LithiumBank Resources

ECARX Strengthens Strategic Partnership with Tencent to Jointly Develop Intelligent Vehicle Solutions

05 June 2024

SHANGHAI, China, June 05, 2024 (GLOBE NEWSWIRE) -- ECARX Holdings Inc. (Nasdaq: ECX) (“ECARX” or the “Company”), a global mobility tech provider, announced today that it has strengthened its partnership with Tencent Smart Transportation (“Tencent”), the smart mobility division of Tencent Holdings Limited (HKEX: 0700), to jointly develop intelligent driving and cockpit solutions.

This enhanced strategic partnership will seamlessly integrate ECARX's cutting-edge automotive intelligence solutions with Tencent's robust suite of technologies and services in big data, cloud computing, artificial intelligence, mapping services, and infotainment ecosystems.

Significantly enhancing the existing partnership formed back in 2019, both parties will initially focus on improving the intelligent driving experience and cockpit by integrating Tencent’s fully cloud-based “lightweight” maps and broader ecosystem of apps and services. In tandem, ECARX and Tencent will develop a sophisticated platform to train and operate automotive intelligence large language models (LLM) to drive the evolution of intelligent cockpits for a broader range of automakers globally.

Ziyu Shen, Co-founder, Chairman, and CEO of ECARX, commented, "Deepening our collaboration with Tencent marks a pivotal milestone for ECARX as we further expand our unique ecosystem of partnerships to grow our customer base and drive technical innovation. Working with Tencent to develop and integrate a robust suite of technologies and services will set a new benchmark for the industry and elevate the user experience to new levels."

About ECARX
ECARX (Nasdaq: ECX) is a global automotive technology provider with the capabilities to deliver turnkey solutions for next-generation smart vehicles, from the system on a chip (SoC), to central computing platforms, and software. As automakers develop new electric vehicle architectures from the ground up, ECARX is developing full-stack solutions to enhance the user experience, while reducing complexity and cost.

Founded in 2017 and listed on the Nasdaq in 2022, ECARX now has over 2,000 employees based in 12 major locations in China, UK, USA, Sweden, Germany, and Malaysia. The co-founders are two automotive entrepreneurs, Chairman and CEO Ziyu Shen, and Eric Li (Li Shufu), who is also the founder and chairman of Zhejiang Geely Holding Group — with ownership interests in global brands including Lotus, Lynk & Co, Polestar, Smart, and Volvo Cars. ECARX also works with other well-known automakers, including FAW and Dongfeng Peugeot-Citroën. To date, ECARX products can be found in over 6.4 million vehicles worldwide.

Forward-Looking Statements
This release 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 things, results of operations, financial condition, liquidity, prospects, growth, strategies, and the industry in which we operate. The use of words “expects,” “intends,” “anticipates,” “estimates,” “predicts,” “believes,” “should,” “potential,” “may,” “preliminary,” “forecast,” “objective,” “plan,” or “target,” and other similar expressions are intended to identify forward-looking statements. These forward-looking statements are not guarantees of future performance and are subject to a number of risks and uncertainties that could cause actual results to differ materially, including, but not limited to, statements regarding our intentions, beliefs or current expectations concerning, among other things, results of operations, financial condition, liquidity, prospects, growth, strategies, future market conditions or economic performance and developments in the capital and credit markets and expected future financial performance, and the markets in which we operate.

For a discussion of these and other risks and uncertainties that could cause actual results to differ materially from those expressed in any forward-looking statement, see ECARX’s filings with the U.S. Securities and Exchange Commission. ECARX undertakes no obligation to update or revise and forward-looking statements to reflect subsequent events or circumstances, except as required by applicable law.

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