ECARX sells minority stake in HaleyTek to Volvo Cars, will continue to collaborate seamlessly with Volvo Cars and HaleyTek on developing automotive software

Core Insights - ECARX Holdings Inc. has sold its 40% minority stake in HaleyTek AB to Volvo Cars, transitioning HaleyTek into a fully-owned subsidiary of Volvo Cars [1][2] - The collaboration between ECARX and Volvo Cars will continue, focusing on developing technology solutions to enhance the driving experience for Volvo and Polestar vehicles [1][2][3] Company Overview - ECARX is a global automotive technology provider, established in 2017 and listed on Nasdaq in 2022, with nearly 2,000 employees across 12 locations [4] - The company specializes in delivering full-stack solutions for next-generation smart vehicles, including system on a chip (SoC), computing platforms, and software [4] - ECARX products are currently integrated into over 6.4 million vehicles worldwide [4] Joint Venture Background - HaleyTek was created in 2021 as a joint venture between ECARX and Volvo Cars to develop software for Android-powered infotainment systems [2] - The collaboration has resulted in a world-leading software stack for in-vehicle infotainment solutions, enhancing the user experience in current Volvo and Polestar vehicles [2] Future Collaboration - With Volvo Cars taking full ownership of HaleyTek, ECARX will work directly with Volvo on various projects to expand upon HaleyTek's developments [2][3] - The strategic partnership aims to deliver a broader range of industry-leading solutions to improve the driving experience [2]