smart Automobile Co., Ltd. and total investment commitment contracted but not yet reflected in the consolidated financial statements as of December 31, 2023 was as follows:

Total

Less than
one year

1–2 Years

2–3 Years

3–5 Years

Over 5 Years

RMB

Investment commitment

49,000

—

CONSOLIDATED STATEMENTS OF CHANGES IN SHAREHOLDERS DEFICIT (Parenthetical) ¥ in Thousands, $ in Thousands	12 Months Ended
	Dec. 31, 2022 CNY (¥)	Dec. 31, 2021 USD ($)
Statement of Stockholders' Equity [Abstract]
Foreign currency translation adjustments, tax	¥ 0
Net loss attributable to redeemable non-controlling interests	¥ 464	$ 806

Income taxes - Movement of the valuation allowance for the deferred tax assets (Details) - CNY (¥) ¥ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Deferred Tax Assets [Roll Forward]
Beginning balance	¥ 537,172	¥ 550,520	¥ 362,371
Increase during the year	45,472	121,245	188,149
Reversal of net operating loss carryforwards due to the Restructuring	0	(134,593)	0
Ending balance	¥ 582,644	¥ 537,172	¥ 550,520

Leases - Summary of the effect on consolidated balance sheet as a result of ASC 842 (Details) ¥ in Thousands, $ in Thousands	Dec. 31, 2023 CNY (¥)	Dec. 31, 2023 USD ($)	Dec. 31, 2022 CNY (¥)	Jan. 01, 2022 CNY (¥)	Dec. 31, 2021 CNY (¥)
ASSETS
Prepayments and other current assets	¥ 441,483	$ 62,181	¥ 424,918	¥ 240,647	¥ 247,411
Operating lease right-of-use assets	125,205	17,635	99,652	95,108
LIABILITIES
Operating lease liabilities, current	(35,123)	(4,947)	(31,110)	(42,094)
Operating lease liabilities, non-current	¥ (107,605)	$ (15,156)	¥ (68,768)	¥ (46,250)
Adjustments due to adoption of ASC 842
ASSETS
Prepayments and other current assets					(6,764)
Operating lease right-of-use assets					95,108
LIABILITIES
Operating lease liabilities, current					(42,094)
Operating lease liabilities, non-current					¥ (46,250)

Inventories (Tables)

12 Months Ended

Dec. 31, 2023

Inventory Disclosure [Abstract]

Schedule of inventories

Inventories consisted of the following:


	As of December 31,
	2022	2023
	RMB	RMB
Raw materials	65,575	90,882
Work-in-process	2,999	11,003
Finished goods	113,998	58,896
Total	182,572	160,781

Prepayments and other current assets - Schedule of prepayments and other current assets (Details) ¥ in Thousands, $ in Thousands	Dec. 31, 2023 CNY (¥)	Dec. 31, 2023 USD ($)	Dec. 31, 2022 CNY (¥)	Jan. 01, 2022 CNY (¥)	Dec. 31, 2021 CNY (¥)
Prepaid Expense and Other Assets, Current [Abstract]
Prepayments to suppliers	¥ 300,890		¥ 210,819
Contract cost assets	104,309		192,848
Others	36,284		21,251
Prepayments and other current assets	¥ 441,483	$ 62,181	¥ 424,918	¥ 240,647	¥ 247,411

Share based compensation - Activities of options (Details) - 2021 Option Plan - $ / shares	1 Months Ended		5 Months Ended	12 Months Ended
	Jan. 31, 2023	Jul. 31, 2021	Dec. 31, 2021	Dec. 31, 2023	Dec. 31, 2022
Number of options
Outstanding at the beginning (in shares)	12,853,364			12,853,364	13,281,043
Granted (in shares)	63,464		13,575,733	157,368	2,354,744
Forfeited (in shares)				(1,750,014)	(2,782,423)
Outstanding at the end (in shares)			13,281,043	11,260,718	12,853,364
Vested and expected to vest (in shares)				11,260,718
Exercisable (in shares)				8,815,574,000
Weighted Average Exercise Price
Outstanding at the beginning (in USD per share)	$ 9.70			$ 9.70	$ 9.70
Granted (in dollars per share)	9.70	$ 9.70		4.21	9.70
Forfeited (in USD per share)				9.70	9.70
Outstanding at the end (in USD per share)			$ 9.70	9.62	9.70
Vested and expected to vest (in USD per share)				9.62
Exercisable (in USD per share)				9.60
Weighted Average Fair value at grant date
Outstanding at the beginning (in USD per share)	$ 3.14			3.14	2.92
Granted (in USD per share)				3.12	3.39
Forfeited (in USD per share)				3.32	2.31
Outstanding at the end (in USD per share)			$ 2.92	3.11	$ 3.14
Vested and expected to vest (in USD per share)				3.11
Exercisable (in USD per share)				$ 2.94
Weighted remaining contractual years
Vested and expected to vest				7 years 8 months 23 days
Exercisable				7 years 8 months 19 days

Share based compensation (Tables)

12 Months Ended

Dec. 31, 2023

Share-Based Payment Arrangement [Abstract]

Share-Based Payment Arrangement, Activity

The following table summarizes activities of the Company’s RSUs for the years ended December 31, 2022 and 2023:


	Number of RSUs	Weighted Average Exercise Price	Weighted Average Fair value at grant date	Weighted remaining contractual years	Aggregate intrinsic value
		US$	US$
Outstanding at January 1, 2022	18,995,595	0.23	5.10	—	—
Granted (new RSUs)	6,680,560	0.56	6.92	—	—
Granted (replacement RSUs)	3,419,811	0.13	1.47	—	—
Forfeited	(1,244,394)	0.54	4.97	—	—
Replaced	(3,419,811)	1.24	1.47	—	—
Outstanding at December 31, 2022	24,431,761	0.15	5.60	—	—
Granted (new RSUs)	4,803,035	1.98	1.65	—	—
Granted (replacement RSUs)	4,175,352	0.21	4.88	—	—
Forfeited	(1,336,110)	0.29	5.13	—	—
Replaced	(4,175,352)	0.63	4.11	—	—
Exercised	(12,864,832)	0.05	—	—	—
Outstanding at December 31, 2023	15,033,854	0.69	4.91	—	—
Vested and expected to vest as of December 31, 2023	15,033,854	0.69	4.91	8.66	60,132
Exercisable as of December 31, 2023	13,571,754	0.42	5.36	8.53	60,959

The following table summarizes activities of the options for the years ended December 31, 2022 and 2023:


	Number of options	Weighted Average Exercise Price	Weighted Average Fair value at grant date	Weighted remaining contractual years	Aggregate intrinsic value
		US$	US$
Outstanding at January 1, 2022	13,281,043	9.70	2.92
Granted	2,354,744	9.70	3.39
Forfeited	(2,782,423)	9.70	2.31
Outstanding at December 31, 2022	12,853,364	9.70	3.14
Granted	157,368	4.21	3.12
Forfeited	(1,750,014)	9.70	3.32
Outstanding at December 31, 2023	11,260,718	9.62	3.11
Vested and expected to vest as of December 31, 2023	11,260,718	9.62	3.11	7.73	—
Exercisable as of December 31, 2023	8,815,574	9.60	2.94	7.72	—

Summary of fair value of options granted that are estimated using the binomial model

The fair value of the RSUs granted in 2021, 2022 and 2023 under the 2019 RSU Plan was estimated using the binomial model with the following assumptions used:


	Year ended December 31,
	2021		2022		2023
Risk-free rate of return	0.35% – 2.70%		1.61% - 4.12%		2.65% - 4.25%
Volatility	41.13% – 50.60%		44.15% - 48.12%		44.58% - 44.73%
Expected dividend yield	0.0	%	0.0	%	0.0	%
Fair value of underlying ordinary share	US$4.26-US$7.45 (equivalent to RMB27.97-RMB47.51)		US$7.57-US$9.05 (equivalent to RMB48.29-RMB64.98)		US$3.68 - US$6.91 (equivalent to RMB26.46-RMB49.90)
Expected terms	10 years		10 years		10 years

The fair value of the options granted in 2021, 2022 and 2023 was estimated using the binomial model with the following assumptions used:

Year ended December 31,

2021

2022

2023

Risk-free rate of return

1.20% – 1.65%

1.63% – 3.83%

3.79% – 3.88%

Volatility

44.03% – 44.47%

44.18% – 45.07%

44.37% – 44.95%

Expected dividend yield

0.0

Fair value of underlying ordinary share

US$6.99 – US$7.55

US$7.57 – US$9.30

US$3.16 –

US$8.02

Expected terms

10 years

Summary of compensation expense recognized for RSUs

Compensation expense recognized for RSUs for the years ended December 31, 2021, 2022 and 2023 is allocated as follows:


	Year ended December 31,
	2021	2022	2023
	RMB	RMB	RMB
Research and development expenses	80,872	42,986	26,590
Selling, general and administrative expenses	76,085	481,567	139,340
Cost of revenues	6,524	—	—
Total	163,481	524,553	165,930

Compensation expense recognized for options for the years ended December 31, 2022 and 2023 is allocated as follows.


	Year ended December 31,
	2022	2023
	RMB	RMB
Research and development expenses	93,824	1,205
Selling, general and administrative expenses	107,274	6,890
Total	201,098	8,095

Inventories - Inventory (Details) ¥ in Thousands, $ in Thousands	Dec. 31, 2023 CNY (¥)	Dec. 31, 2023 USD ($)	Dec. 31, 2022 CNY (¥)
Inventory Disclosure [Abstract]
Raw materials	¥ 90,882		¥ 65,575
Work-in-process	11,003		2,999
Finished goods	58,896		113,998
Total	¥ 160,781	$ 22,646	¥ 182,572

Mezzanine equity (Tables)

12 Months Ended

Dec. 31, 2023

Temporary Equity Disclosure [Abstract]

Schedule of activities of the Redeemable Convertible Preferred Shares

All Preferred Shares were converted into ordinary shares as noted in the Recapitalization Note 1(b) and have been adjusted below to reflect the effect of Recapitalization:


	Series Angel Preferred Shares		Series A Preferred Shares			Series A+ Preferred Shares		Series A++ Preferred Shares		Series B Preferred Shares
	Shares	Carrying amount	Shares	Carrying amount	Subscription receivable	Shares	Carrying amount	Shares	Carrying amount	Shares	Carrying amount	Subscription receivable	Total
		RMB		RMB	RMB		RMB		RMB		RMB	RMB	RMB
Balance as of January 01, 2021	—	—	26,841,535	1,264,579	(1,032,104)	—	—	—	—	—	—	—	232,475
Issuance of preferred shares	6,016,207	273,519	—	—	—	29,361,157	1,331,641	8,546,916	452,241	17,615,165	1,104,188	(159,215)	3,002,374
Issuance cost	—	—	—	—	—	—	(10,000)	—	—	—	—	—	(10,000)
Re-designation of ordinary shares into Series A Preferred Shares	—	—	2,343,309	97,660	—	—	—	—	—	—	—	—	97,660
Subscription contributions from shareholders	—	—	—	—	1,032,104	—	—	—	—	—	—	—	1,032,104
Accretion of Redeemable Convertible Preferred Shares	—	13,655	—	99,161	—	—	79,336	—	23,005	—	28,407	—	243,564
Foreign currency translation adjustment	—	(3,589)	—	(32,087)	—	—	(14,306)	—	167	—	(15,278)	(177)	(65,270)
Balance as of December 31, 2021	6,016,207	283,585	29,184,844	1,429,313	—	29,361,157	1,386,671	8,546,916	475,413	17,615,165	1,117,317	(159,392)	4,532,907
Subscription contributions from shareholders	—	—	—	—	—	—	—	—	—	—	—	159,485	159,485
Accretion of Redeemable Convertible Preferred Shares	—	21,916	—	100,884	—	—	106,959	—	36,732	—	88,387	—	354,878
Foreign currency translation adjustment	—	26,949	—	135,409	—	—	131,767	—	45,179	—	106,268	(93)	445,479
Conversion of Preferred Shares to Ordinary Shares upon the completion of the IPO	(6,016,207)	(332,450)	(29,184,844)	(1,665,606)	—	(29,361,157)	(1,625,397)	(8,546,916)	(557,324)	(17,615,165)	(1,311,972)	—	(5,492,749)
Balance as of December 31, 2022 and 2023	—	—	—	—	—	—	—	—	—	—	—	—	—

Share based compensation - Compensation expense recognized (Details) ¥ in Thousands, $ in Thousands	12 Months Ended
	Dec. 31, 2023 CNY (¥)	Dec. 31, 2022 CNY (¥)	Dec. 31, 2022 USD ($)	Dec. 31, 2021 CNY (¥)
2021 Option Plan
Share based compensation
Total compensation expense recognized	¥ 8,095	¥ 201,098
2021 Option Plan \| Research and development expenses
Share based compensation
Total compensation expense recognized	1,205	93,824
2021 Option Plan \| Selling, general and administrative expenses
Share based compensation
Total compensation expense recognized	6,890	107,274
RSU
Share based compensation
Total compensation expense recognized	165,930	524,553		¥ 163,481
RSU \| Research and development expenses
Share based compensation
Total compensation expense recognized	26,590	42,986		80,872
RSU \| Selling, general and administrative expenses
Share based compensation
Total compensation expense recognized	139,340	481,567		76,085
RSU \| Cost of revenues
Share based compensation
Total compensation expense recognized	¥ 0	0		¥ 6,524
RSU \| 2021 Option Plan
Share based compensation
Total compensation expense recognized		¥ 105,211	$ 16,311

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
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Reference 2: http://www.xbrl.org/2003/role/disclosureRef
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Reference 3: http://www.xbrl.org/2003/role/disclosureRef
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Reference 4: http://www.xbrl.org/2003/role/disclosureRef
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Reference 13: http://www.xbrl.org/2003/role/disclosureRef
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Reference 14: http://www.xbrl.org/2003/role/disclosureRef
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Reference 15: http://www.xbrl.org/2003/role/disclosureRef
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Reference 17: http://www.xbrl.org/2003/role/disclosureRef
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Reference 18: http://www.xbrl.org/2003/role/disclosureRef
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Reference 19: http://www.xbrl.org/2003/role/disclosureRef
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Reference 26: http://www.xbrl.org/2003/role/disclosureRef
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Reference 27: http://www.xbrl.org/2003/role/disclosureRef
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Reference 28: http://www.xbrl.org/2003/role/disclosureRef
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Cash and Cash Equivalents [Abstract]

Cash and restricted cash

12 Months Ended

Dec. 31, 2023

Cash and restricted cash

A reconciliation of cash at bank and restricted cash in the consolidated balance sheets to the total amount in the consolidated statement of cash flows is as follows:


	As of December 31,
	2022	2023
	RMB	RMB
Cash at bank	860,472	561,148
Restricted cash	40,957	27,126
Cash and restricted cash shown in the consolidated statements of cash flows	901,429	588,274

Cash and restricted cash are amounts deposited with financial institutions at the locations noted below:


	As of December 31,
	2022	2023
	RMB	RMB
Financial institutions in the mainland of the PRC
– Denominated in RMB	595,559	528,022
– Denominated in US$	258,475	14,542
– Denominated in Great Britain Pound (“GBP”)	—	81
Total cash balances held in the mainland of the PRC	854,034	542,645
Financial institutions in Hong Kong
– Denominated in US$	9,402	—
– Denominated in Hong Kong dollars (“HKD”)	14	13
– Denominated in RMB	—	27
Total cash balances held in Hong Kong	9,416	40
Financial institutions in Sweden
– Denominated in Swedish Krona (“SEK”)	14,473	28,972
– Denominated in US$	555	204
Total cash balances held in Sweden	15,028	29,176
Financial institutions in the United Kingdom
– Denominated in Great Britain Pounds (“GBP”)	22,934	12,356
Total cash balances held in the United Kingdom	22,934	12,356
Financial institutions in the United States
– Denominated in US$	17	3,867
Total cash balances held in the United States	17	3,867
Financial institutions in Germany
– Denominated in Euro	—	190
Total cash balances held in Germany	—	190
Total cash balances held at financial institutions in RMB	901,429	588,274

Income taxes - Net operating loss carryforwards (Details) - CNY (¥) ¥ in Thousands	Dec. 31, 2023	Dec. 31, 2022
Other than PRC
Net operating loss carryforwards
Total	¥ 302,595	¥ 87,051
PRC
Net operating loss carryforwards
2026	7,450
2027	145,626
2028	112,976
2031	668
2032	571,961
2033	601,622
Total	¥ 1,440,303

Commitments and contingencies

12 Months Ended

Dec. 31, 2023

Commitments and Contingencies Disclosure [Abstract]

Commitments and contingencies

27. Commitments and contingencies

Purchase commitments

As of December 31, 2023, the Group has future minimum purchase commitment related to the purchase of research and development services. Total purchase obligations contracted but not yet reflected in the consolidated financial statements as of December 31, 2023 were as follows:

Total

Less than
one year

1-2 Years

2-3 Years

3-5 Years

Over 5
Years

RMB

Purchase commitments

85,354

72,021

6,667

—

Capital commitments

Total capital expenditures contracted but not yet reflected in the consolidated financial statements as of December 31, 2023 were as follows:

Total

Less than
one year

1-2 Years

2-3 Years

3-5 Years

Over 5 Years

RMB

Capital commitments

39,504

38,502

1,002

—

Investment commitment

Total

Less than
one year

1–2 Years

2–3 Years

3–5 Years

Over 5 Years

RMB

Investment commitment

49,000

—

Income taxes

12 Months Ended

Dec. 31, 2023

Income Tax Disclosure [Abstract]

Income taxes

24. Income taxes

Cayman Islands

Under the current laws of the Cayman Islands, the Company is not subject to income or capital gains taxes. Additionally, the Cayman Islands does not impose a withholding tax on payments of dividends to shareholders.

British Virgin Islands

Under the current laws of the British Virgin Islands, ECARX BVI is not subject to income or capital gains taxes. Additionally, the British Virgin Islands does not impose a withholding tax on payments of dividends to shareholders.

Hong Kong

Under the current Hong Kong Inland Revenue Ordinance, ECARX HK is subject to Hong Kong profits tax at a rate of 16.5%. A Two-tiered Profits Tax rates regime was introduced since year 2018 where the first HK$2,000 of assessable

profits earned by a company will be taxed at half the current tax rate 8.25% whilst the remaining profits will continue to be taxed at 16.5%. Additionally, upon payments of dividends to the shareholders, no Hong Kong withholding tax will be imposed.

Mainland PRC

Under the Enterprise Income Tax Law (“EIT Law”) in mainland PRC, domestic companies are subject to Enterprise Income Tax (“EIT”) at a uniform rate of 25%. The Company’s PRC subsidiaries and VIEs are subject to the statutory income tax rate at 25%, unless a preferential EIT rate is otherwise stipulated.

In November 2019, Hubei ECARX received the High and New Technology Enterprise (‘‘HNTE’’) certificate from the Hubei provincial government. This certificate entitled Hubei ECARX to enjoy a preferential income tax rate of 15% for a period of three years from 2019 to 2021 if all the criteria for HNTE status could be satisfied in the relevant year. As is stated in the Note 1(d), Hubei ECARX was deconsolidated pursuant to the Restructuring.

In December 2023, ECARX (Hubei) Tech received the HNTE certificate from the Hubei provincial government. This certificate entitled ECARX (Hubei) Tech to benefit from a preferential income tax rate of 15% for a period of three years from 2023 to 2025 if all the criteria for HNTE status is satisfied in the relevant year.

The components of income / (loss) before income taxes are as follows:


	Year ended December 31,
	2021	2022	2023
	RMB	RMB	RMB
The Cayman Islands	(4,811)	(57,261)	(53,587)
British Virgin Islands	—	(2)	18,832
Hong Kong S.A.R	(53,347)	(27,262)	(17,343)
Sweden	(310)	7,015	13,969
United Kingdom	(11,164)	(348,872)	(246,423)
Americas	—	—	(26,109)
Germany	—	—	(13,291)
The PRC, excluding Hong Kong S.A.R.	(1,100,265)	(1,151,699)	(694,871)
Total	(1,169,897)	(1,578,081)	(1,018,823)

Withholding tax on undistributed dividends

Dividends paid to non-PRC-resident corporate investor from profits earned by the PRC subsidiaries are subject to a withholding tax. The EIT Law and its relevant regulations impose a withholding tax at 10%, unless reduced by a tax treaty or agreement, for dividends distributed by a PRC-resident enterprise to its non-PRC-resident corporate investor for earnings generated beginning on January 1, 2008.

The Company’s subsidiaries and VIEs located in the PRC were in accumulated loss status as of December 31, 2021, 2022 and 2023. Accordingly, no deferred tax liability had been accrued for the Chinese dividend withholding taxes as of December 31, 2022 and 2023.

The Group does not file combined or consolidated tax returns, therefore, losses from individual subsidiaries or the VIEs may not be used to offset other subsidiaries’ or the VIEs’ earnings within the Group.

(a)Income taxes (expense) benefit

Income tax (expense) benefit recognized in the consolidated statements of comprehensive loss consisted of the following:


	Year ended December 31,
	2021	2022	2023
	RMB	RMB	RMB
Current income tax (expense) benefit	(6,861)	(29,065)	3,529
Deferred income tax expense	—	—	114
Total income tax (expense) benefit	(6,861)	(29,065)	3,643

(b)Tax reconciliation

Reconciliation of the differences between PRC statutory income tax rate and the Group’s effective income tax rates for the years ended December 31, 2021, 2022, and 2023 are as follows:


	Year ended December 31,
	2021		2022		2023
Computed expected income tax benefit	(25)	%	(25)	%	(25)	%
Effect of preferential tax rate	10	%	(17)	%	4	%
Effect of different tax jurisdiction	(1)	%	2	%	2	%
Change in tax rate	—	%	—	%	18	%
Prior year return-to-provision true up	—	%	—	%	(2)	%
Non-deductible expenses	5	%	40	%	4	%
Research and development expenses additional deduction	(6)	%	(5)	%	(6)	%
Change in valuation allowance	17	%	7	%	5	%
Actual income tax expense	—	%	2	%	—	%

According to the PRC Tax Administration and Collection Law, the statute of limitation is three years if the underpayment of taxes is due to computational errors made by the taxpayer or the withholding agent. The statute of limitation is extended to five years under special circumstances where the underpayment of taxes is more than RMB100. In the case of transfer pricing issues, the statute of limitation is 10 years. There is no statute of limitation in the case of tax evasion. The income tax returns of the Company’s PRC subsidiary and the VIEs for the years from 2018 to 2023 are open to examination by the PRC tax authorities.

(c)Deferred taxes

The principal components of the deferred tax assets and liabilities are as follows:


	As of December 31,
	2022	2023
	RMB	RMB
Deferred tax assets:
Inventories	7,654	3,006
Allowance for doubtful accounts	2,049	2,089
Intangible assets	268,381	218,328
Property and equipment	—	1,093
Contract cost assets	—	6,966
Accrued product warranties	23,037	19,883
Accrued salaries and benefits	10,961	2,360
Accrued expenses and other liabilities	14,494	20,340
Unrealized investment loss of equity method investments	7,326	—
Donation	503	302
Government grants	—	12,198
Operating lease liabilities	22,781	26,634
Net operating loss carryforwards	201,812	303,198
Total deferred tax assets	558,998	616,397
Less: valuation allowance	(537,172)	(582,644)
Deferred tax assets, net of valuation allowance	21,826	33,753

Deferred tax liabilities:
Operating lease right-of-use assets	(21,826)	(23,904)
Property and equipment	—	(1,580)
Unrealized investment gain of equity method investments	—	(8,151)
Total deferred tax liabilities	(21,826)	(33,635)
Net deferred tax assets	—	118

The following table presents the movement of the valuation allowance for the deferred tax assets:


	As of December 31,
	2021	2022	2023
	RMB	RMB	RMB
Balance as of January 1,	362,371	550,520	537,172
Increase during the year	188,149	121,245	45,472
Reversal of net operating loss carryforwards due to the Restructuring	—	(134,593)	—
Balance as of December 31	550,520	537,172	582,644

Net deferred tax assets are included in other non-current assets – third parties on consolidated balance sheets.

Net operating loss carryforwards of the Company’s subsidiaries and VIEs in jurisdictions other than the PRC do not expire. As of December 31, 2022 and 2023, the balance of net operating loss carryforwards of the Company’s subsidiaries and VIEs in jurisdictions other than the PRC amounted to RMB87,051 and RMB302,595, respectively.

