Financial Performance - In 2022, ECARX reported total revenues of RMB 3,561.994 million, a decrease from RMB 2,779.063 million in 2021[44][46]. - The gross profit for 2022 was RMB 993.879 million, compared to RMB 817.063 million in 2021, indicating an increase in gross profit margin[44][46]. - Operating expenses in 2022 amounted to RMB 2,622.100 million, up from RMB 1,817.241 million in 2021, reflecting a significant increase in operational costs[44][46]. - The net loss for 2022 was RMB 1,607.146 million, compared to a net loss of RMB 1,176.758 million in 2021, indicating a worsening financial position[44][46]. - The company reported a comprehensive loss of RMB 1,999.080 million for 2022, compared to RMB 1,172.207 million in 2021, indicating increased financial challenges[44][46]. - The company incurred net losses of RMB1,176.8 million, RMB1,607.1 million, and RMB1,015.2 million (US$143.0 million) in 2021, 2022, and 2023, respectively, and has not been profitable since inception[92]. - Negative cash flows from operating activities were RMB907.3 million, RMB461.3 million, and RMB1,243.4 million (US$175.1 million) in 2021, 2022, and 2023, respectively[92]. Capital Structure and Funding - ECARX Holdings made advances totaling $478.5 million in 2021 and $50.9 million in 2022 to its subsidiaries, with additional loans provided in various amounts[32]. - In 2023, ECARX Technology Limited repaid $119.3 million to ECARX Holdings, while ECARX Holdings made advances of $115.0 million to ECARX Group Limited[32]. - Capital contributions from ECARX Technology Limited included $250.0 million to ECARX (Wuhan) Technology Co., Ltd. in 2021 and $60.0 million to ECARX (Hubei) Tech Co., Ltd. in 2023[33][35]. - The company reported a net cash provided by financing activities of RMB 657,767 thousand, including proceeds from the issuance of Series B Convertible Redeemable Preferred Shares of RMB 159,485 thousand[55]. - The company generated net cash from financing activities amounting to $2,122,792 thousand, primarily from the issuance of Convertible Redeemable Preferred Shares totaling $3,222,206 thousand[57]. Regulatory Environment - The company is subject to the Holding Foreign Companies Accountable Act, which could impact its ability to trade on U.S. exchanges if audit reports are not compliant[22]. - The PRC government has increased scrutiny over overseas listings, which may affect future capital raising efforts by ECARX Holdings[26]. - The PCAOB has not issued any new determinations regarding its ability to inspect registered public accounting firms in mainland China and Hong Kong since December 2022[22]. - The PRC government is increasing oversight on overseas offerings by China-based companies, with new regulations effective from March 31, 2023[190]. - Approval from the CSRC or other PRC government authorities may be required for business combinations and overseas listings, with uncertainty regarding the timing and possibility of obtaining such approvals[188]. Operational Challenges - The company faced significant challenges in a fast-developing industry, impacting its ability to predict future revenues and manage expenses effectively[71]. - The automotive intelligence industry is highly competitive, and the company may not be successful in maintaining its market position[63]. - Supply chain disruptions, particularly in semiconductor manufacturing, could materially affect production and profitability due to ongoing global chip shortages[79]. - The company cannot assure that its technologies will achieve market acceptance or that it can successfully commercialize its automotive intelligence technologies[74]. - The company faces risks associated with international operations, including political conditions, regulatory changes, and cultural differences, which may impact financial results[100]. Data Security and Compliance - The company has initiated a process to transfer personal data rights to Zhejiang Huanfu Technology Co., Ltd. to comply with tightened data security regulations[30]. - The company is subject to complex laws regarding cybersecurity and data protection, with potential breaches posing risks to its reputation and financial condition[123]. - The company has implemented advanced security measures to prevent data breaches, but these measures may still be vulnerable to evolving threats[125]. - The company incurs significant expenses to comply with privacy and data protection standards, which could increase due to changes in laws or regulations[133]. - The company completed the transfer of personal data processing rights to Zhejiang Huanfu Technology Co., Ltd. in December 2021, limiting its mainland China subsidiaries' access to personal data[129]. Strategic Relationships and Market Dependency - The company has a concentrated customer base, with key customers including subsidiaries of Geely Holding, which poses risks to its operations[63]. - Sales to Geely Holding and its subsidiaries accounted for 70.4%, 67.0%, and 78.9% of total revenues for the years ended December 31, 2021, 2022, and 2023, respectively[95]. - The company relies on strategic business relationships for growth, and any adverse changes in these partnerships could harm its business[106]. - The company derives substantially all of its revenues from China, making it highly sensitive to economic conditions in China and globally[148]. Intellectual Property and Innovation - The company relies on a combination of legal protections to safeguard its intellectual property, which may not be fully effective[165]. - The company’s patent rights may not protect it effectively due to potential expiration and challenges in enforcement[167]. - As of December 31, 2023, the company holds 563 registered patents and has 557 pending patent applications globally[168]. - The company relies on proprietary information, including trade secrets and know-how, to protect intellectual property that may not be patentable[169]. Human Resources and Talent Management - The company relies heavily on its executive officers and key employees, and losing their services could disrupt operations and adversely affect financial results[140]. - The company faces intense competition for talent in automotive intelligence technologies, which may hinder its ability to attract and retain qualified staff[141].

