Geely acquires 1.51% stake in ECARX for USD50 mil

Geely Auto has announced a strategic investment deal worth USD50 million (RM208 million) to acquire a stake of approximately 1.51% in ECARX. The move will see both companies work even more closely to develop intelligent vehicle solutions involving cockpit and vehicle operating systems, software, autonomous drive solutions and also system on a chip (SoC).

Founded in 2016 by Li Shufu (chairman and founder of Zhejiang Geely Holding) and Shen Ziyu (CEO of ECARX), the tech company is responsible for the Geely Smart Ecosystem, otherwise known as GKUI, which is found on vehicles like the Boyue SUV.

ECARX has offices in the cities of Hangzhou, Beijing, Shanghai, Wuhan and Dalian in China, as well as in Gothenburg, Sweden. It also has a local presence here in Malaysia, as it is part of the ACO Tech joint venture together with Altel Communications and Proton, providing support for the connected features available in the X70, X50, Iriz and Persona.

More recently, in March, ECARX announced that it will be part of a joint venture with Volvo Cars to develop and commercialise infotainment system platforms, which will benefit both parties as well as the wider Geely group of companies. This collaboration will focus on infotainment systems based on the Android Automotive operating system with Google apps and services built-in.

The post Geely acquires 1.51% stake in ECARX for USD50 mil appeared first on Paul Tan's Automotive News.

from Paul Tan's Automotive News
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