As of December 31, 2023, the net operating loss carryforwards by the PRC companies will expire during the period from year 2026 to year 2033, if unused by the following year-end:


Year ending December 31,						Amount
						RMB
2026						7,450
2027						145,626
2028						112,976
2031						668
2032						571,961
2033						601,622
Total						1,440,303

The recoverability of these net operating loss carryforwards is evaluated by assessing the adequacy of future expected taxable income from all sources, including reversal of taxable temporary differences, forecasted operating earnings and available tax planning strategies. To the extent the Company does not consider it more-likely-than-not that a deferred tax asset will be recovered, a valuation allowance is generally established. To the extent that a valuation allowance was established, and it is subsequently determined that it is more-likely-than-not that the deferred tax assets will be recovered, the change in the valuation allowance is recognized in the consolidated statements of comprehensive loss.

As of December 31, 2023, the valuation allowances were related to the deferred income tax assets of subsidiaries of the Company which were in loss position. These entities were in a cumulative loss position, which is a significant negative indicator to overcome that sufficient income will be generated over the periods in which the deferred income tax assets are deductible or utilized. Management considers the scheduled reversal of deferred income tax liabilities, projected future taxable income and tax planning strategies in making this assessment.

The entire disclosure for income taxes. Disclosures may include net deferred tax liability or asset recognized in an enterprise's statement of financial position, net change during the year in the total valuation allowance, approximate tax effect of each type of temporary difference and carryforward that gives rise to a significant portion of deferred tax liabilities and deferred tax assets, utilization of a tax carryback, and tax uncertainties information.

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 13
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480990/946-20-50-13

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 235
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08(h)(2))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480678/235-10-S99-1

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-Name Accounting Standards Codification
-Publisher FASB
-URI https://asc.fasb.org//740/tableOfContent

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 14
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482685/740-10-50-14

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 21
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482685/740-10-50-21

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 270
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482526/740-270-50-1

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 17
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482685/740-10-50-17

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SAB TOPIC 6.I.5.Q1)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479360/740-10-S99-1

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 2
-Subparagraph (SAB Topic 11.C)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479360/740-10-S99-2

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 30
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482603/740-30-50-2

Schedule of long-term investments

Leases - Operating lease right-of-use assets and the amortization (Details) ¥ in Thousands, $ in Thousands	Dec. 31, 2023 CNY (¥)	Dec. 31, 2023 USD ($)	Dec. 31, 2022 CNY (¥)	Jan. 01, 2022 CNY (¥)
Lessee Disclosure [Abstract]
Operating lease right-of-use assets	¥ 172,643		¥ 141,627
Less: accumulated amortization	(47,438)		(41,975)
Total	¥ 125,205	$ 17,635	¥ 99,652	¥ 95,108

Non-controlling interests - Balance of redeemable non-controlling interests (Details) ¥ in Thousands	12 Months Ended
	Dec. 31, 2022 CNY (¥)
Redeemable Non-Controlling Interest [Roll Forward]
Balance at beginning	¥ 30,500
Add: Capital contribution	10,000
Less: Comprehensive loss	(464)
Add: Accretion of redeemable non-controlling interests	714
Less: Deconsolidation of Suzhou Photon-Matrix	(40,750)
Balance at ending	¥ 0

Long-term investments (Tables)

12 Months Ended

Dec. 31, 2023

Long-Term Investments [Abstract]


	As of December 31,
	2022	2023
	RMB	RMB
Equity method investments	284,536	252,407
Equity securities	69,319	48,580
Total long-term investments	353,855	300,987

Schedule of combined financial information for investee companies


			Year ended December 31,
			2022
			RMB
Fair value of the consideration received			—
Add: Fair value of retained equity interest in Suzhou Photon-Matrix			64,000
Add: Carrying amount of redeemable noncontrolling interest			40,750
Less: Carrying amount of non-redeemable noncontrolling interest			(7,178)
Less: Carrying amount of Suzhou Photon-Matrix’s net assets			(25,598)
Gains on deconsolidation of Suzhou Photon-Matrix			71,974

Summary of combined financial position for the investee companies as of December 31, 2022 and 2023 and the results of the operation for the years ended December 31, 2021, 2022 and 2023 is as follows:


	As of December 31,
	2022	2023
	RMB	RMB
Financial position:
Current assets	1,216,042	878,519
Non-current assets	999,573	1,093,602
Total assets	2,215,615	1,972,121
Current liabilities	942,899	1,043,703
Non-current liabilities	1,056,274	1,146,673
Total liabilities	1,999,173	2,190,376
Shareholders’ equity (deficit)	216,442	(218,255)
Total liabilities and shareholders’ equity (deficit)	2,215,615	1,972,121


	Year ended December 31,
	2021	2022	2023
	RMB	RMB	RMB
Results of operations:
Total revenues	711,800	1,134,152	1,290,126
Loss from operation	(482,095)	(636,240)	(795,354)
Net loss	(392,337)	(641,401)	(839,052)

Risks and Concentration (Details) - Customer concentration risk	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Accounts receivable - third parties, net \| Geely Group and its subsidiaries
Risks and Concentration
Concentration risk percentage	87.90%	92.10%
Accounts receivable - third parties, net \| Customer A, a third party
Risks and Concentration
Concentration risk percentage	42.00%	48.90%
Accounts receivable - third parties, net \| Customer B, a third party
Risks and Concentration
Concentration risk percentage		30.40%
Accounts receivable - third parties, net \| Customer D, a third party
Risks and Concentration
Concentration risk percentage	28.60%
Accounts receivable - third parties, net \| Customer D, a third party
Risks and Concentration
Concentration risk percentage	15.10%
Total revenues \| Geely Group and its subsidiaries
Risks and Concentration
Concentration risk percentage	78.90%	67.00%	70.40%
Total revenues \| Customer A, a third party
Risks and Concentration
Concentration risk percentage		12.60%
Total revenues \| Customer B, a third party
Risks and Concentration
Concentration risk percentage		12.50%
Accounts payable \| Supplier A, a third party
Risks and Concentration
Concentration risk percentage	12.70%	19.10%
Accounts payable \| Supplier B, a third party
Risks and Concentration
Concentration risk percentage	16.00%	19.00%
Accounts payable \| Supplier C, a third party
Risks and Concentration
Concentration risk percentage	23.10%	10.90%
Liabilities, Total \| Supplier A, a third party
Risks and Concentration
Concentration risk percentage	12.20%	12.70%
Liabilities, Total \| Supplier B, a third party
Risks and Concentration
Concentration risk percentage	20.40%	17.40%
Liabilities, Total \| Supplier C, a third party
Risks and Concentration
Concentration risk percentage	15.50%
Liabilities, Total \| Supplier D, a third party
Risks and Concentration
Concentration risk percentage			23.60%

Loss per share - Anti-dilutive securities (Details) - shares	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Redeemable convertible preferred shares
Anti-dilutive securities
Anti-dilutive securities (inshares)	0	0	90,724,289,000
Warrants
Anti-dilutive securities
Anti-dilutive securities (inshares)	23,871,971,000	23,871,971,000	0
Options
Anti-dilutive securities
Anti-dilutive securities (inshares)	11,260,718,000	12,853,364,000	0
Convertible notes
Anti-dilutive securities
Anti-dilutive securities (inshares)	5,652,174,000	5,652,174,000	0

Risks and Concentration

12 Months Ended

Dec. 31, 2023

Risks and Uncertainties [Abstract]

Risks and Concentration

Concentration of credit risk

Financial instruments that potentially expose the Group to concentrations of credit risk consist principally of cash, restricted cash, short-term investments, accounts receivables, notes receivable, amounts due from related parties and other non-current assets.

The Group’s policy requires cash and restricted cash to be placed with high quality financial institutions. The Group regularly evaluates the credit standing of the counterparties or financial institutions.

The Group conducts credit evaluations on its customers prior to delivery of goods or services. The assessment of customer creditworthiness is primarily based on historical collection records, research of publicly available information and customer on site visits by senior management. Based on this analysis, the Group determines what credit terms, if any, to offer to each customer individually. If the assessment indicates a likelihood of collection risk, the Group will not deliver the services or sell the products to the customer or require the customer to pay cash to secure payment or to make significant down payments.

Concentration of customers and suppliers

The Group currently has a concentrated customer base with a limited number of key customers, particularly Geely Group and its subsidiaries. Geely Group and its subsidiaries represents 92.1% and 87.9% of the Group’s accounts receivable - related parties, net, as of December 31, 2022 and 2023, respectively. During the years ended December 31, 2021, 2022 and 2023, Geely Group and its subsidiaries contributed 70.4%, 67.0% and 78.9% of the Group’s total revenues, respectively, which excluded the sales of SoC core modules or software licenses by the Group to its third-party customers that were integrated into infotainment and cockpit products and sold by such third-party customers to Geely Group and its subsidiaries.

The following table summarizes customers with greater than 10.0% of the accounts receivable - third parties, net:


	As of December 31,
	2022		2023
Customer A, a third party	48.9	%	42.0	%
Customer B, a third party	30.4	%	Less than 10.0%
Customer C, a third party	Less than 10.0%		28.6	%
Customer D, a third party	Less than 10.0%		15.1	%

Customers contributed more than 10.0% of total revenues are as follows:


	Year Ended December 31,
	2021		2022		2023
Geely Group and its subsidiaries	70.4	%	67.0	%	78.9	%
Customer A, a third party	Less than 10.0%		12.6	%	Less than 10.0%
Customer B, a third party	Less than 10.0%		12.5	%	Less than 10.0%

The following table summarizes suppliers with greater than 10.0% of the accounts payable:


	As of December 31,
	2022		2023
Supplier A, a third party	19.1	%	12.7	%
Supplier B, a third party	19.0	%	16.0	%
Supplier C, a third party	10.9	%	23.1	%

Suppliers accounting for more than 10.0% of total purchases are as follows:


	Year Ended December 31,
	2021		2022		2023
Supplier D, a third party	23.6	%	Less than 10.0%		Less than 10.0%
Supplier B, a third party	Less than 10.0%		17.4	%	20.4	%
Supplier A, a third party	Less than 10.0%		12.7	%	12.2	%
Supplier C, a third party	Less than 10.0%		Less than 10.0%		15.5	%

Property and equipment, net

12 Months Ended

Dec. 31, 2023

Property, Plant and Equipment [Abstract]

Property and equipment, net

Property and equipment, net, consisted of the following:


	As of December 31,
	2022	2023
	RMB	RMB
Machinery and electronic equipment	180,264	197,777
Transportation vehicles	3,897	5,654
Office and other equipment	15,510	20,614
Leasehold improvements	43,440	44,747
Construction in progress	332	7,938
Property and equipment	243,443	276,730
Less: accumulated depreciation	(103,836)	(148,653)
Less: impairment provision	—	(7,292)
Property and equipment, net	139,607	120,785

Depreciation on property and equipment was allocated as follows:


	Year ended December 31,
	2021	2022	2023
	RMB	RMB	RMB
Cost of revenues	1,401	1,022	544
Selling, general and administrative expenses	26,834	31,931	29,914
Research and development expenses	15,038	17,574	23,501
Total depreciation	43,273	50,527	53,959

In the year ended December 31, 2023, an impairment loss of RMB7,292 was recognized for obsolete and damaged equipment, of which, RMB6,838 and RMB454 were included in research and development expenses and selling, general and administrative expenses, respectively. No impairment loss was recorded in the years ended December 31, 2021 and 2022.

Income taxes (Tables)

12 Months Ended

Dec. 31, 2023

Income Tax Disclosure [Abstract]

Schedule of components of income / (loss) before income taxes

The components of income / (loss) before income taxes are as follows:


	Year ended December 31,
	2021	2022	2023
	RMB	RMB	RMB
The Cayman Islands	(4,811)	(57,261)	(53,587)
British Virgin Islands	—	(2)	18,832
Hong Kong S.A.R	(53,347)	(27,262)	(17,343)
Sweden	(310)	7,015	13,969
United Kingdom	(11,164)	(348,872)	(246,423)
Americas	—	—	(26,109)
Germany	—	—	(13,291)
The PRC, excluding Hong Kong S.A.R.	(1,100,265)	(1,151,699)	(694,871)
Total	(1,169,897)	(1,578,081)	(1,018,823)

Schedule of income tax expense recognized in the consolidated statements of comprehensive loss

Income tax (expense) benefit recognized in the consolidated statements of comprehensive loss consisted of the following:


	Year ended December 31,
	2021	2022	2023
	RMB	RMB	RMB
Current income tax (expense) benefit	(6,861)	(29,065)	3,529
Deferred income tax expense	—	—	114
Total income tax (expense) benefit	(6,861)	(29,065)	3,643

Schedule of reconciliation of the differences between PRC statutory income tax rate and the Group's effective income tax rates


	Year ended December 31,
	2021		2022		2023
Computed expected income tax benefit	(25)	%	(25)	%	(25)	%
Effect of preferential tax rate	10	%	(17)	%	4	%
Effect of different tax jurisdiction	(1)	%	2	%	2	%
Change in tax rate	—	%	—	%	18	%
Prior year return-to-provision true up	—	%	—	%	(2)	%
Non-deductible expenses	5	%	40	%	4	%
Research and development expenses additional deduction	(6)	%	(5)	%	(6)	%
Change in valuation allowance	17	%	7	%	5	%
Actual income tax expense	—	%	2	%	—	%

Schedule of principal components of the deferred tax assets and liabilities

The principal components of the deferred tax assets and liabilities are as follows:


	As of December 31,
	2022	2023
	RMB	RMB
Deferred tax assets:
Inventories	7,654	3,006
Allowance for doubtful accounts	2,049	2,089
Intangible assets	268,381	218,328
Property and equipment	—	1,093
Contract cost assets	—	6,966
Accrued product warranties	23,037	19,883
Accrued salaries and benefits	10,961	2,360
Accrued expenses and other liabilities	14,494	20,340
Unrealized investment loss of equity method investments	7,326	—
Donation	503	302
Government grants	—	12,198
Operating lease liabilities	22,781	26,634
Net operating loss carryforwards	201,812	303,198
Total deferred tax assets	558,998	616,397
Less: valuation allowance	(537,172)	(582,644)
Deferred tax assets, net of valuation allowance	21,826	33,753

Deferred tax liabilities:
Operating lease right-of-use assets	(21,826)	(23,904)
Property and equipment	—	(1,580)
Unrealized investment gain of equity method investments	—	(8,151)
Total deferred tax liabilities	(21,826)	(33,635)
Net deferred tax assets	—	118

Schedule of movement of the valuation allowance for the deferred tax assets

The following table presents the movement of the valuation allowance for the deferred tax assets:


	As of December 31,
	2021	2022	2023
	RMB	RMB	RMB
Balance as of January 1,	362,371	550,520	537,172
Increase during the year	188,149	121,245	45,472
Reversal of net operating loss carryforwards due to the Restructuring	—	(134,593)	—
Balance as of December 31	550,520	537,172	582,644

Schedule of net operating loss carryforwards by the PRC companies will expire during the period from year 2022 to year 2031, if unused by the following year-end

As of December 31, 2023, the net operating loss carryforwards by the PRC companies will expire during the period from year 2026 to year 2033, if unused by the following year-end:


Year ending December 31,						Amount
						RMB
2026						7,450
2027						145,626
2028						112,976
2031						668
2032						571,961
2033						601,622
Total						1,440,303

CONSOLIDATED STATEMENTS OF COMPREHENSIVE LOSS (Parenthetical) ¥ in Thousands, $ in Thousands	12 Months Ended
	Dec. 31, 2023 CNY (¥)	Dec. 31, 2023 USD ($)	Dec. 31, 2022 CNY (¥)	Dec. 31, 2021 CNY (¥)
Total revenues	¥ 4,666,147	$ 657,213	¥ 3,561,994	¥ 2,779,063
Cost of revenues	(3,396,118)	(478,333)	(2,568,115)	(1,962,000)
Research and development expenses	(1,264,308)	(178,074)	(1,332,800)	(1,209,580)
Selling, general and administrative expenses	(928,761)	(130,813)	(1,310,207)	(607,868)
Interest income	30,501	4,296	13,820	13,655
Interest expense	79,309	11,170	44,543	131,585
Foreign currency translation adjustments, tax	0		0	0
Related Party
Research and development expenses	(34,673)		(60,687)	(21,069)
Selling, general and administrative expenses	(17,589)		(2,153)	(2,343)
Interest income	15,955		9,069	717
Interest expense	12,163		12,215	131
Sales of goods revenues
Total revenues	3,311,507	466,416	2,433,964	1,983,817
Cost of revenues	(2,733,966)	(385,071)	(1,970,845)	(1,749,188)
Sales of goods revenues \| Related Party
Total revenues	2,715,136		1,663,076	1,466,340
Cost of revenues	(434,778)		(509,242)	(220,062)
Software license revenues
Total revenues	444,830	62,653	404,469	261,265
Cost of revenues	(120,289)	(16,942)	(126,807)	(32,164)
Software license revenues \| Related Party
Total revenues	293,159		133,450	24,788
Cost of revenues	(22,388)		(21,700)	0
Service
Total revenues	909,810	128,144	723,561	533,981
Cost of revenues	(541,863)	$ (76,320)	(470,463)	(180,648)
Service \| Related Party
Total revenues	894,396		721,206	532,625
Cost of revenues	¥ (56,622)		¥ (60,671)	¥ 0

Leases - Components of lease cost (Details) - CNY (¥) ¥ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
Lessee Disclosure [Abstract]
Operating lease costs	¥ 47,828	¥ 47,163
Short-term lease costs	3,675	4,234
Total	¥ 51,503	¥ 51,397

Revenue information (Tables)

12 Months Ended

Dec. 31, 2023

Revenue from Contract with Customer [Abstract]

Summary of disaggregation of revenue

Revenues are disaggregated as follow:

Major products/services lines:


	Year ended December 31,
	2021	2022	2023
	RMB	RMB	RMB
Sales of goods revenues	1,983,817	2,433,964	3,311,507
Automotive computing platform	1,423,548	1,690,569	2,733,964
SoC Core Modules	333,421	660,554	496,939
Automotive merchandise and other products	226,848	82,841	80,604
Software license revenues	261,265	404,469	444,830
Service revenues	533,981	723,561	909,810
Automotive computing Platform – Design and development service	306,358	468,770	677,651
Connectivity service	188,349	212,738	189,540
Other services	39,274	42,053	42,619
Total revenues	2,779,063	3,561,994	4,666,147


	Year ended December 31,
	2021	2022	2023
	RMB	RMB	RMB
Point in time	2,590,714	3,349,256	4,476,607
Over time	188,349	212,738	189,540
Total revenues	2,779,063	3,561,994	4,666,147

Parent only financial information - Condensed statements of comprehensive loss (Details) ¥ in Thousands, $ in Thousands	12 Months Ended
	Dec. 31, 2023 CNY (¥)	Dec. 31, 2023 USD ($)	Dec. 31, 2022 CNY (¥)	Dec. 31, 2021 CNY (¥)
Condensed statements of comprehensive loss
Interest income	¥ 30,501	$ 4,296	¥ 13,820	¥ 13,655
Interest expense	79,309	11,170	44,543	131,585
Foreign currency exchange gains (losses)	(10,349)		(18,216)	18,315
Change in fair value of an equity security	(22,451)	(3,162)	(16,843)	0
Loss before income taxes	(1,018,823)	(143,498)	(1,578,081)	(1,169,897)
Income tax expenses	(3,643)	(513)	29,065	6,861
Net loss attributable to ECARX Holdings Inc.	(940,191)	$ (132,423)	(1,564,164)	(1,173,955)
Parent company
Condensed statements of comprehensive loss
General and administrative expenses	(24,089)		(26,005)	(17,660)
Interest income	5,411		6,565	885
Interest expense	(25,608)		(3,132)	(514)
Foreign currency exchange gains (losses)	1,245		(14,459)	12,478
Change in fair value of an equity security	(22,451)		(16,843)	0
Loss from equity method investments	(874,699)		(1,511,004)	(1,170,450)
Loss before income taxes	(940,191)		(1,564,878)	(1,175,261)
Income tax expenses	0		0	0
Net loss attributable to ECARX Holdings Inc.	¥ (940,191)		¥ (1,564,878)	¥ (1,175,261)

Intangible assets, net - Schedule and narrative (Details) - CNY (¥)	1 Months Ended	12 Months Ended
	Nov. 30, 2023	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Intangible assets, net
Intangible assets		¥ 268,469,000	¥ 103,509,000
Less: accumulated amortization		(86,183,000)	(58,648,000)
Impairment loss		(2,945,000)	0
Intangible assets, net		¥ 179,341,000	44,861,000
Software licensing agreement period	3 years
Amount of transaction	¥ 50,000,000
Amortization period		3 years
Impairment loss		¥ 2,945,000	0	¥ 0
Research and development expenses
Intangible assets, net
Impairment loss		283,000
Selling, general and administrative expenses
Intangible assets, net
Impairment loss		2,662,000
Software
Intangible assets, net
Intangible assets		121,950,000	103,509,000
Software license rights
Intangible assets, net
Intangible assets		143,725,000	0
Others
Intangible assets, net
Intangible assets		¥ 2,794,000	¥ 0

Summary of significant accounting policies (Tables)

12 Months Ended

Dec. 31, 2023

Accounting Policies [Abstract]

Schedule of estimated useful life of property and equipment

Depreciation on property and equipment is calculated on the straight-line method over the estimated useful lives of the assets as below:


Category						Estimated useful life
Machinery and electronic equipment						3 – 10 years
Transportation vehicles						4 years
Office and other equipment						5 years
Leasehold improvements						Shorter of the lease term and the estimated useful lives of the assets

Schedule of intangible assets, net

In determining the useful life of an intangible asset, the Group considers the factors such as the expected use of the asset by the Group, and any legal, regulatory, or contractual provisions that may limit the useful life:


Category						Estimated useful life
Software						3 years
Software license rights						3 years
Patent						3 years
Trademarks						10 years

Intangible assets, net consisted of the following:


	As of December 31,
	2022	2023
	RMB	RMB
Software	103,509	121,950
Software license rights	—	143,725
Others	—	2,794
Intangible assets	103,509	268,469
Less: accumulated amortization	(58,648)	(86,183)
Less: impairment provision	—	(2,945)
Intangible assets, net	44,861	179,341

Schedule of prior period reclassifications


	As of December 31, 2022
	Before reclassification	After reclassification
	RMB	RMB
Provisions	—	30,716
Other non-current liabilities	30,716	—


	Year ended December 31, 2021		Year ended December 31, 2022
	Before reclassification	After reclassification	Before reclassification	After reclassification
	RMB	RMB	RMB	RMB
Selling and marketing expenses	(82,827)	—	(86,597)	—
General and administrative expenses	(525,041)	—	(1,223,610)	—
Selling, general and administrative expenses	—	(607,868)	—	(1,310,207)
Change in fair value of an equity security	—	—	(16,843)	—
Gains on sale of an equity security	—	—	59,728	—
Gains on deconsolidation of a subsidiary	10,579	—	71,974	—
Change in fair value of warrant liabilities	(111,299)	—	(3,245)	—
Government grants	34,507	—	59,393	—
Foreign currency exchange gains (losses), net	18,315	—	(18,216)	—
Other non-operating (expenses) income	—	(47,898)	—	152,791

Revenue information

12 Months Ended

Dec. 31, 2023

Revenue from Contract with Customer [Abstract]

Revenue information

Contract liabilities

Contract liabilities consisted of the following:


	As of December 31,
	2022	2023
	RMB	RMB
Current liabilities – third parties	4,706	621
Current liabilities – related parties	316,667	207,017
Non-current liabilities – third parties	70	2
Non-current liabilities – related parties	282,080	133,993
Contract liabilities, current and non-current	603,523	341,633

Contract liabilities primarily relate to upfront non-refundable payments from the Group’s customers for the purchase of connectivity services and automotive computing platform products in advance of transfer of control of the products and services under the contract. Amounts that are expected to be recognized as revenues within one-year are included as current contract liabilities while the remaining balance recognized as non-current contract liabilities.

The amount of revenue recognized that was included in the contract liabilities balance at the beginning of the year was RMB159,371, RMB364,004 and RMB321,215 for the years ended December 31, 2021, 2022 and 2023, respectively.

As of December 31, 2022 and 2023, the aggregated amounts of the transaction price allocated to the remaining performance obligation under the Group’s existing contracts are RMB603,523 and RMB341,633, respectively.

As of December 31, 2023, revenue expected to be recognized in the future related to the unsatisfied performance obligations is as follows:


Year ending December 31,						Amount
2024						207,638
2025						96,651
2026						36,835
2027						322
2028						187

The Group has elected the practical expedient not to disclose the information about remaining performance obligations which are part of contracts that have an original duration of one year or less.

