![]() ![]() The ride-hailing giant is set to delist from the New York Stock Exchange after proceeding with its IPO last June over Chinese regulators’ objections and becoming a victim of the country’s cybersecurity crackdown. Read more: Chinese Tycoon Li Shufu in Fundraising Push to Boost Auto EmpireĮcarx would be the largest Chinese company to list in the US following Didi’s spectacular failure. ![]() Representatives for Ecarx and Cova Acquisition declined to comment. The deal could be announced as early as Thursday, the people said. The transaction includes a $45 million investment from Li’s automobile giant Zhejiang Geely Holding Group Co., Luminar Technologies Inc. The combined company will be valued at about $3.8 billion in the deal, said the people, asking not to be identified as the information is private. in what would be the largest Chinese listing in the US since Didi Global Inc., according to people with knowledge of the matter. Volvo said its start-up fund gives young enterprises a chance to validate and launch their technologies, as well as providing unique access to Volvo’s own network of automotive and technology partners.(Bloomberg) - Ecarx Holdings Inc., the car technology company backed by billionaire Li Shufu, is going public through a merger with blank-check company Cova Acquisition Corp. This deal was the first from the Gothenburg-based company’s new Volvo Cars Tech Fund, launched in February 2018 to invest in technology start-ups focused on artificial intelligence, electrification, autonomous driving and digital mobility services. Volvo Cars has been working with Luminar already on development and testing of LiDAR technology, which uses pulsed laser signals to detect objects, in its connected and autonomous prototypes. In June 2018, Volvo took a stake in US start-up Luminar, based in California and Florida, to develop sensor technology for autonomous vehicles. Zenseact had struck a deal with Luminar Technologies in 2021 to offer a combination hardware-software system to other automakers. Zenseact received a strategic investment in 2021 from ECARX. The firm also noted that ongoing collaboration discussions between Zenseact and ECARX will continue as planned. Zenseact will continue to remain and operate as a standalone company and lead development of safety-, advanced driver assistance- and autonomous driving technologies for introduction first in Volvo and Polestar cars.” Volvo Cars stated: “With this transaction, Volvo Cars further clarifies and simplifies Zenseact ownership, making the autonomous driving software company a fully owned subsidiary of Volvo Cars. The Sweden-based firm, separated from truck maker Volvo AB since 1999, called the acquisition a “strategic step to owning more of the software powering key functionality going into future cars”, as well as to support its own “strategic direction to be a leader in new technology”. Zenseact, also supplying other automotive brands, will continue as a standalone company, said Volvo Cars. It said it acquired the remaining 13.5 percent of shares in Zenseact from automotive software and hardware company ECARX, co-founded in 2017 by Eric Li, as the company’s kargest investor Li is also the founder and chairman of the China-based Geely automotive group, which retains a majority share in Volvo Cars.ĮCARX’s autonomous driving technology has been integrated into more than 3.2 million cars worldwide during the past three years, a statement said. Swedish car manufacturer Volvo Cars has taken full ownership of its autonomous driving software division Zenseact. ![]()
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