The proceeds will be primarily allocated to the development of new energy vehicle (NEV) models and digital-intelligence platforms, as well as the construction of a global R&D center and broader capability upgrades.

Under the deal, ECARX will subscribe to 16,788,321 newly issued ordinary shares of Lotus Technology at a price of $1.37 per share, representing a total investment of $23 million.

On December 30, XPENG Chairman and CEO He Xiaopeng revealed the G7 Super REEV, positioning it as the first SUV under the company's Kunpeng extended-range lineup.