Business
ECARX completes first market raise since 2022 Nasdaq listing; will use the funds to accelerate global expansion
Intelligent automotive technology leader to build on successful Q4, new business partnerships and market momentum with new funding, improving global
About this update from Ecarx Holdings Inc.
[{"type":"text","content":"Intelligent automotive technology leader to build on successful Q4, new business partnerships and market momentum with new funding, improving global capabilities\nLONDON, April 01, 2025 (GLOBE NEWSWIRE) -- ECARX (Nasdaq: ECX), a leading global mobility technology company, has announced the completion of an underwritten public offering generated by the sale of new Class A Ordinary Shares for gross proceeds totalling USD 45 million. This is the first market raise for ECARX since its public listing on the Nasdaq in December 2022. Despite continuing geopolitical disruptions in automotive markets, and increased US market volatility impacting other market deals, the offer was fully subscribed and closed successfully on March 31 as planned. The funds will accelerate ECARX’s global expansion, and the deployment of further global R&D, supply chain management and manufacturing capability. Founded in 2017, ECARX now has global locations in Gothenburg, Stuttgart, San Diego and Kuala Lumpur, with an operations center in London, and further plans to expand with an office in Singapore. The raise comes after the company’s 2024 earnings announcement, which highlighted the progress made by ECARX since its listing, through a strategy of technological innovation and global expansion. ECARX reported an 18% year-on-year increase in revenue and a 33% year-on-year increase in shipments in 2024, and a new program awarded at the end of 2024 from a global automaker. Alongside commercial progress, ECARX also improved its financial performance, delivering breakeven EBITDA in the final quarter of 2024, and expressed confidence in delivering positive EBITDA in full year 2025. ECARX technology and innovations enable and accelerate the future of the software-defined vehicle, empowering OEMs to enhance the user experience, with full-stack solutions encompassing innovative intelligent cockpit features, assisted and autonomous driving, and AI-enriched features. Ziyu Shen, Chairman and CEO of ECARX, said: “2024 saw ECARX achieve significant revenue growth, and growth across our global markets. This funding will allow us to increase our global momentum into 2025 and beyond. “We will continue our global expansion by building R&D, supply chain and manufacturing, creating a complete worldwide value chain, with the intention of generating more than half our revenue from...