Revenue information

Revenues are disaggregated as follow:

Major products/services lines:


	Year ended December 31,
	2021	2022	2023
	RMB	RMB	RMB
Sales of goods revenues	1,983,817	2,433,964	3,311,507
Automotive computing platform	1,423,548	1,690,569	2,733,964
SoC Core Modules	333,421	660,554	496,939
Automotive merchandise and other products	226,848	82,841	80,604
Software license revenues	261,265	404,469	444,830
Service revenues	533,981	723,561	909,810
Automotive computing Platform – Design and development service	306,358	468,770	677,651
Connectivity service	188,349	212,738	189,540
Other services	39,274	42,053	42,619
Total revenues	2,779,063	3,561,994	4,666,147

Timing of revenue recognition:


	Year ended December 31,
	2021	2022	2023
	RMB	RMB	RMB
Point in time	2,590,714	3,349,256	4,476,607
Over time	188,349	212,738	189,540
Total revenues	2,779,063	3,561,994	4,666,147

For the years ended December 31, 2021, 2022 and 2023, 97.1%, 98.1% and 98.9% of the Group’s revenues were generated in the PRC.

The entire disclosure of revenue from contract with customer to transfer good or service and to transfer nonfinancial asset. Includes, but is not limited to, disaggregation of revenue, credit loss recognized from contract with customer, judgment and change in judgment related to contract with customer, and asset recognized from cost incurred to obtain or fulfill contract with customer. Excludes insurance and lease contracts.

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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-Topic 606
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Reference 10: http://www.xbrl.org/2003/role/disclosureRef
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Ordinary Share	12 Months Ended
Ordinary Share	Dec. 31, 2023
Equity [Abstract]
Ordinary Shares	20. Ordinary Shares On December 20, 2021, four members from the Group’s management, who are also the ordinary shareholders of the Group, voluntarily sold 5,010,420 ordinary shares in total back to the Group at par value at US$0.000005 per share. Such ordinary shares were transferred to the Group for 2019 RSU Plan which was modified in December 2021 to attract more talent (see Note 21). The repurchased ordinary shares were accounted for as treasury shares by the Group. As the shares were repurchased for purposes other than retirement, the cost of those shares, in the amount less than RMB1, which is the cash consideration the Group paid to the four ordinary shareholders, is presented as treasury shares in the consolidated balance sheet as of December 31, 2021. As noted in Note 1(b), following the Merger, the Company’s Articles were amended. As such, the shares and corresponding capital amounts and earnings per share prior to the Merger have been retroactively recast. The new authorized shares of the Company is US$50,000 divided into 10,000,000,000 shares comprising of (i) 8,000,000,000 Class A Ordinary Shares with par value of US$0.000005 each, (ii) 1,000,000,000 Class B Ordinary Shares with par value of US$0.000005 each, and (iii) 1,000,000,000 shares with par value of US$0.000005 each of such class or classes (however designated) as the Board of Directors may determine in accordance with the Articles. The numbers of shares issued and outstanding as of December 31, 2022 were 288,434,474 Class A Ordinary Shares and 48,960,916 Class B Ordinary Shares. As noted in Note 21, in 2023, the Company issued 554,575 Class A Ordinary Shares for the 2022 Share Incentive Plan. The numbers of shares outstanding as of December 31, 2023 were 288,989,049 Class A Ordinary Shares and 48,960,916 Class B Ordinary Shares.

The entire disclosure for equity.

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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Reference 7: http://www.xbrl.org/2003/role/disclosureRef
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Reference 8: http://www.xbrl.org/2003/role/disclosureRef
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Reference 15: http://www.xbrl.org/2003/role/disclosureRef
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Reference 17: http://www.xbrl.org/2003/role/disclosureRef
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Schedule of basic and diluted net loss per share

CONSOLIDATED STATEMENTS OF CASH FLOWS ¥ in Thousands, $ in Thousands	12 Months Ended
	Dec. 31, 2023 CNY (¥)	Dec. 31, 2023 USD ($)	Dec. 31, 2022 CNY (¥)	Dec. 31, 2021 CNY (¥)
Operating activities:
Net loss	¥ (1,015,180)	$ (142,985)	¥ (1,607,146)	¥ (1,176,758)
Adjustments to reconcile net loss to net cash used in operating activities:
Allowance for doubtful accounts	7,525	1,060	6,887	0
Provision of prepayments and other current assets	(1,310)	(185)	(1,935)	3,245
Write-down of inventories	10,641	1,499	35,406	49,485
Share-based compensation	174,025	24,511	725,651	179,933
Depreciation and amortization	85,799	12,085	74,559	65,160
Reduction of carrying amount of right-of-use assets	38,842	5,471	41,975	0
Loss from equity method investments	43,065	6,066	71,928	3,891
Gains on deconsolidation of a subsidiary	0	0	(71,974)	(10,579)
Gains on sale of an equity security	0	0	(59,728)	0
Change in fair value of an equity security	22,451	3,162	16,843	0
Amortization of debt issuance costs	2,863	403	0	99,923
Change in fair value of warrant liabilities	(11,719)	(1,651)	3,245	111,299
Loss on disposal of property, equipment and intangible assets	1,751	247	1,939	1,562
Unrealized exchange (gains) losses	2,515	354	1,857	(12,478)
Impairment of property, equipment and intangible assets	10,237	1,442	0	0
Changes in operating assets and liabilities, net of effects of deconsolidation of subsidiaries and the VIEs:
Notes receivable	74,509	10,494	(41,433)	(19,406)
Inventories	11,150	1,570	5,341	(105,557)
Amounts due from related parties	34,890	4,915	(87,080)	(5,757)
Prepayments and other current assets and other non-current assets	(17,462)	(2,459)	(189,669)	(157,371)
Notes payable	(158,446)	(22,317)	41,101	(144,529)
Amounts due to related parties	(7,179)	(1,011)	3,808	5,253
Accrued expenses and other current liabilities	(103,334)	(14,554)	204,830	188,317
Operating lease liabilities	(21,545)	(3,035)	(34,985)	0
Provisions	60,155	8,473	14,424	8,769
Net cash used in operating activities	(1,243,406)	(175,129)	(461,337)	(907,283)
Investing activities:
Purchase of property, equipment and intangible assets	(62,194)	(8,760)	(157,286)	(85,736)
Proceeds from disposal of property, equipment and intangible assets	2,158	304	1,732	0
Cash paid for acquisition of equity investments	0	0	(79,442)	(1,145,637)
Cash paid for acquisition of short-term investments	(163,944)	(23,091)	0	0
Proceeds from redemption of short-term investments	24,000	3,380	0	0
Cash received on deconsolidation of Hubei Dongjun	0	0	1,000	0
Financial support to an equity method investee	0	0	(28,500)	0
Loans to related parties	(214,000)	(30,141)	(57,260)	(48,656)
Cash collection of loans to related parties	214,000	30,141	29,360	90,155
Proceeds from sale of Zenseact	792,063	111,560	0	0
Net cash (used in) provided by investing activities	592,083	83,393	(313,039)	(1,198,234)
Financing activities:
Cash contributed by redeemable non-controlling shareholders	0	0	10,000	30,000
Cash contributed by non-redeemable non-controlling shareholders	0	0	0	202,000
Proceeds from short-term borrowings	1,500,000	211,271	1,270,000	947,000
Repayment of short-term borrowings	(1,170,000)	(164,791)	(1,332,000)	(91,000)
Proceeds from issuance of convertible notes	0	0	527,281	0
Payment for issuance costs of convertible notes	(3,396)	(478)	(2,938)	0
Borrowings from related parties	300,000	42,254	700,000	45,152
Repayment of borrowings from related parties	(300,000)	(42,254)	(700,000)	(65,152)
Repayment of long-term debt	0	0	0	(1,125,310)
Cash disposed in the Restructuring	0	0	(20,000)	0
Cash proceeds from COVA	0	0	43,724	0
Cash proceeds from Geely strategic investment	0	0	139,200	0
Cash paid for costs of the Merger	(78,570)	(11,066)	(136,985)	0
Proceeds from conditional government grants	48,792	6,872	0	0
Net cash provided by financing activities	296,826	41,808	657,767	2,122,792
Effect of foreign currency exchange rate changes on cash and restricted cash	41,342	5,821	28,906	(32,019)
Net increase (decrease) in cash	(313,155)	(44,107)	(87,703)	(14,744)
Cash and restricted cash at the beginning of the year	901,429	126,964	989,132	1,003,876
Cash and restricted cash at the end of the year	588,274	82,857	901,429	989,132
Supplemental information:
Income tax paid	1,985	280	0	12,557
Interest paid	63,859	8,994	28,908	28,983
Non-cash investing and financing activities:
Payable for purchase of property, equipment and intangible assets	127,595	17,971	24,186	17,882
Transfer of notes receivable as part of consideration to purchase intangible assets	50,000	7,042	0	0
Re-designation of ordinary shares to Series A Preferred Shares (Note 18)	0	0	0	97,660
Shares issued	0	0	0	620,703
Non-cash assets distributed to shareholders of the Company in the Restructuring (Note 1(d))	0	0	247,875	0
Payable for issuance cost of convertible notes payable	0	0	5,621	0
Amounts due from a related party for sale of Zenseact (Note 8)	0	0	763,192	0
Issuance of ordinary shares in exchange for an equity security (Note 8)	0	0	87,615	0
Payable for costs of the Merger	0	0	133,554
Conversion of Convertible Redeemable Preferred Shares to ordinary shares (Note 1(b) and Note 18)	0	0	5,492,749	0
Conversion of convertible notes payable to Class A Ordinary Shares	0	0	69,600	0
Nonrelated Party
Changes in operating assets and liabilities, net of effects of deconsolidation of subsidiaries and the VIEs:
Accounts receivable - third parties, net	133,729	18,835	(238,197)	(45,166)
Accounts payable - third parties	372,818	52,510	795,226	18,699
Contract liabilities - third parties	(4,153)	(585)	1,774	(4,565)
Related Party
Changes in operating assets and liabilities, net of effects of deconsolidation of subsidiaries and the VIEs:
Accounts receivable - third parties, net	(719,283)	(101,309)	(68,939)	(96,169)
Accounts payable - third parties	(13,023)	(1,834)	130,242	(218,143)
Contract liabilities - third parties	(257,737)	(36,301)	(237,287)	353,659
Hubei Dongjun Automotive Electronics Technology Co., Ltd.
Investing activities:
Cash disposed on deconsolidation of a subsidiary	0	0	0	(8,360)
Suzhou Photon-Matrix
Adjustments to reconcile net loss to net cash used in operating activities:
Gains on deconsolidation of a subsidiary			(71,974)
Investing activities:
Cash disposed on deconsolidation of a subsidiary	0	0	(22,643)	0
Series Angel Preferred Shares
Financing activities:
Proceeds from issuance of Convertible Redeemable Preferred Shares	0	0	0	81,950
Series A Preferred Shares
Financing activities:
Proceeds from issuance of Convertible Redeemable Preferred Shares	0	0	0	1,032,104
Repayment of refundable deposits in connection with the issuance of Series A Convertible Redeemable Preferred Shares	0	0	0	(1,032,104)
Series A+ Preferred Shares
Financing activities:
Proceeds from issuance of Convertible Redeemable Preferred Shares	0	0	0	1,331,641
Payment for issuance cost and fees	0	0	0	(10,000)
Series A++ Preferred Shares
Financing activities:
Proceeds from issuance of Convertible Redeemable Preferred Shares	0	0	0	452,241
Repayment of refundable deposits in connection with the issuance of Series A Convertible Redeemable Preferred Shares	0	0	0	(461,849)
Refundable deposits in connection with the issuance of Convertible Redeemable Preferred Shares	0	0	0	461,849
Series B Preferred Shares
Financing activities:
Proceeds from issuance of Convertible Redeemable Preferred Shares	¥ 0	$ 0	¥ 159,485	¥ 324,270

Non-controlling interests - Additional Information (Details) ¥ in Thousands, $ in Thousands		1 Months Ended					12 Months Ended
	Jan. 30, 2022 CNY (¥)	Jan. 31, 2022 CNY (¥)	Oct. 31, 2021 CNY (¥)	Sep. 30, 2021 CNY (¥)	Aug. 31, 2021 CNY (¥)	May 31, 2021 CNY (¥)	Dec. 31, 2023 CNY (¥)	Dec. 31, 2023 USD ($)	Dec. 31, 2022 CNY (¥)	Dec. 31, 2021 CNY (¥)	Dec. 31, 2023 USD ($)	Jun. 30, 2023
Non-controlling interests
Accretion of redeemable non-controlling interests				¥ 1,000			¥ 0	$ 0	¥ (714)	¥ (1,306)
Percentage of redeemable noncontrolling interest per annum				49.00%
Percentage of equity interest				2.00%
Decrease in paid-in capital										202,000
Non-redeemable non-controlling interests				¥ 14,335			86,951		161,940		$ 12,247
Carrying amount of relevant non-redeemable non-controlling interests derecognized upon deconsolidation										14,335
Redeemable non-controlling interests							¥ 0		¥ 0	30,500
Suzhou Photon-Matrix
Non-controlling interests
Accretion of redeemable non-controlling interests			¥ 30,000		¥ 520	¥ 6,000
Percentage of redeemable noncontrolling interest per annum		10.00%	10.00%			40.00%
Total cash consideration						¥ 4,000				2,000
Percentage of equity interest			10.71%		2.97%
Decrease in paid-in capital					¥ 105
Redeemable non-controlling interest period		7 years	7 years
Redemption price			¥ 30,000
Suzhou Photon-Matrix
Non-controlling interests
Percentage of equity interest						60.00%
Accretion of redeemable non-controlling interests		¥ 10,000
Percentage of equity interest		3.45%
Redemption price		¥ 10,000
Group
Non-controlling interests
Ownership interest		49.17%
Carrying amount of relevant non-redeemable non-controlling interests derecognized upon deconsolidation	¥ (7,178)
Group \| JICA
Non-controlling interests
Ownership interest												70.00%
Non-redeemable non-controlling interest percentage												30.00%
Mezzanine equity
Non-controlling interests
Redeemable non-controlling interests			¥ 30,000							¥ 30,500

Ordinary Shares (Details) $ / shares in Units, ¥ in Thousands, $ in Thousands	12 Months Ended
	Dec. 31, 2023 USD ($)	Dec. 31, 2023 CNY (¥) shares	Dec. 31, 2023 $ / shares	Dec. 31, 2022 $ / shares shares	Dec. 20, 2022 $ / shares	Dec. 20, 2021 company member $ / shares shares
Ordinary Share
Number of members in management group \| member						4
Cost of treasury shares \| ¥		¥ 1
Number of shareholders \| company						4
Amount of shares authorized \| $	$ 50,000
Ordinary shares, shares authorized (in shares)		10,000,000,000
Par value per share of shares sold back by four members of the Group's management \| $ / shares					$ 0.000005
Four members from Group's management who are also ordinary shareholders of the Group
Ordinary Share
Shares issued (in shares)						5,010,420
Par value (in USD per share) \| $ / shares						$ 0.000005
Class A Ordinary Shares
Ordinary Share
Ordinary shares, shares authorized (in shares)		8,000,000,000		8,000,000,000
Par value per share of shares sold back by four members of the Group's management \| $ / shares			$ 0.000005	$ 0.000005
Ordinary shares, shares issued (in shares)		288,989,049		288,434,474
Ordinary shares, shares outstanding (in shares)		288,989,049		288,434,474
Class A Ordinary Shares \| Share Incentive 2022 Plan
Ordinary Share
Ordinary shares, shares issued (in shares)		554,575
Class B Ordinary Shares
Ordinary Share
Ordinary shares, shares authorized (in shares)		1,000,000,000		1,000,000,000
Par value per share of shares sold back by four members of the Group's management \| $ / shares			0.000005	$ 0.000005
Ordinary shares, shares issued (in shares)		48,960,916		48,960,916
Ordinary shares, shares outstanding (in shares)		48,960,916		48,960,916
Designated Shares
Ordinary Share
Ordinary shares, shares authorized (in shares)		1,000,000,000
Par value per share of shares sold back by four members of the Group's management \| $ / shares			$ 0.000005

Loss per share (Tables)

12 Months Ended

Dec. 31, 2023

Earnings Per Share [Abstract]

Basic and diluted net loss per share for the years ended December 2021, 2022 and 2023 have been calculated as follows:


	Year ended December 31,
	2021	2022	2023
	RMB	RMB	RMB
Numerator:
Net loss attributable to ECARX Holdings Inc.	(1,175,261)	(1,564,878)	(940,191)
Accretion of Redeemable Convertible Preferred Shares	(243,564)	(354,878)	—
Numerator for basic and diluted net loss per share calculation	(1,418,825)	(1,919,756)	(940,191)

Denominator:
Weighted average number of ordinary shares – basic and diluted	236,691,093	239,296,386	337,407,225
Net loss per share attributable to ordinary shareholders
— Basic and diluted	(5.99)	(8.02)	(2.79)

Schedule of potential dilutive instruments

The potentially dilutive instruments that have not been included in the calculation of diluted loss per share as their inclusion would be anti-dilutive are as follows:


	Year ended December 31,
	2021	2022	2023
Redeemable convertible preferred shares	90,724,289	—	—
Warrants	—	23,871,971	23,871,971
Options	—	12,853,364	11,260,718
Convertible notes	—	5,652,174	5,652,174

Share based compensation

12 Months Ended

Dec. 31, 2023

Share-Based Payment Arrangement [Abstract]

Share based compensation

21. Share based compensation

(a) Restricted Share Unit ("RSU")

2019 RSU Plan

In December 2019, Mr. Ziyu Shen set up a trust (the “Trust”), of which he acted as the sole beneficiary. He transferred 23,859,142 ordinary shares he owned, representing 10.0% of total outstanding shares of the Company, to the Trust, and entered into 2019 RSU agreements (the “2019 RSU Plan”) with key employees and external consultants. 2019 RSU Plan entitled the grantees to purchase the economic beneficial right of the ordinary shares in the Trust.

Between August and December 2020, an aggregate number of 16,224,217 RSUs were granted to employees and non-employee consultants, at a weighted average exercise price of RMB0.34 per RSU. Between March and November 2021, 2,890,674 RSUs were granted to employees at a weighted average exercise price of US$1.23 per RSU.

The RSUs vest following the three approaches, pursuant to the share award agreements which were entered into between the Group and the grantees:

•50% of the RSUs shall vest upon a qualified IPO; the other 50% has a requisite service condition of 5 years from the service commencement date with the Group; while upon the achievement of a qualified IPO, all unvested RSUs become immediately vested.

•Before a qualified IPO is achieved, the grantees are entitled to vest 50% of the RSUs when they complete five-year continuous service with the Group; upon a qualified IPO, the employees are entitled to cumulatively vest 20% of the total grants for every twelve-month service period since their employment commencement; and, after the completion of a qualified IPO, the grantees could continue to vest 20% of the total grants for every twelve-month service period since their service commencement. Upon employment termination, any remaining unvested portion shall be forfeited.

•For those RSUs granted to non-employees in exchange for technical and strategic consultancy services over the service period of 60 months, the RSUs shall vest immediately upon the completion of a qualified IPO.

In December 2021, Mr. Ziyu Shen and the Company entered into 2021 Restricted Share Units agreements (the “2021 RSU Replacement Plan”) with employees who were subject to 2019 RSU Plan. The 2021 RSU Replacement Plan modified the 2019 RSU Plan pursuant to which the condition of the qualified IPO was excluded. As a result, the RSUs can vest in equal tranches at the first, second, third, fourth and fifth anniversary since the grantees’ service commencement with the Group. The Group accounted for the modification as a Type III (improbable-to-probable) modification, which represents the modification of the award that was not expected to vest under the original vesting conditions at the date of the modification. The Group recognized compensation cost equal to the modified award’s fair value at the date of the modification. As a result of the modification, 5,101,085 RSUs became vested immediately, and share based compensation expense of US$16,311 (equivalent to RMB105,211) was recognized in the consolidated statements of comprehensive loss for the year ended December 31, 2021. The remaining portion of 2,607,277 RSUs was to be vested over the service period following the modified vesting schedule.

Pursuant to the 2019 RSU Plan, between January and September 2022, the Company granted an aggregate number of 6,680,560 RSUs to employees, at a weighted average exercise price of US$0.56 per RSU. The RSUs vest under one of the following two approaches:

•20% of the grants vest every twelve-month service period since the service commencement of the employees.

•Half of the RSUs vest on April 1, 2022, and the remaining 50% of the RSUs vest on a monthly basis over thirty-six (36) months from May 2022.

On August 20, 2022, the Company approved the modification to change the exercise price of aggregated 1,431,549 RSUs granted to certain employees under 2019 RSU Plan. The RSUs were granted on March 31, 2021 and January 30, 2022 at a weighted average exercise price of US$2.96 per RSU. After the modification, the exercise price was changed to US$0.32 per RSU. The Company accounted for the modification as a Type I (probable to probable) modification, which refers to the modification that does not change the expectation that the awards will ultimately vest. The Company calculated incremental compensation cost for such awards based on their fair value before and after the modification. Upon the modification, incremental compensation cost of US$750 (equivalent to RMB4,976) was recognized immediately for the vested RSUs and US$2,999 (equivalent to RMB19,904) were to be recognized between 3.3 years and 3.5 years.

On October 31, 2022, the Company approved the modification to change the vesting condition of aggregated 4,771,828 RSUs granted in January 2022 under 2019 RSU Plan. At the date of the modification, the unvested 1,988,262 RSUs which were to vest on a monthly basis over 30 months from November 2022 following the original vesting schedule were modified to vest immediately on October 31, 2022. The Company accounted for the modification as a Type III (not probable to probable) modification, which represents the modification of the awards that were not expected to vest under the original vesting conditions at the date of the modification. The Group recorded

an additional compensation cost as the fair value of the modified awards at the amount of US$17,993 (equivalent to RMB119,408).

On January 31, 2023, the Company approved a new modification plan to change the vesting condition of aggregated 1,789,437 RSUs granted under the 2019 RSU Plan. After this modification, 20%, 50% and 30% of the RSUs vest over three years for each year of service provided. The Company accounted for the modification as a Type I (probable to probable) modification, which refers to the modification that does not change the expectation that the awards will ultimately vest. The Company calculated incremental compensation cost of the modification as the excess of the fair value of the modified awards over the fair value of the original awards immediately before its terms were modified at the modification date. Total incremental compensation cost was US$557 (equivalent to RMB3,898), of which US$206 (equivalent to RMB1,442) was recognized immediately for the vested RSUs at the modification date, while the remaining incremental compensation cost along with unrecognized compensation cost remaining from the unvested RSUs, was recognized over the remaining requisite service period.

On April 30, 2023, the Company approved the modification to change the exercise price of aggregated 1,073,662 RSUs granted to certain employees under the 2019 RSU Plan. The RSUs were granted on November 30, 2021 and January 30, 2022 at a weighted average exercise price of US$1.96 per RSU. After the modification, the exercise price was changed to US$0.32 per RSU. The Company accounted for the modification as a Type I (probable-to-probable) modification, the cumulative amount of compensation cost that should be recognized is the original grant date fair value of the award plus any incremental fair value resulting from the modification, which is measured as the excess of the fair value of the modified award over the fair value of the original award immediately before the terms are modified. Total incremental compensation cost was US$1,474 (equivalent to RMB10,316).

On June 29, 2023, the Company approved a new modification plan to change the vesting condition of aggregated 1,312,253 RSUs granted under the 2019 RSU Plan. After this modification, the RSUs vest under one of the following two approaches: 20%, 50% and 30% or 20%, 20% and 60% of the RSUs over three years for each year of service provided. The Company accounted for the modification as a Type I (probable to probable) modification. Total incremental compensation cost was US$318 (equivalent to RMB2,226), of which US$76 (equivalent to RMB532) was recognized immediately for the vested RSUs at the modification date, while the remaining incremental compensation cost along with unrecognized compensation cost remaining from the unvested RSUs, was recognized over the remaining requisite service period.

Pursuant to the 2019 RSU Plan, in June and September 2023, the Company granted an aggregate number of 4,342,364 RSUs to employees, at a weighted average exercise price of US$2.19 per RSU. The RSUs vest under one of the following four approaches:

•20% of the grants vest every twelve-month service period since the service commencement date of the employees.

•50%, 30%, 20% of the grants vest every twelve-month service period since the service commencement date of the employees.

•25% of the grants vest every twelve-month service period since the service commencement date of the employees.

•40%, 30%, 30% of the grants vest every twelve-month service period since the service commencement date of the employees.

