Tesla said its nine-millionth electric vehicle had rolled off the production line at the Shanghai Gigafactory, marking another symbolic milestone as 2025 draws to a close.

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.