SHANGHAI, China, March 20, 2024 (GLOBE NEWSWIRE) -- ECARX Holdings Inc. (NASDAQ:ECX) ("ECARX" or the "Company"), a global mobility technology provider, today held its second Tech Day at the Hangzhou E-Sports Center, where it unveiled several ground-breaking automotive intelligence solutions and ecosystem advancements. ECARX hosted leaders from Chinese and global vehicle brands and ecosystem partners including FAW Group, Geely Group, Polestar, Volvo, Lynk & Co., smart, Microsoft, Qualcomm, and Lianyou Zhilia ...

SHANGHAI, China, March 04, 2024 (GLOBE NEWSWIRE) -- ECARX Holdings Inc. (NASDAQ:ECX) ("ECARX" or the "Company"), a global mobility tech provider, today highlighted how it is driving its global expansion through its robust research and development (R&D) capabilities and its expanding catalog of international accreditations. This approach has led to the deployment of ECARX solutions in over 6 million vehicles worldwide from 16 global automotive OEMs and 25 brands to date. ECARX has consistently prioritized in ...

Fourth Quarter and Full Year 2023 Financial Results February 28, 2024 Disclaimers Forward-Looking Statements This presentation contains statements that are forward-looking statements within the meaning of the U.S. Private Securities Litigation Reform Act of 1995. These statements are based on management's beliefs and expectations as well as on assumptions made by and data currently available to management, appear in a number of places throughout this document and include statements regarding, amongst other ...

ECARX Holdings Inc. (NASDAQ:ECX) Q4 2023 Earnings Conference Call February 28, 2024 8:00 AM ET Company Participants Rene Du - Investor Relations Ziyu Shen - Chairman and Chief Executive Officer Peter Cirino - Chief Operating Officer Phil Zhou - Chief Financial Officer Conference Call Participants Derek Soderberg - Cantor Fitzgerald Chang Xing - CICC Megan Jin - Macquarie Michelle Liu - HSBC Operator Good day and thank you for standing by. Welcome to the ECARX Fourth Quarter and Full Year 2023 Earnings Confe ...

Company Overview - ECARX Holdings, Inc. is a global mobility tech provider specializing in automotive technology solutions for next-generation smart vehicles [3] - The company was founded in 2017 and went public on Nasdaq in 2022, currently employing over 2,000 people across 11 major locations worldwide [4] - ECARX's co-founders include Ziyu Shen and Eric Li, the latter being the founder and chairman of Zhejiang Geely Holding Group, which has interests in several global automotive brands [4] Financial Results Announcement - ECARX will report its financial results for the fourth quarter and full year ended December 31, 2023, on February 28, 2024, before the U.S. market opens [1] - An earnings conference call will be held on the same day at 8:00 am EST, where management will discuss the results and answer questions from analysts and institutional investors [1][2] Product and Market Position - ECARX develops full-stack solutions that enhance user experience while reducing complexity and cost for electric vehicle architectures [3] - The company's products are currently integrated into over 5.6 million vehicles globally, indicating a significant market presence [4]

LONDON, Jan. 05, 2024 (GLOBE NEWSWIRE) -- ECARX Holdings Inc. (NASDAQ:ECX) ("ECARX" or the "Company"), a global mobility tech provider, today announced the appointment of Mr. Tan Su as a director of the Company, effective on January 5, 2024, to replace Mr. Zhenyu Li, who has tendered his resignation as a director of the Company effective on the same day due to personal reasons. Mr. Su has served as general manager of Baidu's Apollo Intelligent Automobile Department since 2023 and is fully responsible for th ...

SHANGHAI, China, Dec. 28, 2023 (GLOBE NEWSWIRE) -- ECARX Holdings Inc. (NASDAQ:ECX) ("ECARX"), a global mobility technology provider, today announced that pursuant to a shareholders' agreement dated November 16, 2023, a joint venture has been established between ECARX and smart, the new-premium intelligent all-electric auto brand, through their respective subsidiaries. The joint venture, smart (Zhejiang) Software Technology Co., Ltd. ("smart Software Technology"), aims to drive the development of industry-l ...

Core Insights - ECARX Holdings Inc. has entered a strategic partnership with Black Sesame Technologies to enhance the development of advanced driver-assistance systems (ADAS) and foster an integrated intelligent driving ecosystem [1][2] - The collaboration will involve sharing supply chain information and jointly developing demonstration models to accelerate innovation and promote the adoption of intelligent driving solutions [2] - ECARX aims to leverage Black Sesame's capabilities to create synergies that will drive innovation and transformation in the global automotive industry [2] Company Overview - ECARX is a global automotive technology provider specializing in turnkey solutions for next-generation smart vehicles, including system on a chip (SoC) and central computing platforms [3] - Founded in 2017 and listed on Nasdaq in 2022, ECARX has over 2,000 employees across 11 locations worldwide and has products in over 5.6 million vehicles [4] - Black Sesame Technologies is recognized for its automotive-grade computing SoCs and intelligent vehicle solutions, focusing on autonomous driving and advanced functionalities [5]

ECARX Holdings Inc. (NASDAQ:ECX) Q3 2023 Earnings Conference Call November 9, 2023 8:00 AM ET Company Participants Renee Du - Head of Investor Relations Ziyu Shen - Co-Founder, Chairman & Chief Executive Officer Peter Cirino - Chief Operating Officer Phil Zhou - Chief Financial Officer Conference Call Participants Derek Soderberg - Cantor Fitzgerald Renee Du Good morning and welcome to our Third Quarter 2023 Earnings Conference Call. With me today are ECARX Chairman and Chief Executive Officer; Ziyu Shen, C ...