2022 Share Incentive Plan

In December 2022, the Company’s Board of Directors approved a share award plan (the “2022 Share Incentive Plan”) for the granting of options, restricted shares, restricted share units or other equity incentive awards (collectively

referred to as the ‘‘Awards’’), to attract and retain the best available personnel, provide additional incentives to employees, directors and consultants, and promote the success of the Company’s business.

In December 2023, the Company granted an aggregated number of 460,671 RSUs to an employee and a director, which were immediately fully vested upon the grants and these RSUs had been fully exercised as of December 31, 2023.

The following table summarizes activities of the Company’s RSUs for the years ended December 31, 2022 and 2023:


	Number of RSUs	Weighted Average Exercise Price	Weighted Average Fair value at grant date	Weighted remaining contractual years	Aggregate intrinsic value
		US$	US$
Outstanding at January 1, 2022	18,995,595	0.23	5.10	—	—
Granted (new RSUs)	6,680,560	0.56	6.92	—	—
Granted (replacement RSUs)	3,419,811	0.13	1.47	—	—
Forfeited	(1,244,394)	0.54	4.97	—	—
Replaced	(3,419,811)	1.24	1.47	—	—
Outstanding at December 31, 2022	24,431,761	0.15	5.60	—	—
Granted (new RSUs)	4,803,035	1.98	1.65	—	—
Granted (replacement RSUs)	4,175,352	0.21	4.88	—	—
Forfeited	(1,336,110)	0.29	5.13	—	—
Replaced	(4,175,352)	0.63	4.11	—	—
Exercised	(12,864,832)	0.05	—	—	—
Outstanding at December 31, 2023	15,033,854	0.69	4.91	—	—
Vested and expected to vest as of December 31, 2023	15,033,854	0.69	4.91	8.66	60,132
Exercisable as of December 31, 2023	13,571,754	0.42	5.36	8.53	60,959

Total intrinsic value of options exercised was RMB56,876 for the year ended December 31, 2023.

The fair value of the RSUs granted in 2021, 2022 and 2023 under the 2019 RSU Plan was estimated using the binomial model with the following assumptions used:


	Year ended December 31,
	2021		2022		2023
Risk-free rate of return	0.35% – 2.70%		1.61% - 4.12%		2.65% - 4.25%
Volatility	41.13% – 50.60%		44.15% - 48.12%		44.58% - 44.73%
Expected dividend yield	0.0	%	0.0	%	0.0	%
Fair value of underlying ordinary share	US$4.26-US$7.45 (equivalent to RMB27.97-RMB47.51)		US$7.57-US$9.05 (equivalent to RMB48.29-RMB64.98)		US$3.68 - US$6.91 (equivalent to RMB26.46-RMB49.90)
Expected terms	10 years		10 years		10 years

The expected volatility was estimated based on the historical volatility of comparable peer public companies with a time horizon close to the expected term of the Company’s RSUs. With respect to the RSUs issued in US$ or RMB, the risk-free interest rate was separately estimated based on the yield to maturity of U.S. Treasury bonds or China Government Bond for a term consistent with the expected term of the Company’s RSUs in effect at the valuation date. Expected dividend yield is zero as the Company does not anticipate any dividend payments in the foreseeable future. Expected term is the contract life of the RSUs.

The fair value of the RSUs granted in 2023 under 2022 Share Incentive Plan is estimated using the closing price as of the grant dates of listed trading price of the Company.

The Group recognized share-based compensation expense of US$19,505 (equivalent to RMB129,444) relating to the RSUs vested upon the completion of its Merger with COVA in 2022.

Compensation expense recognized for RSUs for the years ended December 31, 2021, 2022 and 2023 is allocated as follows:


	Year ended December 31,
	2021	2022	2023
	RMB	RMB	RMB
Research and development expenses	80,872	42,986	26,590
Selling, general and administrative expenses	76,085	481,567	139,340
Cost of revenues	6,524	—	—
Total	163,481	524,553	165,930

In addition to the share-based expenses from the vested RSUs during the years ended December 31, 2021, 2022 and 2023, share-based expenses of RMB16,452, nil and nil were recorded, respectively, due to the redesignation from ordinary shares to preferred shares (see Note 18).

As of December 31, 2023, US$11,201 (equivalent to RMB78,391) of total unrecognized compensation expense related to the RSUs is expected to be recognized over a weighted-average period of 1.0 year. The unrecognized compensation cost may be adjusted for actual forfeitures occurring in the future.

(b) Options

2021 Option Plan

In July 2021, the Company’s shareholders and Board of Directors approved a share option plan (the “2021 Option Plan”), which granted the employees an option to purchase ordinary shares of the Company at an exercise price of US$9.70 per share. Between August and December 2021, 13,575,733 share options were granted to employees.

Between January and November 2022, the Company granted an aggregated number of 2,354,744 share options to employees. Upon a qualified IPO, the grantees are entitled to cumulatively vest 25% of the total grants for every twelve-month service period since their employment commencement; and after the completion of a qualified IPO, the grantees could continue to vest 25% of the total grants for every twelve-month service period. The share options can only be exercised upon the occurrence a qualified IPO.

Pursuant to the 2021 Option Plan, in January 2023, the Company granted 63,464 share options to certain employees at an exercise price of US$9.70 per option. The grantees are entitled to cumulative vesting of 25% of the total grants for every twelve-month service period since their employment commencement.

2022 Share Incentive Plan

In December 2023, the Company granted an aggregated number of 93,904 share options to directors as fully vested on the date of grant.

The following table summarizes activities of the options for the years ended December 31, 2022 and 2023:


	Number of options	Weighted Average Exercise Price	Weighted Average Fair value at grant date	Weighted remaining contractual years	Aggregate intrinsic value
		US$	US$
Outstanding at January 1, 2022	13,281,043	9.70	2.92
Granted	2,354,744	9.70	3.39
Forfeited	(2,782,423)	9.70	2.31
Outstanding at December 31, 2022	12,853,364	9.70	3.14
Granted	157,368	4.21	3.12
Forfeited	(1,750,014)	9.70	3.32
Outstanding at December 31, 2023	11,260,718	9.62	3.11
Vested and expected to vest as of December 31, 2023	11,260,718	9.62	3.11	7.73	—
Exercisable as of December 31, 2023	8,815,574	9.60	2.94	7.72	—

The fair value of the options granted in 2021, 2022 and 2023 was estimated using the binomial model with the following assumptions used:

Year ended December 31,

2021

2022

2023

Risk-free rate of return

1.20% – 1.65%

1.63% – 3.83%

3.79% – 3.88%

Volatility

44.03% – 44.47%

44.18% – 45.07%

44.37% – 44.95%

Expected dividend yield

0.0

Fair value of underlying ordinary share

US$6.99 – US$7.55

US$7.57 – US$9.30

US$3.16 –

US$8.02

Expected terms

10 years

The expected volatility was estimated based on the historical volatility of comparable peer public companies with a time horizon close to the expected term of the option awards. The risk-free interest rate was separately estimated based

on the yield to maturity of U.S. Treasury bonds for a term consistent with the expected term of the options in effect at the valuation date. Expected dividend yield is zero as the Company does not anticipate any dividend payments in the foreseeable future. Expected term is the contract life of the option awards.

Upon the completion of the Merger with COVA in December 2022, the Group recognized share-based compensation expense of US$30,384 (equivalent to RMB201,645) for 6,818,048 options vested.

Compensation expense recognized for options for the years ended December 31, 2022 and 2023 is allocated as follows.


	Year ended December 31,
	2022	2023
	RMB	RMB
Research and development expenses	93,824	1,205
Selling, general and administrative expenses	107,274	6,890
Total	201,098	8,095

As of December 31, 2023, US$1,808 (equivalent to RMB12,653) of total unrecognized compensation expense related to the options is expected to be recognized over a weighted-average period of 1.67 years. The unrecognized compensation cost may be adjusted for actual forfeitures occurring in the future.

Property and equipment, net - Depreciation expenses on property and equipment allocated to expense items (Details) - CNY (¥)	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Property and equipment, net
Total depreciation	¥ 53,959,000	¥ 50,527,000	¥ 43,273,000
Impairment loss	7,292,000	0	0
Cost of revenues
Property and equipment, net
Total depreciation	544,000	1,022,000	1,401,000
Selling, general and administrative expenses
Property and equipment, net
Total depreciation	29,914,000	31,931,000	26,834,000
Impairment loss	454,000
Research and development expenses
Property and equipment, net
Total depreciation	23,501,000	¥ 17,574,000	¥ 15,038,000
Impairment loss	¥ 6,838,000

Mezzanine equity - Activities of the Redeemable Convertible Preferred Shares (Details) ¥ in Thousands, $ in Thousands		1 Months Ended	12 Months Ended
	Jan. 16, 2020 shares	Jul. 31, 2021 shares	Dec. 31, 2023 CNY (¥) shares	Dec. 31, 2021 CNY (¥) shares	Dec. 31, 2021 USD ($) shares
Increase (Decrease) in Temporary Equity [Roll Forward]
Balance as of beginning, Total				¥ 232,475
Issuance of preferred shares				3,002,374
Issuance cost				(10,000)
Re-designation of ordinary shares into Series A Preferred Shares				97,660
Subscription contributions from shareholders			¥ 159,485	1,032,104
Conversion of Preferred Shares to Ordinary Shares upon the completion of the IPO			(5,492,749)
Accretion of Redeemable Convertible Preferred Shares			354,878	243,564
Foreign currency translation adjustment			¥ 445,479	(65,270)
Balance as of ending, Total				¥ 4,532,907
Series Angel Preferred Shares
Increase (Decrease) in Temporary Equity [Roll Forward]
Balance as of beginning (in shares) \| shares				0	0
Issuance of preferred shares (in shares) \| shares				6,016,207	6,016,207
Issuance of preferred shares				¥ 273,519
Conversion of Preferred Shares to Ordinary Shares upon the completion of the IPO (in shares) \| shares			(6,016,207)
Conversion of Preferred Shares to Ordinary Shares upon the completion of the IPO			¥ (332,450)
Accretion of Redeemable Convertible Preferred Shares			21,916	13,655
Foreign currency translation adjustment			¥ 26,949	¥ (3,589)
Balance as of ending (in shares) \| shares				6,016,207	6,016,207
Balance as of ending, Carrying amount				¥ 283,585
Series Angel Preferred Shares \| Carrying amount
Increase (Decrease) in Temporary Equity [Roll Forward]
Balance as of beginning, Carrying amount				¥ 0
Series A Preferred Shares
Increase (Decrease) in Temporary Equity [Roll Forward]
Balance as of beginning (in shares) \| shares				26,841,535	26,841,535
Issuance of preferred shares (in shares) \| shares	26,841,535
Re-designation of ordinary shares into Series A Preferred Shares (in shares) \| shares				2,343,309,000	2,343,309,000
Conversion of Preferred Shares to Ordinary Shares upon the completion of the IPO (in shares) \| shares			(29,184,844)
Balance as of ending (in shares) \| shares				29,184,844	29,184,844
Series A Preferred Shares \| Subscription receivable
Increase (Decrease) in Temporary Equity [Roll Forward]
Balance as of beginning, Subscription receivable				¥ (1,032,104)
Subscription contributions from shareholders				1,032,104
Balance as of ending, Subscription receivable				0
Series A Preferred Shares \| Carrying amount
Increase (Decrease) in Temporary Equity [Roll Forward]
Balance as of beginning, Carrying amount				1,264,579
Re-designation of ordinary shares into Series A Preferred Shares				97,660
Conversion of Preferred Shares to Ordinary Shares upon the completion of the IPO			¥ (1,665,606)
Accretion of Redeemable Convertible Preferred Shares			100,884	99,161
Foreign currency translation adjustment			¥ 135,409	(32,087)
Balance as of ending, Carrying amount				¥ 1,429,313
Series A+ Preferred Shares
Increase (Decrease) in Temporary Equity [Roll Forward]
Balance as of beginning (in shares) \| shares				0	0
Balance as of beginning, Carrying amount				¥ 0
Issuance of preferred shares (in shares) \| shares				29,361,157	29,361,157
Issuance of preferred shares				¥ 1,331,641
Issuance cost				(10,000)
Conversion of Preferred Shares to Ordinary Shares upon the completion of the IPO (in shares) \| shares			(29,361,157)
Conversion of Preferred Shares to Ordinary Shares upon the completion of the IPO			¥ (1,625,397)
Accretion of Redeemable Convertible Preferred Shares			106,959	79,336
Foreign currency translation adjustment			¥ 131,767	¥ (14,306)
Balance as of ending (in shares) \| shares				29,361,157	29,361,157
Balance as of ending, Carrying amount				¥ 1,386,671
Series A++ Preferred Shares
Increase (Decrease) in Temporary Equity [Roll Forward]
Balance as of beginning (in shares) \| shares				0	0
Balance as of beginning, Carrying amount				¥ 0
Issuance of preferred shares (in shares) \| shares				8,546,916	8,546,916
Issuance of preferred shares				¥ 452,241
Conversion of Preferred Shares to Ordinary Shares upon the completion of the IPO (in shares) \| shares			(8,546,916)
Conversion of Preferred Shares to Ordinary Shares upon the completion of the IPO			¥ (557,324)
Accretion of Redeemable Convertible Preferred Shares			36,732	23,005
Foreign currency translation adjustment			¥ 45,179	¥ 167
Balance as of ending (in shares) \| shares				8,546,916	8,546,916
Balance as of ending, Carrying amount				¥ 475,413
Series B Preferred Shares
Increase (Decrease) in Temporary Equity [Roll Forward]
Balance as of beginning (in shares) \| shares				0	0
Issuance of preferred shares (in shares) \| shares		9,882,082		17,615,165	17,615,165
Conversion of Preferred Shares to Ordinary Shares upon the completion of the IPO (in shares) \| shares			(17,615,165)
Balance as of ending (in shares) \| shares				17,615,165	17,615,165
Balance as of ending, Subscription receivable				¥ (159,392)	$ (25,000)
Series B Preferred Shares \| Subscription receivable
Increase (Decrease) in Temporary Equity [Roll Forward]
Balance as of beginning, Subscription receivable				0
Issuance of preferred shares				(159,215)
Subscription contributions from shareholders			¥ 159,485
Foreign currency translation adjustment			(93)	(177)
Balance as of ending, Subscription receivable				(159,392)
Series B Preferred Shares \| Carrying amount
Increase (Decrease) in Temporary Equity [Roll Forward]
Balance as of beginning, Carrying amount				0
Issuance of preferred shares				1,104,188
Conversion of Preferred Shares to Ordinary Shares upon the completion of the IPO			(1,311,972)
Accretion of Redeemable Convertible Preferred Shares			88,387	28,407
Foreign currency translation adjustment			¥ 106,268	(15,278)
Balance as of ending, Carrying amount				¥ 1,117,317

Warrant liabilities, Government Warrants

12 Months Ended

Dec. 31, 2023

Warrants and Rights Note Disclosure [Abstract]

Warrant liabilities, Government Warrants

13. Warrant liabilities

Government Warrants

In April 2017, Hubei ECARX entered into an investment arrangement with a government fund (“Government Warrants”). The arrangement, as subsequently amended, entitled Hubei ECARX to borrow interest-free loans in an aggregate amount of RMB1,125,310 over a three-year drawdown period. In conjunction with the arrangement, ECARX issued warrants to the government fund, which entitled the government fund to purchase 2% of total equity interests of Hubei ECARX at the time of exercise in the total consideration of RMB81,950. The warrants were exercisable from the date of issuance of the loan facility to the maturity date of the last tranche of the drawdown of the loan.

Since the number of shares to be issued upon the exercise of the Government Warrants cannot be determined until the exercise date, the settlement provision of the Government Warrants did not meet the fixed-for-fixed requirement; therefore, the warrants were classified as a liability measured at fair value with all changes recognized in the consolidated statement of comprehensive loss.Upon settlement in 2021, the backsolve method, a market approach, was utilized in estimating the Company’s equity value with reference to the Company’s equity transactions close to the settlement. Based on the estimated equity value, the option-pricing method was applied in equity allocation in determining the fair value of warrant liabilities, which involved a number of complex variables and subjective judgements not be observable in the market.

The warrant liability is measured at fair value using unobservable inputs and categorized in Level 3 of the fair value hierarchy. The tables below reflect the movement of the warrant liability for the year ended December 31, 2021:


	January 1, 2021 RMB	Addition RMB	Change in fair value included in losses RMB	Foreign exchange translation RMB	Settlement (Note 18) RMB	December 31, 2021 RMB
Liabilities
Warrant liabilities	80,270	—	111,299	—	(191,569)	—

ECARX Warrants in connection with the Merger

As is stated in Note 1(b), pursuant to the Closing of the Merger in December, 2022, COVA Public Shares and COVA Public Warrants ceased trading upon consummation of the Merger and were delisted from Nasdaq and deregistered under the Exchange Act. Concurrently, the Company issued 23,871,971 ECARX warrants, including 14,999,971 public warrants that the Company applied for listing on Nasdaq with the symbol “ECXWW” (“ECARX Public

Warrants”) and 8,872,000 private warrants (“ECARX Private Warrants”, collectively referred to as “ECARX Warrants”) to the then holders of COVA Public Warrants and COVA Private Warrants.

ECARX Public Warrants are exercisable commencing thirty (30) days after the completion of the Merger, provided that the Company has an effective registration statement under the Securities Act covering the shares of Class A Ordinary Shares issuable upon exercise of ECARX Public Warrants and a current prospectus relating to them is available (or the Company permits holders to exercise ECARX Public Warrants held by them on a cashless basis and such cashless exercise is exempt from registration under the Securities Act). The warrants have an exercise price of US$11.50 per whole share, subject to adjustments, and will expire five (5) years after the completion of the Merger or earlier upon redemption or liquidation.

ECARX Private Warrants are identical to the ECARX Public Warrants, except that ECARX Private Warrants and the shares of Class A common stock issuable upon exercise of the ECARX Private Warrants will not be transferable, assignable or saleable. Additionally, ECARX Private Warrants are non-redeemable so long as they are held by permitted transferees. If ECARX Private Warrants are held by someone other than permitted transferees as stipulated in the warrant agreement, the ECARX Private Warrants will be redeemable by the Company and exercisable by such holders on the same basis as ECARX Public Warrants.

ECARX Warrants are recorded as liability-classified financial instruments in accordance with ASC Topic 815 (“ASC 815”), Derivatives and Hedging as the Company may be required to net settle the liability outside of the Company’s control. As such, ECARX Warrants are recognized at fair value at the issuance date and measured subsequently at fair value with changes in fair value recognized in earnings or losses.

Given ECARX Public Warrants are publicly traded on Nasdaq, the liability is measured at fair value using observable inputs and categorized in Level 1 of the fair value hierarchy, while ECARX Private Warrant liability is measured at fair value using unobservable inputs and categorized in Level 3 of the fair value hierarchy. The Binomial Option Pricing Model with the following key assumptions is used for estimating the fair value of ECARX Private Warrants.


	As of December 31,
	2022		2023
Risk-free rate of return (%)	3.99	%	3.93	%
Volatility	6.99	%	29.50	%
Expected dividend yield	0.0	%	0.0	%
Expected term	5.0 years		4.0 years
Fair value of the underlying ordinary shares	US$7.99 (equivalent to RMB55.11)		US$3.16 (equivalent to RMB22.44)

The risk-free rate of return was based on the yield of US Treasury Notes for the expected remaining life of the warrant liabilities. The Company estimates the volatility of its common stock using a binomial lattice model based on the price of public warrant as of the valuation date. Expected dividend yield is zero as the Company does not anticipate any dividend payments in the foreseeable future. Expected term to exercise the warrant liabilities is up to December 2027. The fair value of the Company’s ordinary shares was obtained from the listed trading price of ECX.

The table below reflects the movement of ECARX Warrants for the years ended December 31, 2022 and 2023:


	January 1, 2022 RMB	Addition RMB	Loss/(gain) due to change in fair value RMB	Foreign exchange translation RMB	Settlement RMB	December 31, 2022 RMB
Liabilities
ECARX Public Warrants	—	8,277	1,991	78	—	10,346
ECARX Private Warrants	—	4,895	1,254	49	—	6,198
Total	—	13,172	3,245	127	—	16,544


	January 1, 2023 RMB	Addition RMB	Loss/(gain) due to change in fair value RMB	Foreign exchange translation RMB	Settlement RMB	December 31, 2023 RMB
Liabilities
ECARX Public Warrants	10,346	—	(7,349)	198	—	3,195
ECARX Private Warrants	6,198	—	(4,370)	118	—	1,946
Total	16,544	—	(11,719)	316	—	5,141

Contract liabilities

12 Months Ended

Dec. 31, 2023

Contract with Customer, Liability [Abstract]

Contract liabilities

Contract liabilities consisted of the following:


	As of December 31,
	2022	2023
	RMB	RMB
Current liabilities – third parties	4,706	621
Current liabilities – related parties	316,667	207,017
Non-current liabilities – third parties	70	2
Non-current liabilities – related parties	282,080	133,993
Contract liabilities, current and non-current	603,523	341,633

As of December 31, 2023, revenue expected to be recognized in the future related to the unsatisfied performance obligations is as follows:


Year ending December 31,						Amount
2024						207,638
2025						96,651
2026						36,835
2027						322
2028						187

The Group has elected the practical expedient not to disclose the information about remaining performance obligations which are part of contracts that have an original duration of one year or less.

Revenue information

Revenues are disaggregated as follow:

Major products/services lines:


	Year ended December 31,
	2021	2022	2023
	RMB	RMB	RMB
Sales of goods revenues	1,983,817	2,433,964	3,311,507
Automotive computing platform	1,423,548	1,690,569	2,733,964
SoC Core Modules	333,421	660,554	496,939
Automotive merchandise and other products	226,848	82,841	80,604
Software license revenues	261,265	404,469	444,830
Service revenues	533,981	723,561	909,810
Automotive computing Platform – Design and development service	306,358	468,770	677,651
Connectivity service	188,349	212,738	189,540
Other services	39,274	42,053	42,619
Total revenues	2,779,063	3,561,994	4,666,147

Timing of revenue recognition:


	Year ended December 31,
	2021	2022	2023
	RMB	RMB	RMB
Point in time	2,590,714	3,349,256	4,476,607
Over time	188,349	212,738	189,540
Total revenues	2,779,063	3,561,994	4,666,147

For the years ended December 31, 2021, 2022 and 2023, 97.1%, 98.1% and 98.9% of the Group’s revenues were generated in the PRC.

Intangible assets, net - Amortization expenses on intangible assets allocated to expense items (Details) - CNY (¥) ¥ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Intangible assets, net
Total amortization	¥ 31,840	¥ 24,032	¥ 21,887
Cost of revenues
Intangible assets, net
Total amortization	7,985	0	77
Selling, general and administrative expenses
Intangible assets, net
Total amortization	10,047	9,987	6,721
Research and development expenses
Intangible assets, net
Total amortization	¥ 13,808	¥ 14,045	¥ 15,089

Summary of significant accounting policies - Prior period reclassifications (Details) ¥ in Thousands, $ in Thousands	1 Months Ended	12 Months Ended
	Jan. 31, 2022 CNY (¥)	Dec. 31, 2023 CNY (¥)	Dec. 31, 2023 USD ($)	Dec. 31, 2022 CNY (¥)	Dec. 31, 2021 CNY (¥)	Dec. 31, 2023 USD ($)
Reclassification
Provisions		¥ 90,871		¥ 30,716		$ 12,799
Other non-current liabilities				0
Selling, general and administrative expenses		(928,761)	$ (130,813)	(1,310,207)	¥ (607,868)
Change in fair value of an equity security		(22,451)	(3,162)	(16,843)	0
Gains on sale of an equity security		0	0	59,728	0
Gains on deconsolidation of a subsidiary	¥ 71,974	0	0	71,974	10,579
Change in fair value of warrant liabilities		(11,719)	(1,651)	3,245	111,299
Government grants		11,844		59,393	34,507
Foreign currency exchange gains (losses), net		(10,349)		(18,216)	18,315
Other non-operating (expenses) income, net		¥ (9,237)	$ (1,301)	152,791	(47,898)
Before reclassification
Reclassification
Provisions				0
Other non-current liabilities				30,716
Selling and marketing expenses				(86,597)	(82,827)
General and administrative expenses				(1,223,610)	(525,041)
Selling, general and administrative expenses				0	0
Change in fair value of an equity security				(16,843)	0
Gains on sale of an equity security				59,728	0
Gains on deconsolidation of a subsidiary				71,974	10,579
Change in fair value of warrant liabilities				3,245	111,299
Government grants				59,393	34,507
Foreign currency exchange gains (losses), net				¥ (18,216)	¥ 18,315

Income taxes - Principal components of the deferred tax assets and liabilities (Details) ¥ in Thousands, $ in Thousands	Dec. 31, 2023 CNY (¥)	Dec. 31, 2023 USD ($)	Dec. 31, 2022 CNY (¥)	Dec. 31, 2022 USD ($)	Dec. 31, 2021 CNY (¥)	Dec. 31, 2020 CNY (¥)
Deferred tax assets:
Inventories	¥ 3,006		¥ 7,654
Allowance for doubtful accounts	2,089		2,049
Intangible assets	218,328		268,381
Property and equipment \| $		$ 1,093		$ 0
Contract cost assets \| $		$ 6,966		$ 0
Accrued product warranties	19,883		23,037
Accrued salaries and benefits	2,360		10,961
Accrued expenses and other liabilities	20,340		14,494
Unrealized investment loss of equity method investments	0		7,326
Donation	302		503
Government grants	12,198		0
Operating lease liabilities	26,634		22,781
Net operating loss carryforwards	303,198		201,812
Total deferred tax assets	616,397		558,998
Less: valuation allowance	(582,644)		(537,172)		¥ (550,520)	¥ (362,371)
Deferred tax assets, net of valuation allowance	33,753		21,826
Deferred tax liabilities:
Operating lease right-of-use assets	(23,904)		(21,826)
Property and equipment	(1,580)		0
Unrealized investment gain of equity method investments	(8,151)		0
Total deferred tax liabilities	(33,635)		(21,826)
Net deferred tax assets	¥ 118		¥ 0

Income taxes - Income tax expense recognized in the consolidated statements of comprehensive loss (Details) ¥ in Thousands, $ in Thousands	12 Months Ended
	Dec. 31, 2023 CNY (¥)	Dec. 31, 2023 USD ($)	Dec. 31, 2022 CNY (¥)	Dec. 31, 2021 CNY (¥)
Income Tax Disclosure [Abstract]
Current income tax (expense) benefit	¥ 3,529		¥ (29,065)	¥ (6,861)
Deferred income tax expense	114		0	0
Total income tax (expense) benefit	¥ 3,643	$ 513	¥ (29,065)	¥ (6,861)

Schedule of accounts receivable, net

Amount of current income tax expense (benefit) and deferred income tax expense (benefit) pertaining to continuing operations.

