Gasgoo Munich-ECARX announced late on Feb. 10 that the $100 million in convertible bonds planned under a purchase agreement signed on Nov. 3, 2025, were fully subscribed by Feb. 9, 2026.
Image source: ECARX (same below)
Under the 2025 bond purchase agreement, an initial investor subscribed to $35 million of the notes on Nov. 14, 2025. A second investor followed with $25 million on Nov. 26, 2025. The remaining $40 million was secured by a consortium on Feb. 9, 2026. The initial conversion price for all the bonds is set at $2.62 per share, subject to standard adjustments.
SPDB International (Hong Kong) Limited, ICBC International Investment Management Limited, CNCB (Hong Kong) Investment Limited, and other international institutions jointly subscribed to the $100 million in convertible bonds.
ECARX Chairman and CEO Shen Ziyu said the strong demand from investors validates the company's global expansion roadmap.
He noted that in 2025, the company secured two joint projects with Volkswagen and initiated software collaborations with a prominent luxury brand. "With the completion of this transaction, we have successfully refinanced the $65 million in convertible bonds previously issued and raised an additional $35 million, further solidifying our financial foundation. Combined with the $45.6 million strategic investment from Zhejiang Geely Holding Group in January 2026, we now have ample liquidity to advance ECARX's leading strategic vision for Automotive Physical AI."
