![]() ![]() more than a decade ago to become the world’s largest car market?Īccording to its materials, Ecarx has more than 2,000 employees globally and a product development center in Sweden. ![]() So, who exactly is this company and what is its connection to China, which passed the U.S. photo editing software maker Luminar, with Geely-owned Lotus Technology and two Hong Kong investors supplying funds through their purchase of convertible notes. An additional $110 million has been pledged by strategic partners Geely Holding Group, one of China’s top car makers, and U.S. The transaction will value the new listed entity at about $3.82 billion, which includes $300 million in cash currently held by Cova. If all goes according to plan, the company, which is officially based in London but has strong links to China, expects to complete its listing and start trading on the Nasdaq by year-end. ![]() That brings it one step closer towards becoming a publicly traded company on the Nasdaq, with Cova shareholders set to vote on the deal Dec. (COVA.US) has been declared effective by the U.S. listing plan using a special purpose acquisition company (SPAC) called Cova Acquisition Corp. The company in the driver’s seat this time is Ecarx Holdings Inc., which said on Monday that the registration statement for its previously announced U.S. SEE ALSO: ECARX to Go Public in $3.82B Merger With COVA AcquisitionĪustin Russell, founder and CEO of Luminar, talked about the company’s aspirations: “The demand for vehicles defined by technical functions in the Chinese market is growing rapidly, and this cooperation will help Luminar better expand our technology in this fast-growing market.Start your engines: A new “made in China” option for investors looking to tap a developing market for car-based technology powering everything from entertainment systems to digital cockpits is zooming down the pipeline en route to a U.S. As part of this cooperation, Luminar will make a strategic equity investment in Ecarx. This deal will further strengthen Luminar’s influence in China, the world’s largest automobile market, and accelerate the deployment of Luminar’s long-range lidar in China and the global market through the close connection between Ecarx and Geely. ![]() Through the integration of Luminar’s long-range lidar with Ecarx’s automotives, automakers in China and around the world will be able to deploy advanced safety technology and driving functions on mass production models much faster than before. Over the past ten years, Luminar has established advanced hardware and software platforms, empowering more than 50 industry partners including many global automakers.Įcarx builds the cornerstone of vehicle-mounted high-performance computing platform with SoC (System on Chip) computing modules, and provides intelligent travel experiences with vehicle-mounted operating systems. Luminar is a global automotive technology company. The collaboration on automotive-grade technologies aims to enable advanced safety and automated driving capabilities in the production of consumer vehicles and commercial trucks. On July 22, Ecarx, an auto startup co-founded by Eric Li, founder of China’s private automaker Geely, announced that it had formed an alliance with Luminar, a Florida-based lidar company. ![]()
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