+ References + Details

Summary of significant accounting policies - Additional information (Details) ¥ in Thousands, $ in Thousands	12 Months Ended
	Dec. 31, 2023 CNY (¥) contractType segment ¥ / $	Dec. 31, 2023 USD ($) segment	Dec. 31, 2022 CNY (¥)	Dec. 31, 2021 CNY (¥)	Mar. 28, 2024 CNY (¥)	Dec. 31, 2023 USD ($) contractType ¥ / $
Summary of significant accounting policies
Accumulated deficit	¥ 6,670,371		¥ 5,730,180			$ 939,502
Current liabilities in excess of current assets	926,738
Net cash used in operating activities	¥ 1,243,406	$ 175,129	461,337	¥ 907,283
Financing Receivable, Term	6 months					6 months
Advertising costs	¥ 17,651		11,800	13,674
Employee social benefits expense	¥ 213,772		197,669	¥ 168,971
Conversion rate for translation of amounts (in RMB/USD) \| ¥ / $	7.0999					7.0999
Number of operating segments \| segment	1	1
Statutory surplus	¥ 3,240		¥ 3,240
Products
Summary of significant accounting policies
VAT rate	6.00%	6.00%
Services
Summary of significant accounting policies
VAT rate	13.00%	13.00%
Software license revenues
Summary of significant accounting policies
Number of contract types \| contractType	2					2
Related Party \| Subsequent events
Summary of significant accounting policies
Face amount of debt					¥ 300,000

Notes receivable (Details) ¥ in Thousands, $ in Thousands	Dec. 31, 2023 CNY (¥)	Dec. 31, 2023 USD ($)	Dec. 31, 2022 CNY (¥)
Financial Instruments Owned and Pledged as Collateral [Line Items]
Notes receivable	¥ 54,634	$ 7,695	¥ 179,143
Asset Pledged as Collateral
Financial Instruments Owned and Pledged as Collateral [Line Items]
Notes receivable	¥ 6,603		¥ 25,034

Description of business and organization - Reorganization and VIE (Details) ¥ in Thousands, $ in Thousands		12 Months Ended
	Mar. 05, 2020 investment	Dec. 31, 2023 CNY (¥)	Dec. 31, 2023 USD ($)	Dec. 31, 2022 CNY (¥)	Dec. 31, 2021 CNY (¥)
Consolidated revenues, net loss and cash flow information
Revenues		¥ 4,666,147	$ 657,213	¥ 3,561,994	¥ 2,779,063
Net loss attributable to ECARX Holdings Inc.		(940,191)	(132,423)	(1,564,164)	(1,173,955)
Net cash used in operating activities		(1,243,406)	(175,129)	(461,337)	(907,283)
Net cash (used in) provided by investing activities		592,083	83,393	(313,039)	(1,198,234)
Net cash provided by financing activities		296,826	41,808	657,767	2,122,792
Net decrease in cash and restricted cash		(313,155)	(44,107)	(87,703)	(14,744)
Cash and restricted cash at the beginning of the year		901,429	126,964	989,132	1,003,876
Cash and restricted cash at the end of the year		588,274	$ 82,857	901,429	989,132
VIE's
Consolidated revenues, net loss and cash flow information
Revenues		936,520			2,755,780
Net loss attributable to ECARX Holdings Inc.		2,793,301			(1,106,865)
Net cash used in operating activities		(224,031)			817,989
Net cash (used in) provided by investing activities		165,672			(436,280)
Net cash provided by financing activities		(1,055,000)			1,047,854
Net decrease in cash and restricted cash		(665,297)			(206,415)
Cash and restricted cash at the beginning of the year		0		665,297	871,712
Cash and restricted cash at the end of the year				0	¥ 665,297
Number of equity method investments spun off \| investment	3
Consolidation, Eliminations
Consolidated revenues, net loss and cash flow information
Revenues		(265,452)		(26,290)
Net loss attributable to ECARX Holdings Inc.		(2,981,707)		44,361
Net cash used in operating activities		(228,428)		(33,405)
Net cash provided by financing activities		¥ (157,000)		¥ (2,067,268)

Contract liabilities - Revenue expected to be recognized in the future (Details) - CNY (¥) ¥ in Thousands	Dec. 31, 2023	Dec. 31, 2022
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Transaction price allocated to the performance obligation	¥ 341,633	¥ 603,523
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2024-01-01
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Transaction price allocated to the performance obligation	¥ 207,638
Revenue, period	1 year
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2025-01-01
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Transaction price allocated to the performance obligation	¥ 96,651
Revenue, period	1 year
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2026-01-01
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Transaction price allocated to the performance obligation	¥ 36,835
Revenue, period	1 year
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2027-01-01
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Transaction price allocated to the performance obligation	¥ 322
Revenue, period	1 year
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2028-01-01
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Transaction price allocated to the performance obligation	¥ 187
Revenue, period	1 year

Other non-operating (expenses) income (Details) ¥ in Thousands, $ in Thousands	1 Months Ended	12 Months Ended
	Jan. 31, 2022 CNY (¥)	Dec. 31, 2023 CNY (¥)	Dec. 31, 2023 USD ($)	Dec. 31, 2022 CNY (¥)	Dec. 31, 2021 CNY (¥)
Other Income and Expenses [Abstract]
Change in fair value of an equity security (Note 8)		¥ (22,451)	$ (3,162)	¥ (16,843)	¥ 0
Gains on sale of an equity security (Note 8)		0	0	59,728	0
Gains on deconsolidation of a subsidiary (Note 8)	¥ 71,974	0	0	71,974	10,579
Change in fair value of warrant liabilities		11,719	1,651	(3,245)	(111,299)
Government grants		11,844		59,393	34,507
Foreign currency exchange gains (losses)		(10,349)		(18,216)	18,315
Other non-operating (expenses) income, net		¥ (9,237)	$ (1,301)	¥ 152,791	¥ (47,898)

Document and Entity Information	12 Months Ended
Document and Entity Information	Dec. 31, 2023 shares
Document Entity Information
Document Type	20-F
Document Registration Statement	false
Document Annual Report	true
Document Period End Date	Dec. 31, 2023
Document Transition Report	false
Document Shell Company Report	false
Entity File Number	001-41576
Entity Registrant Name	ECARX Holdings Inc.
Entity Incorporation, State or Country Code	E9
Entity Address, Address Line One	5/F, Building 1, Zhongteng Building
Entity Address, Address Line Two	2121 Longteng Avenue
Entity Address, City or Town	Xuhui District, Shanghai
Entity Address, Postal Zip Code	200232
Entity Address, Country	CN
Entity Well-known Seasoned Issuer	No
Entity Voluntary Filers	No
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Accelerated Filer
Entity Emerging Growth Company	true
Entity Ex Transition Period	false
Document Financial Statement Error Correction [Flag]	false
ICFR Auditor Attestation Flag	false
Document Accounting Standard	U.S. GAAP
Entity Shell Company	false
Entity Central Index Key	0001861974
Current Fiscal Year End Date	--12-31
Document Fiscal Year Focus	2023
Document Fiscal Period Focus	FY
Amendment Flag	false
Auditor Name	KPMG Huazhen LLP
Auditor Location	Shanghai, China
Auditor Firm ID	1186
Class A Ordinary Shares
Document Entity Information
Title of 12(b) Security	Class A ordinary shares, par value $0.000005 per share
Trading Symbol	ECX
Security Exchange Name	NASDAQ
Entity Common Stock, Shares Outstanding	288,989,049
Class B Ordinary Shares
Document Entity Information
Entity Common Stock, Shares Outstanding	48,960,916
Warrants
Document Entity Information
Title of 12(b) Security	Warrants
Trading Symbol	ECXWW
Security Exchange Name	NASDAQ
Business Contact
Document Entity Information
Contact Personnel Name	Jing (Phil) Zhou,
Contact Personnel Email Address	phil.zhou@ecarxgroup.com
Entity Address, Address Line One	5/F, Building 1, Zhongteng Building
Entity Address, Address Line Two	2121 Longteng Avenue
Entity Address, City or Town	Xuhui District, Shanghai
Entity Address, Postal Zip Code	200232
Entity Address, Country	CN

Insider Trading Arrangements	3 Months Ended
Insider Trading Arrangements	Dec. 31, 2023
Trading Arrangements, by Individual
Rule 10b5-1 Arrangement Adopted	false
Non-Rule 10b5-1 Arrangement Adopted	false
Rule 10b5-1 Arrangement Terminated	false
Non-Rule 10b5-1 Arrangement Terminated	false

CONSOLIDATED BALANCE SHEETS (Parenthetical) - $ / shares	Dec. 31, 2023	Dec. 31, 2022	Dec. 20, 2022
Ordinary shares, par value per share (in USD per share)			$ 0.000005
Ordinary shares, shares authorized (in shares)	10,000,000,000
Common Class A
Ordinary shares, par value per share (in USD per share)	$ 0.000005	$ 0.000005
Ordinary shares, shares authorized (in shares)	8,000,000,000	8,000,000,000
Ordinary shares, shares issued (in shares)	288,989,049	288,434,474
Ordinary shares, shares outstanding (in shares)	288,989,049	288,434,474
Class B Ordinary Shares
Ordinary shares, par value per share (in USD per share)	$ 0.000005	$ 0.000005
Ordinary shares, shares authorized (in shares)	1,000,000,000	1,000,000,000
Ordinary shares, shares issued (in shares)	48,960,916	48,960,916
Ordinary shares, shares outstanding (in shares)	48,960,916	48,960,916

Accounts receivable, net (Tables)

12 Months Ended

Dec. 31, 2023

Credit Loss [Abstract]

Accounts receivable, net consisted of the following:


	As of December 31,
	2022	2023
	RMB	RMB
Accounts receivable, third parties	422,743	288,507
Less: Allowance for doubtful accounts, third parties	(4,521)	(2,688)
Accounts receivable, third parties, net	418,222	285,819
Accounts receivable, related parties	837,686	1,556,969
Less: Allowance for doubtful accounts, related parties	(2,366)	(11,217)
Accounts receivable, related parties, net	835,320	1,545,752

Schedule of movement of the allowance for doubtful accounts of accounts receivables due from related parties

The movement of the allowance for doubtful accounts receivables is as follows:


	As of December 31,
	2021	2022	2023
	RMB	RMB	RMB
Balance at the beginning of the year	—	—	6,887
Additions	—	6,887	9,951
Reversal	—	—	(2,426)
Write-off	—	—	(507)
Balance at the end of the year	—	6,887	13,905

CONSOLIDATED STATEMENTS OF COMPREHENSIVE LOSS
¥ in Thousands, $ in Thousands

12 Months Ended

Dec. 31, 2023

CNY (¥)

¥ / shares

Dec. 31, 2023

USD ($)

$ / shares

Dec. 31, 2022

CNY (¥)

¥ / shares

Dec. 31, 2021

CNY (¥)

¥ / shares

Revenues

¥ 4,666,147

$ 657,213

¥ 3,561,994

¥ 2,779,063

Research and development expenses (including related parties amounts of RMB21,069, RMB60,687 and RMB34,673 for the years ended December 31, 2021, 2022 and 2023, respectively)

(3,396,118)

(478,333)

(2,568,115)

(1,962,000)

Gross profit

1,270,029

178,880

993,879

817,063

(1,264,308)

(178,074)

(1,332,800)

(1,209,580)

Selling, general and administrative expenses (including related parties amounts of RMB2,343, RMB2,153 and RMB17,589 for the years ended December 31, 2021, 2022 and 2023, respectively)

(928,761)

(130,813)

(1,310,207)

(607,868)

Other income - related parties

7,078

997

22,846

Others, net

(1,751)

(247)

(1,939)

207

Total operating expenses

(2,187,742)

(308,137)

(2,622,100)

(1,817,241)

Loss from operation

(917,713)

(129,257)

(1,628,221)

(1,000,178)

Interest income

30,501

4,296

13,820

13,655

Interest expense (including related parties amounts of RMB131, RMB12,215 and RMB12,163 for the years ended December 31, 2021, 2022 and 2023, respectively)

(79,309)

(11,170)

(44,543)

(131,585)

Loss from equity method investments

(43,065)

(6,066)

(71,928)

(3,891)

Other non-operating (expenses) income, net

(9,237)

(1,301)

152,791

(47,898)

Loss before income taxes

(1,018,823)

(143,498)

(1,578,081)

(1,169,897)

Income tax (expense) benefit

3,643

513

(29,065)

(6,861)

Net loss attributable to non-redeemable non-controlling interests

^[1]

(1,015,180)

(142,985)

(1,607,146)

(1,176,758)

74,989

10,562

42,518

1,997

Net loss attributable to redeemable non-controlling interests

464

806

Net loss attributable to ECARX Holdings Inc.

(940,191)

(132,423)

(1,564,164)

(1,173,955)

Net loss available to ECARX Holdings Inc.

(714)

(1,306)

(940,191)

(132,423)

(1,564,878)

(1,175,261)

Accretion of Redeemable Convertible Preferred Shares

(354,878)

(243,564)

Net loss available to ordinary shareholders

¥ (940,191)

$ (132,423)

¥ (1,919,756)

¥ (1,418,825)

Loss per ordinary share

Basic loss per share, ordinary shares (in RMB per share) | (per share)

¥ (2.79)

$ (0.39)

^[1]

¥ (8.02)

^[1]

¥ (5.99)

^[1]

Diluted loss per share, ordinary shares (in RMB per share) | (per share)

¥ (2.79)

$ (0.39)

^[1]

¥ (8.02)

^[1]

¥ (5.99)

^[1]

Weighted average number of ordinary shares used in computing loss per ordinary share

Weighted average number of ordinary shares, basic (in shares)

^[1]

337,407,225

239,296,386

236,691,093

Weighted average number of ordinary shares, diluted (in shares)

^[1]

337,407,225

239,296,386

236,691,093

Other comprehensive income (loss):

Foreign currency translation adjustments, net of nil income taxes

¥ 41,152

$ 5,796

¥ (391,934)

¥ 4,551

Comprehensive loss

(974,028)

(137,189)

(1,999,080)

(1,172,207)

Comprehensive loss attributable to non-redeemable non-controlling interests

74,989

10,562

42,518

1,997

Comprehensive loss attributable to redeemable non-controlling interests

464

806

Comprehensive loss attributable to ordinary shareholders

(899,039)

(126,627)

(1,956,098)

(1,169,404)

Sales of goods revenues

Revenues

3,311,507

466,416

2,433,964

1,983,817

Software license revenues

(2,733,966)

(385,071)

(1,970,845)

(1,749,188)

Revenues

444,830

62,653

404,469

261,265

(120,289)

(16,942)

(126,807)

(32,164)

Service

Revenues

909,810

128,144

723,561

533,981

¥ (541,863)

$ (76,320)

¥ (470,463)

¥ (180,648)

[1]	Shares outstanding for all periods reflect the adjustment for Recapitalization.

Convertible notes payable - Summary (Details) ¥ in Thousands	Dec. 31, 2023 CNY (¥)	Dec. 31, 2023 USD ($)	Dec. 31, 2022 CNY (¥)	Oct. 25, 2022 CNY (¥)	Oct. 25, 2022 USD ($)
Debt Instrument [Line Items]
Convertible notes payable	¥ 455,701	$ 64,184,000	¥ 439,869
Convertible notes
Debt Instrument [Line Items]
Interest rate (in percent)	5.00%	5.00%	5.00%	5.00%	5.00%
Aggregate principal amount	¥ 461,494		¥ 448,318	¥ 459,410	$ 65,000,000
Unamortized debt issuance costs	(5,793)		(8,449)
Convertible notes payable	455,701		¥ 439,869
Estimate of Fair Value Measurement \| Level 3 \| Convertible notes
Debt Instrument [Line Items]
Fair value	¥ 396,884

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 835
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Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef
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Reference 3: http://www.xbrl.org/2003/role/disclosureRef
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Reference 4: http://www.xbrl.org/2003/role/disclosureRef
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Reference 9: http://www.xbrl.org/2003/role/disclosureRef
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Reference 12: http://www.xbrl.org/2003/role/disclosureRef
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Reference 13: http://www.xbrl.org/2003/role/disclosureRef
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Reference 14: http://www.xbrl.org/2003/role/disclosureRef
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Reference 15: http://www.xbrl.org/2003/role/disclosureRef
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Reference 25: http://www.xbrl.org/2003/role/disclosureRef
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Schedule of short-term borrowings

Cash and restricted cash - Reconciliation (Details) ¥ in Thousands, $ in Thousands	Dec. 31, 2023 CNY (¥)	Dec. 31, 2023 USD ($)	Dec. 31, 2022 CNY (¥)	Dec. 31, 2022 USD ($)	Dec. 31, 2021 CNY (¥)	Dec. 31, 2020 CNY (¥)
Cash and Cash Equivalents [Abstract]
Cash at bank	¥ 561,148	$ 79,036	¥ 860,472
Restricted cash	27,126	3,821	40,957
Cash and restricted cash shown in the consolidated statements of cash flows	¥ 588,274	$ 82,857	¥ 901,429	$ 126,964	¥ 989,132	¥ 1,003,876

Long-term investments - Equity method investment prospectively from the date of deconsolidation (Details) ¥ in Thousands, $ in Thousands	1 Months Ended	12 Months Ended
	Jan. 31, 2022 CNY (¥)	Dec. 31, 2023 CNY (¥)	Dec. 31, 2023 USD ($)	Dec. 31, 2022 CNY (¥)	Dec. 31, 2021 CNY (¥)
Long-term investments
Equity method investments		¥ 252,407		¥ 284,536
Add: Carrying amount of redeemable noncontrolling interest				40,750
Less: Carrying amount of non-redeemable noncontrolling interest				(7,178)
Gain as a result of deconsolidation	¥ 71,974	¥ 0	$ 0	71,974	¥ 10,579
Suzhou Photon-Matrix
Long-term investments
Equity method investments	¥ 64,000			64,000
Less: Carrying amount of Suzhou Photon-Matrix’s net assets				(25,598)
Gain as a result of deconsolidation				¥ 71,974

Short-term borrowings (Tables)

12 Months Ended

Dec. 31, 2023

Short-Term Debt [Abstract]

Short-term borrowings consisted of the following:


	As of December 31,
	2022	2023
	RMB	RMB
Unsecured bank loans	870,000	1,200,000

Parent only financial information - Condensed statements of cash flows (Details) ¥ in Thousands, $ in Thousands	12 Months Ended
	Dec. 31, 2023 CNY (¥)	Dec. 31, 2023 USD ($)	Dec. 31, 2022 CNY (¥)	Dec. 31, 2021 CNY (¥)
Condensed statements of cash flows
Net cash used in operating activities	¥ (1,243,406)	$ (175,129)	¥ (461,337)	¥ (907,283)
Net cash used in investing activities	592,083	83,393	(313,039)	(1,198,234)
Net cash provided by financing activities	296,826	41,808	657,767	2,122,792
Effect of foreign currency exchange rate changes on cash and restricted cash	41,342	5,821	28,906	(32,019)
Net decrease in cash and restricted cash	(313,155)	(44,107)	(87,703)	(14,744)
Cash and restricted cash at the beginning of the year	901,429	126,964	989,132	1,003,876
Cash and restricted cash at the end of the year	588,274	$ 82,857	901,429	989,132
Parent company
Condensed statements of cash flows
Net cash used in operating activities	(43,242)		(22,893)	(22,741)
Net cash used in investing activities	(123,944)		(734,299)	(3,121,321)
Net cash provided by financing activities	59,177		729,767	3,222,206
Effect of foreign currency exchange rate changes on cash and restricted cash	1,934		(12,308)	(17,660)
Net decrease in cash and restricted cash	(106,075)		(39,733)	60,484
Cash and restricted cash at the beginning of the year	119,022		158,755	98,271
Cash and restricted cash at the end of the year	¥ 12,947		¥ 119,022	¥ 158,755

Summary of significant accounting policies - Property and equipment and Intangible assets (Details)	Dec. 31, 2023
Software
Summary of significant accounting policies
Intangible assets, estimated useful life	3 years
Software license rights
Summary of significant accounting policies
Intangible assets, estimated useful life	3 years
Patent
Summary of significant accounting policies
Intangible assets, estimated useful life	3 years
Trademarks
Summary of significant accounting policies
Intangible assets, estimated useful life	10 years
Machinery and electronic equipment \| Minimum
Summary of significant accounting policies
Property and equipment, estimated useful life	3 years
Machinery and electronic equipment \| Maximum
Summary of significant accounting policies
Property and equipment, estimated useful life	10 years
Transportation vehicles
Summary of significant accounting policies
Property and equipment, estimated useful life	4 years
Office and other equipment
Summary of significant accounting policies
Property and equipment, estimated useful life	5 years

Accounts receivable, net

12 Months Ended

Dec. 31, 2023

Credit Loss [Abstract]

Accounts receivable, net

Accounts receivable, net consisted of the following:


	As of December 31,
	2022	2023
	RMB	RMB
Accounts receivable, third parties	422,743	288,507
Less: Allowance for doubtful accounts, third parties	(4,521)	(2,688)
Accounts receivable, third parties, net	418,222	285,819
Accounts receivable, related parties	837,686	1,556,969
Less: Allowance for doubtful accounts, related parties	(2,366)	(11,217)
Accounts receivable, related parties, net	835,320	1,545,752

The movement of the allowance for doubtful accounts receivables is as follows:


	As of December 31,
	2021	2022	2023
	RMB	RMB	RMB
Balance at the beginning of the year	—	—	6,887
Additions	—	6,887	9,951
Reversal	—	—	(2,426)
Write-off	—	—	(507)
Balance at the end of the year	—	6,887	13,905

Warrant liabilities, Government Warrants - ECARX Warrants in connection with the Merger (Details)	1 Months Ended
	Dec. 31, 2022 $ / shares	Dec. 31, 2023 $ / shares ¥ / shares decimal shares	Dec. 31, 2022 ¥ / shares	Dec. 31, 2022	Dec. 31, 2022 decimal
ECARX Warrants
Warrant liabilities
Number of warrants issued (in shares)		23,871,971
ECARX Public Warrants
Warrant liabilities
Number of warrants issued (in shares)		14,999,971
Number of days after the completion of the Merger for commencement of exercise of warrants	30 days
Exercise price of warrants \| $ / shares		$ 11.50
Warrant term		5 years
ECARX Private Warrants
Warrant liabilities
Number of warrants issued (in shares)		8,872,000
Risk-free rate of return (%) \| Level 3 \| ECARX Private Warrants
Warrant liabilities
Warrants measurement input		0.0393		0.0399
Volatility \| Level 3 \| ECARX Private Warrants
Warrant liabilities
Warrants measurement input		0.2950		0.0699
Expected dividend yield \| Level 3 \| ECARX Private Warrants
Warrant liabilities
Warrants measurement input		0.000		0.000
Expected term \| Level 3 \| ECARX Private Warrants
Warrant liabilities
Warrants measurement input \| decimal		4.0			5.0
Fair value of the underlying ordinary shares (in USD or RMB per share) \| Level 3 \| ECARX Private Warrants
Warrant liabilities
Warrants measurement input	7.99	22.44	55.11

