#Luminar ecarx full
#Luminar ecarx plus

Geely also owns EV maker Zeekr, which recently filed for a $1B initial public offering. The EV tech developer counts around a dozen OEM auto brands as clients, including Mercedes-Benz (OTCPK:MBGAF) (OTCPK:MBGYY) and Geely lines Lotus and Proton, along with Mercedes/Geely venture Smart. It said it acquired the remaining 13.

#Luminar ecarx full

In November, ECARX announced it had also entered into an agreement with SPDB International and CNCB Investment for $65M in convertible senior notes due 2025.ĮCARX was co-founded by Eric Li, chairman and founder of Geely Holdings, and Ziyu Shen. Swedish car manufacturer Volvo Cars has taken full ownership of its autonomous driving software division Zenseact.

#Luminar ecarx plus

The deal was expected to generate proceeds of $300M in cash plus $45M in additional capital from strategic partners Geely (OTCPK:GELYF) and Luminar (LAZR) and convertible note holder Lotus Technology. The stock closed at $10.55 on Tuesday, the last session before the merger was completed.ĬOVA and ECARX announced plans to merge in May through a deal that estimated the pre-money equity value of ECARX at $3.4B. The stock closed at $9 on Thursday.ĮCARX shares debuted on Wednesday, ending their first session slightly higher at $10.75.

Shares of ECARX opened at $9.15, sliding to a low of $7.56 in early trading before climbing to a high of $10.39 mid-morning.

(COVA), which is backed by the chairman of Chinese auto giant Geely. The planned listing is also supported by $300 million raised by COVA in its initial public offering (IPO) in February last year.Ī blank-check firm, or a special purpose acquisition company (SPAC), is a listed shell entity that uses the money raised in its IPO to merge with a private company, taking it public in the process.Newly public EV technology developer ECARX (NASDAQ:ECX) stock dropped 16% Thursday in the wake of its $3.8B merger with SPAC COVA Acquisition Corp. The partnership intends to enable advanced safety and automated. The company was founded by Ziyu Shen, its chief executive officer, and Li Shufu, Geely's chairman, in 2017. Luminar Technologies Inc LAZR has partnered with the mobility tech company ECARX to collaborate on automotive grade technologies.

With facilities in China and Europe, ECARX focuses on technology used in car chips, high-definition maps and smart vehicles. Zenseact received a strategic investment in 2021 from ECARX where it asked for 15 shareholding in the software company. ORLANDO, Fla. Luminar (NASDAQ: LAZR), a leading global automotive technology company, announced today it's teaming up with ECARX, a global mobility tech company, to collaborate on automotive grade technologies with the intent to enable advanced safety and automated driving capabilities in the production of consumer vehicles and commercial trucks. 'As things are successful, I don't think it would be surprising if we ultimately collaborate even more, invest even more, as this partnership scales,' he told Reuters. Geely, Luminar & Lotus Tech will invest 45 mn. Luminar CEO Austin Russell told Reuters that the California-based startup will be investing $15 million in ECARX in a bid to break into the Chinese car market, the world's biggest, and tap customers such as Geely. chinese auto tech startup ecarx backed by billionaire li shufu on thursday said it will go public through. The deal with COVA Acquisition Corp includes a $45 million investment from mobility tech company Geely, lidar sensor maker Luminar Technologies Inc and automotive company Lotus Technology. Luminar CEO Austin Russell told Reuters that the California-based startup will be investing 15 million in ECARX in a bid to break into the Chinese car market, the world's biggest, and tap.