Geely Auto gets share in auto tech solution firm ECARX for US$50-M

Geely Automobile Holdings Limited has recently acquired a 1.51-percent share of ECARX Technology Co. Ltd. after forging a strategic investment agreement with it.

The acquisition of share, Geely announced, was in exchange for a US$50-million investment—which represents Geely Auto’s latest move in the field of automotive intelligence.

An automotive intelligence technology company ECARX was founded in 2016 by automotive entrepreneurs, Li Shufu (Geely Holding Group Chairman) and Shen Ziyu committed to developing an advanced open intelligent connected operating system that empowers automotive companies to jointly create a more intelligent and a safer mobility experience.

Offering connected services globally, ECARX has offices in the cities of Hangzhou, Beijing, Shanghai, Wuhan, and Dalian in China, and in Gothenburg, Sweden.

Earlier, ECARX has also received strategic investments from Baidu, SIG (Susquehanna International Group, LLP), CVC (Corporate Venture Capital) and Hubei Changjiang Jingkai V2X Industry Fund LLP in 2020 and this year.

“ECARX’s business focus aligns with Geely Auto’s long-term strategy in relation to the creation of an intelligent technology ecology with a focus on intelligent vehicle solutions that encompasses the SoC, cockpit and vehicle operating systems, software, autonomous drive solutions and also vehicle driving vehicle chip sets,” Geely shared in a statement.

Back in March this year, Swedish car manufacturer Volvo Cars entered a joint venture with ECARX to develop and commercialize a new infotainment system platform in a bid to speed up technology development, improve cost efficiency, and create new revenue streams.

Photos from Sojitz G Auto Philippines, Zhejiang Geely Holding Group

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