Warrant liabilities (Tables)

12 Months Ended

Dec. 31, 2023

Warrants and Rights Note Disclosure [Abstract]

Schedule of changes in warrant liability measured at fair value using unobservable inputs

The tables below reflect the movement of the warrant liability for the year ended December 31, 2021:


	January 1, 2021 RMB	Addition RMB	Change in fair value included in losses RMB	Foreign exchange translation RMB	Settlement (Note 18) RMB	December 31, 2021 RMB
Liabilities
Warrant liabilities	80,270	—	111,299	—	(191,569)	—

Schedule of warrants are remeasured utilizing key assumptions


	As of December 31,
	2022		2023
Risk-free rate of return (%)	3.99	%	3.93	%
Volatility	6.99	%	29.50	%
Expected dividend yield	0.0	%	0.0	%
Expected term	5.0 years		4.0 years
Fair value of the underlying ordinary shares	US$7.99 (equivalent to RMB55.11)		US$3.16 (equivalent to RMB22.44)

Schedule of movement of ECARX warrants

The table below reflects the movement of ECARX Warrants for the years ended December 31, 2022 and 2023:


	January 1, 2022 RMB	Addition RMB	Loss/(gain) due to change in fair value RMB	Foreign exchange translation RMB	Settlement RMB	December 31, 2022 RMB
Liabilities
ECARX Public Warrants	—	8,277	1,991	78	—	10,346
ECARX Private Warrants	—	4,895	1,254	49	—	6,198
Total	—	13,172	3,245	127	—	16,544


	January 1, 2023 RMB	Addition RMB	Loss/(gain) due to change in fair value RMB	Foreign exchange translation RMB	Settlement RMB	December 31, 2023 RMB
Liabilities
ECARX Public Warrants	10,346	—	(7,349)	198	—	3,195
ECARX Private Warrants	6,198	—	(4,370)	118	—	1,946
Total	16,544	—	(11,719)	316	—	5,141

Description of business and organization - Merger and recapitalization (Details) $ / shares in Units, ¥ in Thousands			1 Months Ended		12 Months Ended
	Dec. 20, 2022 CNY (¥) seat shares	Dec. 20, 2022 USD ($) seat shares	Nov. 30, 2023 CNY (¥)	Apr. 30, 2022 investment company	Dec. 31, 2023 CNY (¥)	Dec. 31, 2022 CNY (¥)	Dec. 31, 2023 USD ($) $ / shares	Dec. 31, 2022 $ / shares	Dec. 20, 2022 USD ($) $ / shares shares	Mar. 05, 2020 CNY (¥)
Business Acquisition [Line Items]
Preferred shares issued (in shares)	90,724,289								90,724,289
Preferred shares outstanding (in shares)	90,724,289								90,724,289
Number of ordinary shares for each preferred share	1	1
Ordinary shares, par value per share (in USD per share) \| $ / shares									$ 0.000005
Recapitalization factor per share \| $ / shares									1.19295710
Recapitalization factor, pre-money equity value \| $		$ 3,400,000,000
Recapitalization factor, per share multiplier \| $ / shares									$ 10.00
Number of board members to elect \| seat	2	2
Number of equity method investments transferred \| investment				3
Number of investment and consulting companies \| company				2
Amounts due from related parties					¥ 74,122	¥ 911,729	$ 10,440,000
Amount of loan provided \| ¥			¥ 50,000
Excess of the assets derecognized over the amounts due from the VIE \| ¥						¥ 61,921
VIE's
Business Acquisition [Line Items]
Working Capital \| ¥										¥ 20,000
Merger
Business Acquisition [Line Items]
Aggregate proceeds	¥ 270,539	$ 38,870,000
Cash proceeds	43,724	6,282,000
Transaction costs	293,168								$ 42,122,000
Excess cost over proceeds	22,629								3,252,000
Hubei ECARX
Business Acquisition [Line Items]
Amounts due from related parties \| ¥					205,954
Amount of loan provided \| ¥					¥ 252,287
Effective annual interest rate (in percent)					5.00%
Excess of the assets derecognized over the amounts due from the VIE \| ¥					¥ 61,921
Geely Investment \| Merger
Business Acquisition [Line Items]
Value of shares received	139,200	$ 20,000,000
Luminar Technologies, Inc \| Merger
Business Acquisition [Line Items]
Transaction costs	¥ 87,615								$ 12,588,000
Class B Ordinary Shares
Business Acquisition [Line Items]
Number of ordinary shares for each ordinary share	1	1
Number of authorized unissued shares designated into this class	958,958,360	958,958,360
Ordinary shares, par value per share (in USD per share) \| $ / shares							$ 0.000005	$ 0.000005
Class B Ordinary Shares \| Existing Shareholders
Business Acquisition [Line Items]
Number of shares issued (in shares)	48,960,916	48,960,916
Common Shares, Class To Be Determined
Business Acquisition [Line Items]
Number of authorized unissued shares designated into this class	1,000,000,000	1,000,000,000
Warrants \| Holders Of COVA Warrants
Business Acquisition [Line Items]
Number of shares issued (in shares)	23,871,971	23,871,971
Class A Ordinary Shares
Business Acquisition [Line Items]
Number of ordinary shares for each ordinary share	1	1
Number of authorized unissued shares designated into this class	7,766,956,008	7,766,956,008
Ordinary shares, par value per share (in USD per share) \| $ / shares							$ 0.000005	$ 0.000005
Number of shares issued (in shares)	282,564,117	282,564,117
Class A Ordinary Shares \| Holders of COVA Shares
Business Acquisition [Line Items]
Number of shares issued (in shares)	5,870,357	5,870,357
Class A Ordinary Shares \| Merger Sponsor
Business Acquisition [Line Items]
Number of shares issued (in shares)	5,250,000	5,250,000
Class A Ordinary Shares \| Mr. Shufu Li
Business Acquisition [Line Items]
Number of authorized unissued shares designated into this class	20,520,820	20,520,820
Class A Ordinary Shares \| Geely Investment
Business Acquisition [Line Items]
Number of shares issued (in shares)	2,000,000	2,000,000
Class A Ordinary Shares \| Luminar Technologies, Inc
Business Acquisition [Line Items]
Number of shares issued (in shares)	1,500,000	1,500,000
Class A Ordinary Shares \| Lotus Technology Inc
Business Acquisition [Line Items]
Number of shares issued (in shares)	1,052,632	1,052,632
Class A Ordinary Shares \| Existing Preferred Shareholders
Business Acquisition [Line Items]
Number of shares issued (in shares)	84,795,039	84,795,039
Class A Ordinary Shares \| Existing Ordinary Shareholders
Business Acquisition [Line Items]
Number of shares issued (in shares)	193,216,446	193,216,446

Long-term investments - Equity method investments, Summary combined financial information (Details) ¥ in Thousands, $ in Thousands	12 Months Ended
	Dec. 31, 2023 CNY (¥)	Dec. 31, 2023 USD ($)	Dec. 31, 2022 CNY (¥)	Dec. 31, 2021 CNY (¥)	Dec. 31, 2023 USD ($)
Financial position:
Current assets	¥ 3,288,741		¥ 3,853,333		$ 463,210
Non-current assets	978,903		877,699		137,876
Total assets	4,267,644		4,731,032		601,086
Current liabilities	4,215,479		3,927,441		593,738
Non-current liabilities	886,624		838,047		124,879
Total liabilities	5,102,103		4,765,488		718,617
Shareholders’ equity (deficit)	(921,410)		(196,396)		(129,778)
Total liabilities and shareholders’ deficit	4,267,644		4,731,032		$ 601,086
Results of operations:
Total revenues	4,666,147	$ 657,213	3,561,994	¥ 2,779,063
Loss from operation	(917,713)	(129,257)	(1,628,221)	(1,000,178)
Net loss attributable to ECARX Holdings Inc.	(940,191)	$ (132,423)	(1,564,164)	(1,173,955)
Impairment loss recognized	0		0	0
Equity Method Investment, Nonconsolidated Investee or Group of Investees
Financial position:
Current assets	878,519		1,216,042
Non-current assets	1,093,602		999,573
Total assets	1,972,121		2,215,615
Current liabilities	1,043,703		942,899
Non-current liabilities	1,146,673		1,056,274
Total liabilities	2,190,376		1,999,173
Shareholders’ equity (deficit)	(218,255)		216,442
Total liabilities and shareholders’ deficit	1,972,121		2,215,615
Results of operations:
Total revenues	1,290,126		1,134,152	711,800
Loss from operation	(795,354)		(636,240)	(482,095)
Net loss attributable to ECARX Holdings Inc.	¥ (839,052)		¥ (641,401)	¥ (392,337)

Leases - Future minimum lease payments (Details) ¥ in Thousands, $ in Thousands	Dec. 31, 2023 CNY (¥)	Dec. 31, 2023 USD ($)	Dec. 31, 2022 CNY (¥)	Jan. 01, 2022 CNY (¥)
Future minimum lease payments
2024	¥ 35,632
2025	34,332
2026	24,028
2027	18,396
2028	18,396
2029 and thereafter	58,616
Total lease payments	189,400
Less imputed interest	(46,672)
Present value of lease liabilities	142,728
Operating lease liabilities, current	35,123	$ 4,947	¥ 31,110	¥ 42,094
Operating lease liabilities, non-current	¥ 107,605	$ 15,156	¥ 68,768	¥ 46,250

Long-term investments

12 Months Ended

Dec. 31, 2023

Long-Term Investments [Abstract]

Long-term investments

8. Long-term investments


	As of December 31,
	2022	2023
	RMB	RMB
Equity method investments	284,536	252,407
Equity securities	69,319	48,580
Total long-term investments	353,855	300,987

Equity method investments

The Group made several equity method investments during the years ended December 2021 and 2022, which included:

•On April 28, 2021, Hubei ECARX entered into an investment agreement with a related party, Zhejiang Geely Holding Group (“Geely Group”), to establish an investee, JICA in the PRC, in which the Group owns 50% equity interest. The Group contributed RMB200,000 in cash to the investment.As disclosed in Note 1(e), the Group’s equity interest in JICA increased to 70% and JICA became a subsidiary of the Group since June 30, 2023. The transaction was a combination between entities under common control; the financial information presented for prior years have been retrospectively adjusted accordingly.

•In May 2021, Hubei ECARX entered into a limited partnership agreement to subscribe 9.416% equity interest of Suzhou Chenling, a private equity fund which is focused on new energy and biotechnology industries, with the cash consideration of RMB200,000. The Group accounted for the investment in the limited partnership as equity method investment, as its investment is not deemed so minor that it can exert virtually no influence on the investee.

•In July 2021, ECARX HK entered into an investment agreement with Volvo Car Corporation (“Volvo Cars”), a related party, to establish a joint venture, HaleyTek AB, with cash consideration of SEK360,000 (equivalent to RMB269,813), in which the Group owns 40% equity interest. In December 2022, Volvo Cars and ECARX HK made additional investments in cash of SEK25,620 (equivalent to RMB17,478) and SEK17,080 (equivalent to RMB11,652), respectively, to HaleyTek AB. The investments were made in proportion to their equity interests of 60% and 40%.

•On July 26, 2021, the Group acquired 34.61% equity interest of SiEngine Technology Co., Ltd. (“SiEngine”) from the controlling shareholder of the Company, at the cash consideration of US$10,600 (equivalent to RMB68,967) plus the issuance of 9,882,082 Series B Redeemable Convertible Preferred Shares at the issuance price of

US$9.70 per share valuing US$95,800 (equivalent to RMB620,703). The Group initially recognized the investment at the carrying amount of the Company’s controlling shareholder, which was nil, as a transaction between entities under common control. The excess of consideration over the carrying amount of the equity investment was recorded as a deemed dividend in the amount of RMB689,670 to the controlling shareholder.

•On September 1, 2021, the Group sold 2% equity interest of a PRC subsidiary, Hubei Dongjun, at the cash consideration of RMB1,000. As a result of the transaction, the Group’s equity interest in the subsidiary decreased from 51% to 49% and the Group lost control over the subsidiary. On the date when the Group lost control in the subsidiary, the Group remeasured its retained equity interest at fair value of RMB24,500 and recorded a gain of RMB10,579 on deconsolidation. The Group accounts for the retained interest as an equity method investment.

•In January 2022, Suzhou Photon-Matrix, a majority-owned subsidiary of the Group, entered into financing agreements with third party investors, pursuant to which these investors contributed, in aggregate, RMB10,000 in cash in exchange for 3.45% of equity interests of Suzhou Photon-Matrix. As a result of the transaction, the Group’s equity interest in the subsidiary decreased from 50.92% to 49.17%, and the Group lost control in Suzhou Photon-Matrix. On the date the Group lost control in the subsidiary, the Group remeasured its retained equity interest in Suzhou Photon-Matrix at fair value of RMB64,000 using the backsolve method, a market approach. A gain of RMB71,974 was recorded on deconsolidation which was calculated as follows. The Group retains significant influence over the investment and accounts for it as an equity method investment.


			Year ended December 31,
			2022
			RMB
Fair value of the consideration received			—
Add: Fair value of retained equity interest in Suzhou Photon-Matrix			64,000
Add: Carrying amount of redeemable noncontrolling interest			40,750
Less: Carrying amount of non-redeemable noncontrolling interest			(7,178)
Less: Carrying amount of Suzhou Photon-Matrix’s net assets			(25,598)
Gains on deconsolidation of Suzhou Photon-Matrix			71,974

•In February and March 2022, the Group provided cash in the amount of RMB28,500 to an equity method investment, Anhui Xinzhi Technology Co., Ltd. (“Anhui Xinzhi”) as financial support. The investment was derecognized as part of the Restructuring. Since then, Anhui Xinzhi has been a related party of the Group, which is disclosed in the Note 28.

In April 2022, as part of the Restructuring, the Group spun off three equity method investments, including the equity method investment in Suzhou Chenling to Hubei ECARX. See Note 1(c).

Summary of combined financial position for the investee companies as of December 31, 2022 and 2023 and the results of the operation for the years ended December 31, 2021, 2022 and 2023 is as follows:


	As of December 31,
	2022	2023
	RMB	RMB
Financial position:
Current assets	1,216,042	878,519
Non-current assets	999,573	1,093,602
Total assets	2,215,615	1,972,121
Current liabilities	942,899	1,043,703
Non-current liabilities	1,056,274	1,146,673
Total liabilities	1,999,173	2,190,376
Shareholders’ equity (deficit)	216,442	(218,255)
Total liabilities and shareholders’ equity (deficit)	2,215,615	1,972,121


	Year ended December 31,
	2021	2022	2023
	RMB	RMB	RMB
Results of operations:
Total revenues	711,800	1,134,152	1,290,126
Loss from operation	(482,095)	(636,240)	(795,354)
Net loss	(392,337)	(641,401)	(839,052)

Management evaluated whether there was other-than-temporary impairment based on the facts, including recent financing activities, projected and historical financial performance of the investees. No impairment loss was recognized for the years ended December 31, 2021, 2022 and 2023.

Equity securities

•Zenseact

On July 1, 2021, the Group subscribed 8,834 newly issued common shares of Zenseact AB (“Zenseact”), representing 15% equity interest of Zenseact, at the cash consideration of US$106,000 (equivalent to RMB675,824). Zenseact is a private-owned entity and a related party of the Group.

As of December 31, 2021, the Group held 8,834 common shares of Zenseact, representing 15% equity interest of the investee. Zenseact is a private-owned entity and a related party of the Group. The investment was accounted for as an equity security without a readily determinable fair value and measured at cost less any impairments.

In April 2022, Volvo Cars, the controlling interest holder of Zenseact, made capital contribution of SEK800,000 to Zenseact to obtain 6,447 newly issued common shares. As a result of the transaction, the Group’s equity interest in Zenseact decreased to 13.5%. The Group evaluated its investment’s carrying amount based on the observable price, and recognized a gain of US$5,297 (equivalent to RMB35,153). In December 2022, the Group disposed of its investment in Zenseact for a consideration of US$115,000 (equivalent to RMB763,192) at a gain of US$3,703 (equivalent to RMB24,575); the cash consideration of US$115,000 was received in January 2023.

No impairment loss was recognized for the years ended December 31, 2021 and 2022.

•Luminar

In May 2022, the Group entered into strategic investment agreements with Luminar Technologies, Inc., (“Luminar”) a Delaware corporation. Pursuant to the strategic investment agreement, Luminar was to fulfil the agreement obligation by electing on its sole discretion to (1) pay cash in the amount of US$15,000 to the Group, or (2) issue shares to the Group in the number equal to the quotient of US$15,000 divided by the volume-weighted average price of Luminar’s shares listed on Nasdaq for twenty (20) consecutive trading days immediately preceding the closing date of the Group’s merger with COVA, at the par value of US$0.0001 per share, provided that no fractional shares will be issued, upon the completion of the Group’s mergers with COVA. Pursuant to this agreement, upon the Group’s Merger with COVA, Luminar settled its obligation by issuing 2,030,374 shares to the Company worth US$12,588. The fair value of these shares decreased to US$10,050 (equivalent to RMB69,319) and US$6,842 (equivalent to RMB48,580) as of December 31, 2022 and 2023, respectively. The fair value change of US$2,538 (equivalent to RMB16,843) and US$3,208 (equivalent to RMB22,451) were recorded in the consolidated statements of comprehensive loss for the years ended December 31, 2022 and 2023, respectively.

Non-controlling interests (Tables)

12 Months Ended

Dec. 31, 2023

Noncontrolling Interest [Abstract]

Schedule of balance of redeemable non-controlling interests


			RMB
Balance as of January 1, 2022			30,500
Add: Capital contribution			10,000
Less: Comprehensive loss			(464)
Add: Accretion of redeemable non-controlling interests			714
Less: Deconsolidation of Suzhou Photon-Matrix			(40,750)
Balance as of December 31, 2022 and 2023			—

Related party balances and transactions - Revenues (Details) - Related Party - CNY (¥) ¥ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Related party balances and transactions
Revenues	¥ 3,902,691	¥ 2,517,732	¥ 2,023,753
Automotive computing platform
Related party balances and transactions
Revenues	2,687,892	1,651,512	1,410,566
SoC Core Modules
Related party balances and transactions
Revenues	410	77	0
Automotive merchandise and other products
Related party balances and transactions
Revenues	26,834	11,487	55,774
Automotive computing Platform – Design and development service
Related party balances and transactions
Revenues	668,802	466,747	306,027
Connectivity service
Related party balances and transactions
Revenues	189,293	212,406	187,781
Other services
Related party balances and transactions
Revenues	¥ 36,301	¥ 42,053	¥ 38,817

Amount of revenue recognized from goods sold, services rendered, insurance premiums, or other activities that constitute an earning process. Includes, but is not limited to, investment and interest income before deduction of interest expense when recognized as a component of revenue, and sales and trading gain (loss).

Schedule of concentration of customers and suppliers

Risks and Concentration (Tables)

12 Months Ended

Dec. 31, 2023

Risks and Uncertainties [Abstract]

The following table summarizes customers with greater than 10.0% of the accounts receivable - third parties, net:


	As of December 31,
	2022		2023
Customer A, a third party	48.9	%	42.0	%
Customer B, a third party	30.4	%	Less than 10.0%
Customer C, a third party	Less than 10.0%		28.6	%
Customer D, a third party	Less than 10.0%		15.1	%

Customers contributed more than 10.0% of total revenues are as follows:


	Year Ended December 31,
	2021		2022		2023
Geely Group and its subsidiaries	70.4	%	67.0	%	78.9	%
Customer A, a third party	Less than 10.0%		12.6	%	Less than 10.0%
Customer B, a third party	Less than 10.0%		12.5	%	Less than 10.0%

The following table summarizes suppliers with greater than 10.0% of the accounts payable:


	As of December 31,
	2022		2023
Supplier A, a third party	19.1	%	12.7	%
Supplier B, a third party	19.0	%	16.0	%
Supplier C, a third party	10.9	%	23.1	%

Suppliers accounting for more than 10.0% of total purchases are as follows:


	Year Ended December 31,
	2021		2022		2023
Supplier D, a third party	23.6	%	Less than 10.0%		Less than 10.0%
Supplier B, a third party	Less than 10.0%		17.4	%	20.4	%
Supplier A, a third party	Less than 10.0%		12.7	%	12.2	%
Supplier C, a third party	Less than 10.0%		Less than 10.0%		15.5	%

Income taxes - General (Details)	12 Months Ended
Income taxes - General (Details)	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Income taxes
Statutory Tax rate	25.00%	25.00%	25.00%
Hong Kong \| first HK$2 million of assessable profits earned first HK$2 million of assessable profits earned
Income taxes
Statutory Tax rate	8.25%
Hong Kong \| after first HK$2 million of assessable profits earned
Income taxes
Statutory Tax rate	16.50%
PRC
Income taxes
Statutory Tax rate	25.00%
Preferential income tax rate	15.00%
High and new technology enterprise certificate term	3 years

Mezzanine equity

12 Months Ended

Dec. 31, 2023

Temporary Equity Disclosure [Abstract]

Mezzanine equity

The activities of the Redeemable Convertible Preferred Shares for the years ended December 31, 2021, 2022, and 2023 consist of the following. All Preferred Shares were converted into ordinary shares as noted in the Recapitalization Note 1(b) and have been adjusted below to reflect the effect of Recapitalization:


	Series Angel Preferred Shares		Series A Preferred Shares			Series A+ Preferred Shares		Series A++ Preferred Shares		Series B Preferred Shares
	Shares	Carrying amount	Shares	Carrying amount	Subscription receivable	Shares	Carrying amount	Shares	Carrying amount	Shares	Carrying amount	Subscription receivable	Total
		RMB		RMB	RMB		RMB		RMB		RMB	RMB	RMB
Balance as of January 01, 2021	—	—	26,841,535	1,264,579	(1,032,104)	—	—	—	—	—	—	—	232,475
Issuance of preferred shares	6,016,207	273,519	—	—	—	29,361,157	1,331,641	8,546,916	452,241	17,615,165	1,104,188	(159,215)	3,002,374
Issuance cost	—	—	—	—	—	—	(10,000)	—	—	—	—	—	(10,000)
Re-designation of ordinary shares into Series A Preferred Shares	—	—	2,343,309	97,660	—	—	—	—	—	—	—	—	97,660
Subscription contributions from shareholders	—	—	—	—	1,032,104	—	—	—	—	—	—	—	1,032,104
Accretion of Redeemable Convertible Preferred Shares	—	13,655	—	99,161	—	—	79,336	—	23,005	—	28,407	—	243,564
Foreign currency translation adjustment	—	(3,589)	—	(32,087)	—	—	(14,306)	—	167	—	(15,278)	(177)	(65,270)
Balance as of December 31, 2021	6,016,207	283,585	29,184,844	1,429,313	—	29,361,157	1,386,671	8,546,916	475,413	17,615,165	1,117,317	(159,392)	4,532,907
Subscription contributions from shareholders	—	—	—	—	—	—	—	—	—	—	—	159,485	159,485
Accretion of Redeemable Convertible Preferred Shares	—	21,916	—	100,884	—	—	106,959	—	36,732	—	88,387	—	354,878
Foreign currency translation adjustment	—	26,949	—	135,409	—	—	131,767	—	45,179	—	106,268	(93)	445,479
Conversion of Preferred Shares to Ordinary Shares upon the completion of the IPO	(6,016,207)	(332,450)	(29,184,844)	(1,665,606)	—	(29,361,157)	(1,625,397)	(8,546,916)	(557,324)	(17,615,165)	(1,311,972)	—	(5,492,749)
Balance as of December 31, 2022 and 2023	—	—	—	—	—	—	—	—	—	—	—	—	—

Series A Preferred Shares

On January 16, 2020, the Company issued 26,841,535 Series A redeemable convertible preferred shares (“Series A Preferred Shares”) at US$6.71 per share to two investors with a total consideration of US$180,000 (equivalent to RMB1,238,526). The issuance costs were RMB8,500. Since one of the investors is a PRC domestic institution that has not completed the foreign exchange registration procedures of overseas direct investments (“ODI”) and obtained the government approval on such investment, the Company agreed to issue 22,367,946 Series A redeemable convertible preferred shares to a foreign affiliate of the investor at par value and concurrently the investor made deposits of RMB1,032,104 (equivalent to US$150,000) to Hubei ECARX for 22,367,946 Series A Preferred Shares subscribed. Once the investor obtains the ODI approval, the deposits should be refunded by Hubei ECARX to the investor and the

subscription amount for 22,367,946 Series A Preferred Shares should be paid by the investor to the Company after the investor received the refunded deposits.

