Geely-backed ECARX goes public on Nasdaq

Beijing (Gasgoo)- ECARX, the automotive intelligence solution provider backed by Geely, announced on December 21 its shares and warrants have started trading on the Nasdaq via a SPAC merger with COVA Acquisition Corp.

Photo credit: ECARX

The merger deal between ECARX and COVA was signed in May this year. The estimated valuation after the merger came in at around US$3.8 billion. The public offering will raise an estimated US$368 million after expenses, and existing shareholders will retain 89 percent ownership in the combined company, ECARX said in an investors' presentation in November.

ECARX was co-founded in 2017 by Shen Ziyu and Li Shufu, who is also the founder and chairman of Geely Holding. The company focuses on technologies used in smart vehicles such as automotive computing platforms. Its products include infotainment systems, smart cockpits, automotive chipset solutions, core operating systems, and integrated software stack. 

The company recorded US$415 million in revenue in 2021. Up to now, ECARX’s technologies have been deployed onto 3.7 million vehicles under 12 Asian and European auto brands, including Volvo, Polestar, Lynk & Co, Lotus, ZEEKR, and Geely.