Business
ECARX Announces Fourth Quarter and Full Year 2024 Unaudited Financial Results
SHANGHAI, March 11, 2025 (GLOBE NEWSWIRE) -- ECARX Holdings Inc. (Nasdaq: ECX) (“ECARX” or the “Company”), a global mobility tech provider, today announced
About this update from Ecarx Holdings Inc.
[{"type":"text","content":"SHANGHAI, March 11, 2025 (GLOBE NEWSWIRE) -- ECARX Holdings Inc. (Nasdaq: ECX) (“ECARX” or the “Company”), a global mobility tech provider, today announced unaudited financial results for the quarter and full year ended December 31, 2024. Ziyu Shen, ECARX Chairman and CEO, commented, “2024 was a remarkable year for ECARX, marked by significant milestones and progress across our business. We continued to execute on our strategic vision, further strengthening the unique value proposition we offer global automakers who are seeking cutting-edge, cost-effective solutions to distinguish themselves from the competition. We are capitalizing on this growing demand with our innovative product portfolio, diverse customer base, and strategic global partnerships. This is clearly reflected in our strong performance for full year 2024, with revenue increasing 18% year-over-year and our operating loss consistently narrowing. As a result, we hit breakeven at EBITDA level during the fourth quarter, which strengthens our confidence in reaching full-year breakeven in 2025.” “Total shipments reached a record high of 2 million last year, up 33% year-over-year, with over 700 thousand shipped during the fourth quarter alone. Growth during the quarter was driven by robust demand for multiple Geely models powered by our solutions. Geely recently launched Galaxy EX5, the first overseas model integrating the Antora 1000 computing platform and demonstrating our ability to deliver this solution for both the PRC and international markets. With the addition of Volkswagen Group, our global customer base has now expanded to 18 automakers across 28 brands. This project win is a milestone for us and our solutions, which will be deployed in vehicles across EMEA and the Americas, expanding our global reach and demonstrating to a broader audience how our full-stack solutions can be customized for deployment in different markets. Additionally, we integrated DeepSeek into our AutoGPT in-vehicle AI large language model during the quarter to further enhance the in-vehicle experience and keep our automaker partners at the forefront of a rapidly evolving technological landscape. As we look ahead, we remain optimistic about the opportunities presented by the rise of software-defined vehicles. The US$20 million share repurchase program we announced late last year underscores...