In January, 2020, US$30,000 (equivalent to RMB206,422) of the consideration were received by the Company and RMB1,032,104 of refundable deposits for 22,367,946 Series A Preferred Shares were received by Hubei ECARX.

In June 2021, the investor completed the ODI procedures. The refundable deposits were returned by Hubei ECARX and concurrently subscription receivables of the Company were settled in full by the investor.

On February 26, 2021, the Company entered into an agreement with one of its ordinary shareholders, who is also a member of management, pursuant to which the Company shall redesignate 2,343,309 ordinary shares held by the ordinary shareholder to Series A Preferred Shares. On March 10, 2021, the ordinary shares were redesignated as Series A Preferred Shares, and the ordinary shareholder became a Series A Preferred Shareholder. The Company considered the redesignation, in substance, was effectively a repurchase and retirement of the ordinary shares and simultaneously an issuance of Series A Preferred Shares. The excess of the ordinary shares’ fair value over their par value in the amount of RMB81,208 was credited to additional paid-in capital. The excess of the preferred shares’ fair value over the ordinary shares’ fair value in the amount of RMB16,452 was recognized as share-based compensation.

Series Angel Preferred Shares

On March 5, 2021, the Company, Hubei ECARX and the government fund agreed that the warrants disclosed in Note 13, could be exercised to purchase 6,016,207 Series Angel Redeemable Convertible Preferred Shares (“Series Angel Preferred Shares”), representing 2% of total outstanding shares of the Company on a fully diluted basis, at US$2.11 (equivalent to RMB13.62) per share, for a cash consideration of RMB81,950. On May 17, 2021, the government fund exercised the warrants to purchase 6,016,207 Series Angel Preferred Shares.

The Company involved an independent valuation firm to estimate the fair value of Series Angel Preferred Shares on the issuance date, which was also the warrant exercise date. Considering the equity transactions close to that date, the Company estimated the fair value of Series Angel Preferred Shares as RMB273,519, based on the estimation of the Company’s equity value using the backsolve method, a market approach. The fair value of Series Angel Preferred Shares equaled to the total of the fair value of warrant liabilities of RMB191,569 as of the date, and the cash consideration of RMB81,950 that government fund agreed to pay. On June 29,2021, the government fund paid the consideration of RMB81,950 to the Company.

Series A+ Preferred Shares

Between February and March 2021, the Company entered into share purchase agreements with certain investors, to issue 29,361,157 shares of Series A+ Redeemable Convertible Preferred Shares (“Series A+ Preferred Shares”) at the issuance price of US $7.04 per share, for a total consideration of US$206,741 (equivalent to RMB1,331,641). The issuance costs were RMB10,000.

Series A++ Preferred Shares

Between March and July 2021, the Company, Hubei ECARX entered into share purchase agreements with four investors, to issue 8,546,916 shares of Series A++ Redeemable Convertible Preferred Shares (“Series A++ Preferred Shares”) at the issuance price of US$8.31 per share, for a total consideration of US$71,000.

The four investors are PRC domestic institution, which shall complete their ODI procedures before the issuance of the Series A++ Preferred Shares to them. The investors made deposits of RMB461,849 (equivalent to US$71,000) in total to Hubei ECARX for the 8,546,916 Series A++ Preferred Shares subscribed. Once the investor obtained the ODI approval, the deposits should be refunded by Hubei ECARX to the investors and the subscription amount for the 8,546,916 Series A++ Preferred Shares should be paid by the investors to the Company within five (5) business days after it received the deposits.

In December 2021, the four investors completed the ODI procedures, and as a result, the refundable deposits of RMB461,849 were returned by Hubei ECARX to the four investors. Concurrently, the 8,546,916 shares of Series A++ Preferred Shares were issued by the Company to the investors, with the subscription amount of US$71,000 (equivalent to RMB452,241) settled in full.

Series B Preferred Shares

As disclosed in Note 8, in July 2021, the Group issued 9,882,082 Series B Redeemable Convertible Preferred Shares (“Series B Preferred Shares”) at the issuance price of US$9.70 per share, or US$95,800 in total (equivalent to RMB620,703), plus cash in the amount of US$10,649, in exchange for an equity method investment.

Between September and December 2021, the Company entered into share purchase agreements with two investors to issue 7,733,083 shares of Series B Preferred Shares at the issuance price of US$9.70 per share, for a total consideration of US$75,000.

In December 2021, the consideration of US$50,000 (equivalent to RMB324,270) was received by the Company. As of December 31, 2021, the subscription receivable of US$25,000 (equivalent to RMB159,392) was recorded as a reduction of mezzanine equity on the consolidated balance sheets. On January 4, 2022, the subscription receivable was settled in full.

The rights, preferences and privileges of all tranches of preferred shares are as follows:

Redemption Rights

The investors of Preferred Shares have the right to require the Company to redeem their investments, at any time upon the earlier occurrence of:

•the failure by the Company to complete a qualified IPO on or before January 16, 2027;

•any material breach as defined in the Preferred Shares agreement by the Company, which has not been cured within thirty (30) days after being requested by relevant Preferred Shares holder;

•any material illegal act by the Group or by any direct or indirect owners of the ordinary shares of any of their respective representations which has not been cured within thirty (30) days after being requested by relevant Preferred Shares holder;

•the Group fails to retain or renew any indispensable approval or license in connection with the principal business or the revocation of any aforesaid approval or license by any governmental authority, or any principal business is prohibited or imposed of material restrictions by applicable jurisdiction laws.

•upon the Company’s failure to nominate and appoint a successor of Mr. Ziyu Shen recognized as proper and competent by at least two thirds (2/3) of the investor directors, within thirty (30) days after the resignation of Mr. Ziyu Shen from the Group Companies, or the dismissal of Mr. Ziyu Shen by the Group Companies due to any material breach of the transaction documents (as confirmed by the judgment of a competent court or the decision of a competent arbitration institution) or any other conducts that are detrimental to the benefits and interests of the Company.

The redemption price for each Preferred Share shall be one hundred percent (100%) of the issuance price plus interest on issuance price at a simple rate of eight percent (8%) per annum from the issuance date to the redemption payment date plus any declared but unpaid distributions.

Conversion Rights

Each Preferred Share may, at the option of the holders, be converted at any time after the original issuance date into fully-paid and non-assessable ordinary shares at an initial conversion ratio of 1:1 subject to adjustment for share division, share combination, share dividend, reorganization, mergers, consolidations, reclassifications, exchanges, substitutions, recapitalization or similar events. Each Preferred Share shall automatically be converted into ordinary shares, at the applicable then-effective conversion price upon the closing of a qualified IPO.

Voting Rights

Each Preferred Share has voting rights equivalent to the number of ordinary shares into which such Preferred Shares could be then convertible.

Dividend Rights

All the Preference Shareholders are entitled to receive the dividends on pro-rata basis according to the relative number of shares held by them on an as-converted basis. The dividends shall not be cumulative and shall be paid when, as and if declared by the Board of Directors.

Liquidation Preferences

In the event of any liquidation, 1) holders of the Preferred Shares shall be entitled to receive, prior and in preference to any distribution or payment shall be made to the holders of any ordinary shares, the liquidation preference amount per share is equal to one hundred percent (100%) of the original issuance price on each Preferred Share, plus any declared but unpaid dividends (the “Preferred Preference Amount”); provided that, if the Company’s assets and funds are insufficient for the full payment of the Preferred Preference Amount to all the holders of the Preferred Shares, then the entire assets and funds of the Company legally available for distribution shall be distributed ratably among the holders of the Preferred Shares in proportion to the aggregate Preferred Preference Amount each such holder of the Preferred Shares is otherwise entitled to receive; 2) after the full Preferred Preference Amount has been paid, the holders of the ordinary shares shall be entitled to receive, on a pro-rata and pari passu basis, for each outstanding ordinary share held, an amount equal to one hundred percent (100%) of the ordinary purchase price (the “Ordinary Preference Amount”); and 3) after the full Preferred Preference Amount and Ordinary Preference Amount have been paid, the remaining assets and funds of the Company legally available for distribution to the shareholders shall be distributed ratably among all shareholders (including preferred shareholders) in proportion to the relative number of ordinary shares held by such shareholders on an as converted basis.

Liquidation preference from the highest to the lowest is as follows in sequence: Series B Preferred Shares, Series A++ Preferred Shares, Series A+ Preferred Shares, Series A Preferred Shares, Series Angel Preferred Shares and ordinary shares.

Accounting of Redeemable Convertible Preferred Shares

The Company has classified the Preferred Shares as mezzanine equity in the consolidated balance sheets as they were contingently redeemable upon the occurrence of certain events outside of the Company’s control.

The Company concluded that the embedded conversion and redemption option of the Preferred Shares did not need to be bifurcated as a derivative as they lacked essential characteristics of being a derivative.

Prior to the early adoption of ASU 2020-06, the Company determined that there was no beneficial conversion feature attributable to the Preferred Shares because the initial effective conversion prices of these Preferred Shares were higher than the fair value of the Company’s ordinary shares at the relevant commitment dates. The fair value of the Company’s ordinary shares on the commitment date was estimated by management with the assistance of an independent valuation firm.

The Preferred Shares were recorded initially at fair value, net of issuance cost. The Company recognized changes in the redemption value immediately as they occur and adjust the carrying value of the Preferred Shares to their maximum redemption amount at the end of each reporting period, as if it were also the redemption date for the Preferred Shares.

Prepayments and other current assets - Additional Information (Details) - CNY (¥) ¥ in Thousands	Dec. 31, 2023	Dec. 31, 2022
Prepaid Expense and Other Assets, Current [Abstract]
Provision for prepayments and other current assets	¥ 0	¥ 1,310

Commitments and contingencies (Details) ¥ in Thousands	Dec. 31, 2023 CNY (¥)
Purchase commitments
Purchase commitment	¥ 85,354
Less than one year	72,021
1-2 Years	6,667
2-3 Years	6,667
3-5 Years	0
Over 5 Years	0
Capital commitments
Total	39,504
Less than one year	38,502
1-2 Years	1,002
2-3 Years	0
3-5 Years	0
Over 5 Years	0
Investment commitment
Investment commitment
Total	49,000
Less than one year	49,000
1–2 Years	0
2–3 Years	0
3–5 Years	0
Over 5 Years	¥ 0

Parent only financial information

12 Months Ended

Dec. 31, 2023

Condensed Financial Information Disclosure [Abstract]

Parent only financial information

The following condensed financial statements of the Company have been prepared using the same accounting policies as set out in the accompanying consolidated financial statements. As of December 31, 2023, there were no material contingencies, significant provisions of long-term obligations, mandatory dividend or redemption requirements of convertible redeemable preferred shares or guarantees of the Company, except for those, which have been separately disclosed in the consolidated financial statements.

(a)Condensed Balance Sheets


	As of December 31,
	2022	2023
	RMB	RMB
ASSETS
Current assets
Cash	119,022	12,947
Short-term investments	—	121,876
Prepayments and other assets	35	—
Amounts due from related parties	4,168,615	4,288,934
Total current assets	4,287,672	4,423,757

Non-current assets
Long-term investments	69,319	48,580
Total non-current assets	69,319	48,580
Total assets	4,356,991	4,472,337

Current Liabilities
Accrued expenses and other current liabilities	146,507	64,924
Amounts due to related parties	18,925	180,698
Share of losses in excess of investments in subsidiaries	3,948,086	4,692,424
Total current liabilities	4,113,518	4,938,046

Non-current liabilities
Convertible notes payable	439,869	455,701
Total non-current liabilities	439,869	455,701
Total liabilities	4,553,387	5,393,747

SHAREHOLDERS’ DEFICIT
Class A Ordinary Shares	9	9
Class B Ordinary Shares	1	1
Additional paid-in capital	5,919,660	6,093,685
Accumulated deficit	(5,730,180)	(6,670,371)
Accumulated other comprehensive loss	(385,886)	(344,734)
Total shareholders’ deficit	(196,396)	(921,410)
Total liabilities and shareholders’ deficit	4,356,991	4,472,337

(b)Condensed statements of comprehensive loss


	Year end of December 31,
	2021	2022	2023
	RMB	RMB	RMB
General and administrative expenses	(17,660)	(26,005)	(24,089)
Interest income	885	6,565	5,411
Interest expense	(514)	(3,132)	(25,608)
Foreign currency exchange gains (losses)	12,478	(14,459)	1,245
Change in fair value of an equity security	—	(16,843)	(22,451)
Share of losses from subsidiaries	(1,170,450)	(1,511,004)	(874,699)
Loss before income taxes	(1,175,261)	(1,564,878)	(940,191)
Income tax expenses	—	—	—
Net loss	(1,175,261)	(1,564,878)	(940,191)

(c)Condensed statements of cash flows


	Year ended December 31,
	2021	2022	2023
	RMB	RMB	RMB
Net cash used in operating activities	(22,741)	(22,893)	(43,242)
Net cash used in investing activities	(3,121,321)	(734,299)	(123,944)
Net cash provided by financing activities	3,222,206	729,767	59,177
Effect of foreign currency exchange rate changes on cash	(17,660)	(12,308)	1,934
Net increase (decrease) in cash	60,484	(39,733)	(106,075)
Cash at beginning of the year	98,271	158,755	119,022
Cash at end of the year	158,755	119,022	12,947

Inventories - Additional Information (Details) ¥ in Thousands, $ in Thousands	12 Months Ended
	Dec. 31, 2023 CNY (¥)	Dec. 31, 2023 USD ($)	Dec. 31, 2022 CNY (¥)	Dec. 31, 2021 CNY (¥)
Inventory Disclosure [Abstract]
Inventory write-down	¥ 10,641	$ 1,499	¥ 35,406	¥ 49,485

Notes receivable	12 Months Ended
Notes receivable	Dec. 31, 2023
Receivables [Abstract]
Notes receivable	Notes receivable The Group collects notes receivable from its customers for sales of automotive computing platform, SoC Core Modules and other products. Notes receivable as of December 31, 2022 and 2023 were bank acceptance notes, among which, RMB25,034 and RMB6,603 respectively, were pledged as collateral to secure the Group’s liability for notes payable issued by China Merchants Bank and China Industrial Bank. The notes payables are used for settlement between the Group and its suppliers on the purchase of raw materials and other inventories.

Revenue information - Schedule of revenue (Details) ¥ in Thousands, $ in Thousands	12 Months Ended
	Dec. 31, 2023 CNY (¥)	Dec. 31, 2023 USD ($)	Dec. 31, 2022 CNY (¥)	Dec. 31, 2021 CNY (¥)
Disaggregation of Revenue [Line Items]
Total revenues	¥ 4,666,147	$ 657,213	¥ 3,561,994	¥ 2,779,063
Revenue Benchmark \| Geographic Concentration Risk \| The PRC, excluding Hong Kong S.A.R.
Disaggregation of Revenue [Line Items]
Concentration risk percentage	98.90%	98.90%	98.10%	97.10%
Point in time
Disaggregation of Revenue [Line Items]
Total revenues	¥ 4,476,607		¥ 3,349,256	¥ 2,590,714
Over time
Disaggregation of Revenue [Line Items]
Total revenues	189,540		212,738	188,349
Sales of goods revenues
Disaggregation of Revenue [Line Items]
Total revenues	3,311,507	$ 466,416	2,433,964	1,983,817
Automotive computing platform
Disaggregation of Revenue [Line Items]
Total revenues	2,733,964		1,690,569	1,423,548
SoC Core Modules
Disaggregation of Revenue [Line Items]
Total revenues	496,939		660,554	333,421
Automotive merchandise and other products
Disaggregation of Revenue [Line Items]
Total revenues	80,604		82,841	226,848
Software license revenues
Disaggregation of Revenue [Line Items]
Total revenues	444,830	62,653	404,469	261,265
Service revenues
Disaggregation of Revenue [Line Items]
Total revenues	909,810	$ 128,144	723,561	533,981
Automotive computing Platform – Design and development service
Disaggregation of Revenue [Line Items]
Total revenues	677,651		468,770	306,358
Connectivity service
Disaggregation of Revenue [Line Items]
Total revenues	189,540		212,738	188,349
Other services
Disaggregation of Revenue [Line Items]
Total revenues	¥ 42,619		¥ 42,053	¥ 39,274

Inventories

12 Months Ended

Dec. 31, 2023

Inventory Disclosure [Abstract]

Inventories

Inventories consisted of the following:


	As of December 31,
	2022	2023
	RMB	RMB
Raw materials	65,575	90,882
Work-in-process	2,999	11,003
Finished goods	113,998	58,896
Total	182,572	160,781

The Group recorded inventory write-down of RMB49,485, RMB35,406 and RMB10,641 for the years ended December 31, 2021, 2022 and 2023, respectively.

Convertible notes payable to a related party (Details) $ / shares in Units, ¥ in Thousands, $ in Thousands		4 Months Ended
	May 13, 2022 CNY (¥) investor shares	Dec. 31, 2021 investor	May 13, 2022 USD ($) $ / shares
Related party balances and transactions
Number of investors \| investor		2
Investor \| Debt Conversion Scenario Two \| Convertible Debt
Related party balances and transactions
Conversion price as a percentage of Initial Conversion Price	95.00%		95.00%
Investor \| Debt Conversion Scenario Three \| Convertible Debt
Related party balances and transactions
Written notice period by note holder for redemption of convertible notes payable	10 days
Related Party \| Convertible Debt
Related party balances and transactions
Debt instrument term	12 months
Aggregate principal amount	¥ 67,871		$ 10,000
Number of investors \| investor	1
Interest rate	5.00%
Threshold amount of guarantee obligations considered for determination of an event of default \| $			$ 100,000
Period following the issuance date of convertible notes payable, to consummate initial public offering of Class A ordinary shares	6 months
Conversion price (in USD per share)			$ 9.50
Conversion-Lotus convertible notes payable (in shares) \| shares	1,052,632
Related Party \| Debt Conversion Scenario One \| Convertible Debt
Related party balances and transactions
Conversion price (in USD per share)			10.00
Issuance price (in USD per share)			$ 10.00
Related Party \| Minimum \| Convertible Debt
Related party balances and transactions
Written notice period by company for redemption of convertible notes payable	20 days
Related Party \| Maximum \| Convertible Debt
Related party balances and transactions
Written notice period by company for redemption of convertible notes payable	35 days

Convertible notes payable - Additional information (Details) $ / shares in Units, ¥ in Thousands	Dec. 20, 2022 $ / shares	Dec. 31, 2023 CNY (¥)	Dec. 31, 2023 USD ($)	Dec. 31, 2022 CNY (¥)	Oct. 25, 2022 CNY (¥)	Oct. 25, 2022 USD ($)
Convertible notes payable
Issuance costs \| $			$ 1,225,000
Convertible notes
Convertible notes payable
Aggregate principal amount		¥ 461,494		¥ 448,318	¥ 459,410	$ 65,000,000
Interest rate (in percent)		5.00%	5.00%	5.00%	5.00%	5.00%
Conversion price (in USD per share) \| $ / shares	$ 11.50
Internal rate of return (in percent)	9.00%

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

Accrued Liabilities and Other Liabilities [Abstract]

Share based compensation - Fair value of RSUs granted estimated Using binomial model (Details) - RSU	12 Months Ended
	Dec. 31, 2023 $ / shares	Dec. 31, 2022 $ / shares	Dec. 31, 2021 $ / shares	Dec. 31, 2023 ¥ / shares	Dec. 31, 2022 ¥ / shares	Dec. 31, 2021 ¥ / shares
Share based compensation
Risk-free rate of return, minimum	2.65%	1.61%	0.35%
Risk-free rate of return, maximum	4.25%	4.12%	2.70%
Volatility, minimum	44.58%	44.15%	41.13%
Volatility, maximum	44.73%	48.12%	50.60%
Expected dividend yield	0.00%	0.00%	0.00%
Expected terms	10 years	10 years	10 years
Minimum
Share based compensation
Issuance price (in USD per share) \| (per share)	$ 3.68	$ 7.57	$ 4.26	¥ 26.46	¥ 48.29	¥ 27.97
Maximum
Share based compensation
Issuance price (in USD per share) \| (per share)	$ 6.91	$ 9.05	$ 7.45	¥ 49.90	¥ 64.98	¥ 47.51

Accrued expenses and other liabilities

12 Months Ended

Dec. 31, 2023

Accrued expenses and other liabilities

Accrued expenses and other liabilities, current and non-current consisted of the following:


	As of December 31,
	2022	2023
	RMB	RMB
Salaries and benefits payables	246,189	257,207
Taxes payable	103,067	101,487
Product warranties	61,432	41,924
Accrued costs of the Merger	136,756	54,984
Other payables and accrued charges*	237,690	158,938
Accrued expenses and other current liabilities	785,134	614,540

___________________________

*Other payables and accrued charges primarily include accrual for research and development expenses.

Intangible assets, net (Tables)

12 Months Ended

Dec. 31, 2023

Intangible Assets, Net (Excluding Goodwill) [Abstract]

Schedule of intangible assets, net


Category						Estimated useful life
Software						3 years
Software license rights						3 years
Patent						3 years
Trademarks						10 years

Intangible assets, net consisted of the following:


	As of December 31,
	2022	2023
	RMB	RMB
Software	103,509	121,950
Software license rights	—	143,725
Others	—	2,794
Intangible assets	103,509	268,469
Less: accumulated amortization	(58,648)	(86,183)
Less: impairment provision	—	(2,945)
Intangible assets, net	44,861	179,341

Schedule of amortization expenses on intangible assets allocated to expense items

Amortization of intangible assets was allocated as follows:


	Year ended December 31,
	2021	2022	2023
	RMB	RMB	RMB
Cost of revenues	77	—	7,985
Selling, general and administrative expenses	6,721	9,987	10,047
Research and development expenses	15,089	14,045	13,808
Total amortization	21,887	24,032	31,840

Schedule of Finite-Lived Intangible Assets, Future Amortization Expense

Estimated amortization expenses relating to the existing intangible assets with finite lives for the next five years is as follows:


			As of December 31,
			RMB
2024			68,895
2025			62,511
2026			46,802
2027			811
2028			253

Leases - Supplemental cash flow information related to operating leases (Details) - CNY (¥) ¥ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
Lessee Disclosure [Abstract]
Operating cash flows from operating leases	¥ 31,218	¥ 40,173
Operating leases	¥ 56,098	¥ 51,621

Warrant liabilities, Government Warrants- Warrant liability is measured at fair value (Details) - CNY (¥) ¥ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Warrant liabilities
Fair Value, Liability, Recurring Basis, Unobservable Input Reconciliation, Gain (Loss), Statement of Income or Comprehensive Income [Extensible Enumeration]	Change in fair value of warrant liabilities
Settlement			¥ (191,569)
ECARX Warrants
Warrant liabilities
Fair value as at beginning		¥ 0	80,270
Addition RMB	¥ 0	13,172	0
Change in fair value included in losses			111,299
Warrants and Rights Outstanding, Foreign Exchange Translations	¥ 316	¥ 127	0
Fair value as at end			¥ 0

Parent only financial information (Tables)

12 Months Ended

Dec. 31, 2023

Condensed Financial Information Disclosure [Abstract]

Schedule of condensed balance sheets


	As of December 31,
	2022	2023
	RMB	RMB
ASSETS
Current assets
Cash	119,022	12,947
Short-term investments	—	121,876
Prepayments and other assets	35	—
Amounts due from related parties	4,168,615	4,288,934
Total current assets	4,287,672	4,423,757

Non-current assets
Long-term investments	69,319	48,580
Total non-current assets	69,319	48,580
Total assets	4,356,991	4,472,337

Current Liabilities
Accrued expenses and other current liabilities	146,507	64,924
Amounts due to related parties	18,925	180,698
Share of losses in excess of investments in subsidiaries	3,948,086	4,692,424
Total current liabilities	4,113,518	4,938,046

Non-current liabilities
Convertible notes payable	439,869	455,701
Total non-current liabilities	439,869	455,701
Total liabilities	4,553,387	5,393,747

SHAREHOLDERS’ DEFICIT
Class A Ordinary Shares	9	9
Class B Ordinary Shares	1	1
Additional paid-in capital	5,919,660	6,093,685
Accumulated deficit	(5,730,180)	(6,670,371)
Accumulated other comprehensive loss	(385,886)	(344,734)
Total shareholders’ deficit	(196,396)	(921,410)
Total liabilities and shareholders’ deficit	4,356,991	4,472,337

Schedule of condensed statements of comprehensive loss


	Year end of December 31,
	2021	2022	2023
	RMB	RMB	RMB
General and administrative expenses	(17,660)	(26,005)	(24,089)
Interest income	885	6,565	5,411
Interest expense	(514)	(3,132)	(25,608)
Foreign currency exchange gains (losses)	12,478	(14,459)	1,245
Change in fair value of an equity security	—	(16,843)	(22,451)
Share of losses from subsidiaries	(1,170,450)	(1,511,004)	(874,699)
Loss before income taxes	(1,175,261)	(1,564,878)	(940,191)
Income tax expenses	—	—	—
Net loss	(1,175,261)	(1,564,878)	(940,191)

Schedule of condensed statements of cash flows


	Year ended December 31,
	2021	2022	2023
	RMB	RMB	RMB
Net cash used in operating activities	(22,741)	(22,893)	(43,242)
Net cash used in investing activities	(3,121,321)	(734,299)	(123,944)
Net cash provided by financing activities	3,222,206	729,767	59,177
Effect of foreign currency exchange rate changes on cash	(17,660)	(12,308)	1,934
Net increase (decrease) in cash	60,484	(39,733)	(106,075)
Cash at beginning of the year	98,271	158,755	119,022
Cash at end of the year	158,755	119,022	12,947

Leases

12 Months Ended

Dec. 31, 2023

Lessee Disclosure [Abstract]

Leases

17. Leases

On January 1, 2022, the Group adopted ASC Topic 842 by applying the effective date method under the modified retrospective approach to all lease contracts existing as of January 1, 2022. Under the effective date method, results for reporting periods beginning on or after January 1, 2022 are presented under ASC Topic 842. Prior period amounts are not adjusted and continue to be reported in accordance with the Group’s historical accounting policies. Additionally, the Group used the package of practical expedients that allows the Group not to reassess: (1) whether any expired or existing contracts are or contain leases, (2) lease classification for any expired or existing leases and (3) initial direct

costs for any existing leases. The Group has elected the hindsight practical expedient to determine the reasonably certain lease term for existing leases.

