![]() The proceeds will go to speed up tech development and new product roll-outs, support acquisitions or investments, and create further pathways for global growth through Ecarx's international operations office in London and a product development center in Goteborg, Sweden, the firm said. The deal is subject to approval by their shareholders and regulators.Īccording to the deal, which will give Ecarx’s shareholders about 89 percent of the combined company, the Chinese firm will secure $300 million in cash held in trust by Cova and $45 million in additional capital from strategic partners Geely, US automotive radar tech startup Luminar, and convertible note holder Lotus Technology, Yicai Global reported. Information please visit Holdings(亿咖通科技), an automotive tech firm co-founded by founder of Geely Holding Group Li Shufu, announced on May 26 it will go public in the United States through a merger with a blank-check company that values it at $3.8 billion, according to a report by Yicai Global on May 27.Įcarx plans to debut on the Nasdaq in the fourth quarter of this year under the stock ticker, the Hangzhou-based firm said, citing the agreement it signed with special purpose acquisition company Cova Acquisition. Partners NVIDIA and Intel’s Mobileye, Luminar is poised to be the first automotive technology company to enable next-generation safety and autonomous capabilities for production vehicles. From Volvo Cars and Mercedes-Benz for consumer vehicles and Daimler Trucks for commercial trucks, to tech Its more than 50 industry partners, including the majority of global automotive OEMs. For the past decade, Luminar has built an advanced hardware and software platform to enable Luminar is a global automotive technology company ushering in a new era of vehicle safety and autonomy. “This collaboration with Luminar will help rapidly advance the scale up of both our technologies.”Įarlier this week, Luminar also announced the addition of Jackie Chen to run the expansion of Luminar’s business in China. “ECARX is developing a full-stack automotive computing platform to underpin intelligent electric vehicles capable of unsupervised highway driving, that seamlessly integrate with the user’s existingĭigital ecosystem,” said Ziyu Shen, CEO of ECARX. Technologies and driving capabilities on series production vehicles. Technology on a variety of production vehicle platforms in this fast-paced market where demand is rapidly growing for vehicles defined by their technical capabilities,” said Austin Russell, Founderīy integrating Luminar’s long-range lidar and software with ECARX’s suite of automotive intelligence products, automakers in China and beyond will have an accelerated path to deploy advanced safety This collaboration will better position Luminar to expand deployment of our ![]() “ECARX has earned an esteemed reputation and strong track record of success in the world’s largest auto market, China. Of the collaboration, Luminar is making a strategic stock-based investment in ECARX. Long-range lidar and software in the market and beyond through ECARX’s deep connection with Geely and the Geely ecosystem, comprising some of the world’s most reputable automotive brands. ![]() The collaboration will help Luminar to accelerate deployment of its industry-leading The partnership will further strengthen Luminar’s presence in China, the world’s largest automotive market. Luminar's Iris sensor (Photo: Business Wire) ![]()
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