The following table summarizes the effect on the consolidated balance sheet as a result of adopting ASC Topic 842:


	As of December 31,	Adjustments due to adoption of ASC 842		As of January 1,
	2021			2022
	RMB	RMB		RMB
ASSETS
Prepayments and other current assets	247,411	(6,764)	(a)	240,647
Operating lease right-of-use assets	—	95,108	(b)	95,108

LIABILITIES
Operating lease liabilities, current	—	(42,094)	(c)	(42,094)
Operating lease liabilities, non-current	—	(46,250)	(c)	(46,250)

___________________________

(a)Represents prepaid rent reclassified to operating lease right-of-use assets.

(b)Represents operating lease right-of-use assets, which is made up of present value of operating lease payments, and the reclassification of prepaid rent from prepayments and other current assets.

(c)Represents the recognition of operating lease liabilities, current and non-current.

The Group considers various factors such as market conditions and the terms of any renewal options that may exist to determine whether it will renew or replace the lease. In the event the Group is reasonably certain to exercise the option to extend a lease, the Group will include the extended terms in the measurement of operating lease right-of-use asset and operating lease liability.

The following table provides information on the components of the operating leases included in the consolidated balance sheets as of December 31, 2022 and 2023:

The operating lease right-of-use assets and the amortization were as follows:


	As of December 31,
	2022	2023
	RMB	RMB

Operating lease right-of-use assets	141,627	172,643
Less: accumulated amortization	(41,975)	(47,438)
Total	99,652	125,205

The components of lease costs were as follows:


	Year ended December 31,
	2022	2023
	RMB	RMB

Operating lease costs	47,163	47,828
Short-term lease costs	4,234	3,675
Total	51,397	51,503

The lease cost was allocated as follows:


	Year ended December 31,
	2022	2023
	RMB	RMB
Selling, general and administrative expenses	20,359	28,272
Research and development expenses	31,038	23,231
Total	51,397	51,503


	As of December 31,
	2022		2023
Weighted average remaining lease term (years):
Operating leases	5.68		6.14

Weighted average discount rate:
Operating leases	6.70	%	8.65	%

Future minimum lease payments as of December 31, 2023, including rental payments for lease renewal options the Group is reasonably certain to exercise were as follows:


			As of December 31,
			2023
			RMB
2024			35,632
2025			34,332
2026			24,028
2027			18,396
2028			18,396
2029 and thereafter			58,616
Total lease payments			189,400
Less imputed interest			(46,672)

Present value of lease liabilities			142,728
Operating lease liabilities, current			35,123
Operating lease liabilities, non-current			107,605

Supplemental cash flow information related to operating leases was as follows:


	Year ended December 31,
	2022	2023
	RMB	RMB
Cash paid for amounts included in the measurement of lease liabilities
Operating cash flows from operating leases	40,173	31,218

Right-of-use assets obtained in exchange for lease obligations
Operating leases	51,621	56,098

Description of business and organization (Tables)

12 Months Ended

Dec. 31, 2023

Organization, Consolidation and Presentation of Financial Statements [Abstract]

Schedule of assets derecognized

Pursuant to the Restructuring, the following assets of Hubei ECARX were derecognized by the Group:


			RMB
Assets
Cash			20,000
Long-term investments			211,908
Property and equipment, net			34,873
Intangible assets, net			1,094

Schedule of assets and liabilities, consolidated revenues, net loss and cash flow information information of the VIE's


	Year ended December 31,
	2021	2022
	RMB	RMB
Revenues (i)	2,755,780	936,520
Net (loss) income (ii)	(1,106,865)	2,793,301
Net cash (used in) provided by operating activities (iii)	(817,989)	224,031
Net cash (used in) provided by investing activities	(436,280)	165,672
Net cash provided by (used in) financing activities (iv)	1,047,854	(1,055,000)
Net decrease in cash and restricted cash	(206,415)	(665,297)
Cash and restricted cash at the beginning of the year	871,712	665,297
Cash and restricted cash at the end of the year	665,297	—

___________________________

(i)For the years ended December 31 2021 and 2022, revenues include RMB26,290 and RMB265,452, respectively, from the Company and its subsidiaries, which are eliminated upon consolidation.

The following table summarizes the results of operations and net assets of JICA in the consolidated financial statements. The amounts are after eliminating transactions between the Group and JICA.


			As of December 31,
			2022
			RMB
ASSETS
Current assets			572,259
Non-current assets			43,655
Total assets			615,914

LIABILITIES
Current liabilities			486,351
Non-current liabilities			9,229
Total liabilities			495,580


	Year Ended December 31
	2021	2022
	RMB	RMB
Revenues	—	5,138
Cost of revenues	(130)	(1,475)
Gross (loss) profit	(130)	3,663

Loss from operations	(18,493)	(167,952)
Profit (loss) before income taxes	13,380	(136,512)
Net profit (loss)	9,965	(144,005)

Related party balances and transactions

Tabular disclosure of the significant judgments and assumptions made in determining whether a variable interest (as defined) held by the entity requires the variable interest entity (VIE) (as defined) to be consolidated and (or) disclose information about its involvement with the VIE, individually or in aggregate (as applicable); the nature of restrictions, if any, on the consolidated VIE's assets and on the settlement of its liabilities reported by an entity in its statement of financial position, including the carrying amounts of such assets and liabilities; the nature of, and changes in, the risks associated with involvement in the VIE; how involvement with the VIE affects the entity's financial position, financial performance, and cash flows; the lack of recourse if creditors (or beneficial interest holders) of the consolidated VIE have no recourse to the general credit of the primary beneficiary (if applicable); the terms of arrangements, giving consideration to both explicit arrangements and implicit variable interests, if any, that could require the entity to provide financial support to the VIE, including events or circumstances that could expose the entity to a loss; the methodology used by the entity for determining whether or not it is the primary beneficiary of the variable interest entity; the significant factors considered and judgments made in determining that the power to direct the activities of a VIE that most significantly impact the VIE's economic performance are shared (as defined); the carrying amounts and classification of assets and liabilities of the VIE included in the statement of financial position; the entity's maximum exposure to loss, if any, as a result of its involvement with the VIE, including how the maximum exposure is determined and significant sources of the entity's exposure to the VIE; a comparison of the carrying amounts of the assets and liabilities and the entity's maximum exposure to loss; information about any liquidity arrangements, guarantees, and (or) other commitments by third parties that may affect the fair value or risk of the entity's variable interest in the VIE; whether or not the entity has provided financial support or other support (explicitly or implicitly) to the VIE that it was not previously contractually required to provide or whether the entity intends to provide that support, including the type and amount of the support and the primary reasons for providing the support; and supplemental information the entity determines necessary to provide.

+ References + Details

Share based compensation - Additional Information (Details) $ / shares in Units, ¥ in Thousands, $ in Thousands															1 Months Ended					2 Months Ended	4 Months Ended	5 Months Ended		9 Months Ended		11 Months Ended	12 Months Ended
	Jun. 29, 2023 CNY (¥) shares	Jun. 29, 2023 USD ($) shares	Apr. 30, 2023 CNY (¥) shares	Apr. 30, 2023 USD ($) shares	Jan. 31, 2023 CNY (¥) shares	Jan. 31, 2023 USD ($) shares	Oct. 31, 2022 CNY (¥) shares	Oct. 31, 2022 USD ($) shares	Aug. 20, 2022 CNY (¥) shares	Aug. 20, 2022 USD ($) shares	Apr. 30, 2022 $ / shares	Jan. 30, 2022	Jan. 20, 2022 $ / shares	Mar. 31, 2021	Dec. 31, 2023 CNY (¥) shares	Jan. 31, 2023 $ / shares shares	Jan. 31, 2022	Jul. 31, 2021 $ / shares	Mar. 31, 2021 $ / shares	Jan. 29, 2022 $ / shares	Sep. 30, 2023 shares $ / shares	Dec. 31, 2021 shares	Dec. 31, 2020 $ / shares shares	Sep. 30, 2023 $ / shares shares	Nov. 30, 2021 $ / shares shares	Nov. 30, 2022 shares	Dec. 31, 2023 CNY (¥) shares	Dec. 31, 2023 USD ($) $ / shares shares	Dec. 31, 2022 CNY (¥) shares	Dec. 31, 2022 USD ($) $ / shares shares	Dec. 31, 2021 CNY (¥) shares	Dec. 31, 2020 shares	Dec. 31, 2023 USD ($) shares
Share based compensation
Number of unvested awards (in shares)															15,033,854							18,995,595					15,033,854		24,431,761	24,431,761	18,995,595		15,033,854
Nonvested (in shares) \| ¥															¥ 56,876												¥ 56,876
RSU
Share based compensation
Total compensation expense recognized \| ¥																											¥ 165,930		¥ 524,553		¥ 163,481
Expected dividend yield																											0.00%	0.00%	0.00%	0.00%	0.00%
Share-based expenses due to redesignation \| ¥																											¥ 0		¥ 0		¥ 16,452
Total unrecognized compensation expense															78,391												¥ 78,391						$ 11,201
Weighted-average period																											1 year	1 year
RSU \| Vesting upon the completion of Merger with COVA
Share based compensation
Total compensation expense recognized																											¥ 129,444	$ 19,505
RSU \| After the completion of a qualified IPO
Share based compensation
Vesting percentage																											20.00%	20.00%
Service period																											12 months	12 months
RSU \| Upon a qualified IPO
Share based compensation
Vesting percentage																											50.00%	50.00%
Service period																											60 months	60 months
RSU \| Before a qualified IPO is achieved
Share based compensation
Vesting percentage																											50.00%	50.00%
Service period																											5 years	5 years
2019 RSU Plan \| RSU
Share based compensation
Shares transferred (in shares)																							23,859,142									23,859,142
Percent of total outstanding shares																																10.00%
Aggregate number of shares granted (in shares)																								6,680,560
Weighted average exercise price (in USD or RMB per share) \| $ / shares											$ 0.32									$ 1.96	$ 2.19			$ 0.56
Service period	3 years	3 years																									3 years	3 years
Number of awards modified (in shares)			1,073,662	1,073,662
Incremental compensation cost recognized immediately for the vested RSUs \| ¥			¥ 10,316
Number of grantees affected																					4,342,364
2019 RSU Plan \| RSU \| Employee and non employee
Share based compensation
Aggregate number of shares granted (in shares)																							16,224,217
Weighted average exercise price (in USD or RMB per share) \| $ / shares																							$ 0.34
2019 RSU Plan \| RSU \| Share-Based Payment Arrangement, Employee
Share based compensation
Aggregate number of shares granted (in shares)							4,771,828	4,771,828																	2,890,674
Weighted average exercise price (in USD or RMB per share) \| $ / shares													$ 0.32						$ 2.96						$ 1.23
Service period																	12 months
Number of awards modified (in shares)									1,431,549	1,431,549
Incremental compensation cost to be recorded	¥ 532	$ 76			¥ 1,442	$ 206			¥ 19,904	$ 2,999
Period to record incremental compensation cost												3 years 6 months		3 years 3 months 18 days
Number of unvested awards (in shares)							1,988,262	1,988,262
Vesting period							30 months	30 months									36 months
Incremental compensation cost recognized immediately for the vested RSUs	¥ 2,226	$ 318		$ 1,474	¥ 3,898	$ 557	¥ 119,408	$ 17,993	¥ 4,976	$ 750
Number of grantees affected	1,312,253	1,312,253			1,789,437	1,789,437
2019 RSU Plan \| RSU \| Share-Based Payment Arrangement, Employee \| Tranche one
Share based compensation
Vesting percentage																20.00%	20.00%
2019 RSU Plan \| RSU \| Share-Based Payment Arrangement, Employee \| Tranche one \| Vesting Scenario One
Share based compensation
Vesting percentage	20.00%	20.00%																			20.00%
2019 RSU Plan \| RSU \| Share-Based Payment Arrangement, Employee \| Tranche one \| Vesting Scenario Two
Share based compensation
Vesting percentage	20.00%	20.00%																			50.00%
2019 RSU Plan \| RSU \| Share-Based Payment Arrangement, Employee \| Tranche one \| Vesting Scenario Three
Share based compensation
Vesting percentage																					25.00%
2019 RSU Plan \| RSU \| Share-Based Payment Arrangement, Employee \| Tranche one \| Vesting Scenario Four
Share based compensation
Vesting percentage																					40.00%
2019 RSU Plan \| RSU \| Share-Based Payment Arrangement, Employee \| Tranche two
Share based compensation
Vesting percentage																50.00%
2019 RSU Plan \| RSU \| Share-Based Payment Arrangement, Employee \| Tranche two \| Vesting Scenario One
Share based compensation
Vesting percentage	50.00%	50.00%																			20.00%
2019 RSU Plan \| RSU \| Share-Based Payment Arrangement, Employee \| Tranche two \| Vesting Scenario Two
Share based compensation
Vesting percentage	20.00%	20.00%																			30.00%
2019 RSU Plan \| RSU \| Share-Based Payment Arrangement, Employee \| Tranche two \| Vesting Scenario Three
Share based compensation
Vesting percentage																					25.00%
2019 RSU Plan \| RSU \| Share-Based Payment Arrangement, Employee \| Tranche two \| Vesting Scenario Four
Share based compensation
Vesting percentage																					30.00%
2019 RSU Plan \| RSU \| Share-Based Payment Arrangement, Employee \| Tranche three
Share based compensation
Vesting percentage																30.00%
2019 RSU Plan \| RSU \| Share-Based Payment Arrangement, Employee \| Tranche three \| Vesting Scenario One
Share based compensation
Vesting percentage	30.00%	30.00%																			20.00%
2019 RSU Plan \| RSU \| Share-Based Payment Arrangement, Employee \| Tranche three \| Vesting Scenario Two
Share based compensation
Vesting percentage	60.00%	60.00%																			20.00%
2019 RSU Plan \| RSU \| Share-Based Payment Arrangement, Employee \| Tranche three \| Vesting Scenario Three
Share based compensation
Vesting percentage																					25.00%
2019 RSU Plan \| RSU \| Share-Based Payment Arrangement, Employee \| Tranche three \| Vesting Scenario Four
Share based compensation
Vesting percentage																					30.00%
2019 RSU Plan \| RSU \| Share-Based Payment Arrangement, Employee \| Tranche Four \| Vesting Scenario One
Share based compensation
Vesting percentage																					20.00%
2019 RSU Plan \| RSU \| Share-Based Payment Arrangement, Employee \| Tranche Four \| Vesting Scenario Three
Share based compensation
Vesting percentage																					25.00%
2019 RSU Plan \| RSU \| Share-Based Payment Arrangement, Employee \| Tranche Five \| Vesting Scenario One
Share based compensation
Vesting percentage																					20.00%
2019 RSU Plan \| RSU \| Share-Based Payment Arrangement, Employee \| Vest on a monthly basis over thirty-six (36) months from May 2022
Share based compensation
Vesting percentage																	50.00%
2019 RSU Plan \| RSU \| Share-Based Payment Arrangement, Employee \| Vest on April 1, 2022
Share based compensation
Vesting percentage																	0.50%
2021 Option Plan
Share based compensation
Total compensation expense recognized \| ¥																											¥ 8,095		¥ 201,098
Aggregate number of share options granted (in shares)																63,464						13,575,733					157,368	157,368	2,354,744	2,354,744
Expected dividend yield																											0.00%	0.00%	0.00%	0.00%	0.00%
Weighted-average period																											1 year 8 months 1 day	1 year 8 months 1 day
Exercise price per share (in USD per share) \| $ / shares																$ 9.70		$ 9.70										$ 4.21		$ 9.70
Total unrecognized compensation expense															¥ 12,653												¥ 12,653						$ 1,808
2021 Option Plan \| Tranche one
Share based compensation
Vesting percentage																25.00%
Vesting period																12 months
2021 Option Plan \| Tranche two
Share based compensation
Vesting percentage																25.00%
Vesting period																12 months
2021 Option Plan \| Tranche three
Share based compensation
Vesting percentage																25.00%
Vesting period																12 months
2021 Option Plan \| Tranche Four
Share based compensation
Vesting percentage																25.00%
Vesting period																12 months
2021 Option Plan \| Vesting upon the completion of Merger with COVA
Share based compensation
Shares vested (in shares)																													6,818,048	6,818,048
Total compensation expense recognized																													¥ 201,645	$ 30,384
2021 Option Plan \| After the completion of a qualified IPO
Share based compensation
Vesting percentage																										25.00%
Service period																										12 months
2021 Option Plan \| Upon a qualified IPO
Share based compensation
Vesting percentage																										25.00%
Service period																										12 months
2021 Option Plan \| Share-Based Payment Arrangement, Employee
Share based compensation
Aggregate number of share options granted (in shares)																										2,354,744
2021 Option Plan \| RSU
Share based compensation
Shares vested (in shares)																													5,101,085	5,101,085
Total compensation expense recognized																													¥ 105,211	$ 16,311
Remaining portion of awards to be vested over the service period following the modified vesting schedule (in shares)																													2,607,277	2,607,277
Share Incentive Plan, 2022
Share based compensation
Aggregate number of share options granted (in shares)															93,904
Share Incentive Plan, 2022 \| RSU
Share based compensation
Aggregate number of shares granted (in shares)															460,671
Shares vested (in shares)															460,671

Related party balances and transactions

12 Months Ended

Dec. 31, 2023

(a)Related Parties


Names of the major related parties						Nature of relationship
Zhejiang Geely Holding Group (“Geely Group”) and its subsidiaries						Entity controlled by the controlling shareholder of the Company
Proton Holdings Berhad and its subsidiaries						Entity that the controlling shareholder of the Company has significant influence
Anhui Xinzhi Technology Co., Ltd.						Entity controlled by the controlling shareholder of the Company
Zhejiang Huanfu Technology Co., Ltd., (“Zhejiang Huanfu”, formerly known as Zhejiang Yikatong Technology Co., Ltd.,”Zhejiang Yikatong”)						Entity controlled by the controlling shareholder of the Company
Xi’an Liansheng Intelligent Technology Co., Ltd.						Entity controlled by the controlling shareholder of the Company
Hubei Xingji Meizu Group Co., Ltd. (formerly known as Hubei Yuanshidai Technology Co., Ltd.)						Entity controlled by the controlling shareholder of the Company
Hubei Xingji Meizu Technology Co., Ltd (formerly known as Hubei Xingji Times Technology Co., Ltd.)						Entity controlled by the controlling shareholder of the Company
Hubei ECARX Technology Co., Ltd (“Hubei ECARX”)						Entity controlled by the controlling shareholder of the Company
Arteus Group Limited (“Arteus”)						Entity controlled by the controlling shareholder of the Company
DreamSmart Technology Pte. Ltd. (“DreamSmart”) and its subsidiaries						Entity controlled by the controlling shareholder of the Company
SiEngine Technology Co., Ltd. (“SiEngine”)						Entity which is under significant influence of the Company
Hubei Dongjun Automotive Electronic Technology Co., Ltd. and its subsidiary						Entity which is under significant influence of the Company
Suzhou Photon-Matrix Optoelectronics Technology Co., Ltd						Entity which is under significant influence of the Company
HaleyTek AB						Entity which is under significant influence of the Company

(b)Significant transactions with related parties, except transactions disclosed elsewhere in these consolidated financial statements:


	Year ended December 31,
	2021	2022	2023
	RMB	RMB	RMB
Revenues(i):
Sales of goods revenues	1,466,340	1,663,076	2,715,136
Automotive computing platform	1,410,566	1,651,512	2,687,892
SoC Core Modules	—	77	410
Automotive merchandise and other products	55,774	11,487	26,834
Software license revenues	24,788	133,450	293,159
Service revenues	532,625	721,206	894,396
Automotive computing platform – Design and development service	306,027	466,747	668,802
Connectivity service	187,781	212,406	189,293
Other services	38,817	42,053	36,301
Total	2,023,753	2,517,732	3,902,691


	Year ended December 31,
	2021	2022	2023
	RMB	RMB	RMB
Purchase of products and services (ii)	293,552	677,775	602,838
Rental of office space, and administrative services (iii)	1,093	6,395	4,621
Other income (x)	—	22,846	7,078
Interest income on loans due from related parties (iv)	717	9,069	15,955
Interest expense on borrowings due to related parties (vi)	131	12,215	12,163
Loans to related parties (iv)	28,850	57,260	214,000
Repayment received of loans to related parties (iv)	—	29,360	214,000
Advances to Zhejiang Huanfu (iv)	19,806	—	—
Collection of advances to Zhejiang Huanfu (iv)	90,155	—	—
Repayment of borrowings from related parties (vi)	65,152	700,000	300,000
Borrowings from related parties (vi)	45,152	700,000	300,000
Transfer of property and equipment to Zhejiang Huanfu (vii)	707	1,604	—
Financial support to Anhui Xinzhi (ix)	—	28,500	—
Acquisition of software license rights (xi)	—	—	150,000

(c)Balances with related parties:


	As of December 31,
	2022	2023
	RMB	RMB
Accounts receivable – related parties, net (i)	835,320	1,545,752
Amounts due from related parties (ii)(iv)(v)	911,729	74,122
Other non-current assets – related parties (viii)	213,695	224,349
Accounts payable – related parties (ii) (xi)	241,773	278,750
Amounts due to related parties (iii)(vi)	42,843	35,664
Other non-current liabilities– related parties (xi)	—	44,519

___________________________

In 2021, the Group paid advances of RMB19,806 and received collection of RMB90,155 from Zhejiang Huanfu. The payments were interest-free and due on demand.

As of December 31, 2022 and 2023, loans and interest receivables due from related parties was RMB63,091 and RMB65,702.

Interest expense on borrowings from related parties were RMB131, RMB12,215 and RMB12,163 for the years ended December 31, 2021, 2022 and 2023, respectively.

The entire disclosure for related party transactions. Examples of related party transactions include transactions between (a) a parent company and its subsidiary; (b) subsidiaries of a common parent; (c) and entity and its principal owners; and (d) affiliates.

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Pay vs Performance Disclosure ¥ in Thousands, $ in Thousands	12 Months Ended
	Dec. 31, 2023 CNY (¥)	Dec. 31, 2023 USD ($)	Dec. 31, 2022 CNY (¥)	Dec. 31, 2021 CNY (¥)
Pay vs Performance Disclosure
Net loss attributable to ECARX Holdings Inc.	¥ (940,191)	$ (132,423)	¥ (1,564,164)	¥ (1,173,955)

The portion of profit or loss for the period, net of income taxes, which is attributable to the parent.

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