acted as capital markets advisor to COVA Acquisition Corp., and Orrick, Herrington & Sutcliffe acted as its legal counsel. Overnight on Wall Street is daytime in Asia. Skadden, Arps, Slate, Meagher & Flom acted as international legal counsel to ECARX. Live market coverage co-anchored from Hong Kong and New York. UBS AG Hong Kong Branch, Morgan Stanley Asia Limited and China International Capital Corporation acted as joint financial advisors to ECARX. The deal had support from $45 million in additional capital from strategic partners, Geely Holding Group and Luminar, and convertible note holder Lotus Technology.Ĭhina-based ECARX develops hardware and software solutions for connected, automated and electrified mobility, which it supplies to the global automotive industry Shares and warrants began trading today on the Nasdaq under the symbols ECX and ECXWW.ĬOVA in an 8-K filing disclosed that 29,379,643 shares were redeemed in connection with the shareholder vote on the merger, representing nearly 98% of the SPAC’s cash in trust. The combined company will retain the ECARX name. Information please visit Holdings, a global mobility tech company, and COVA Acquisition today announced the completion of their merger. Partners NVIDIA and Intel’s Mobileye, Luminar is poised to be the first automotive technology company to enable next-generation safety and autonomous capabilities for production vehicles. From Volvo Cars and Mercedes-Benz for consumer vehicles and Daimler Trucks for commercial trucks, to tech Its more than 50 industry partners, including the majority of global automotive OEMs. For the past decade, Luminar has built an advanced hardware and software platform to enable Luminar is a global automotive technology company ushering in a new era of vehicle safety and autonomy. “This collaboration with Luminar will help rapidly advance the scale up of both our technologies.”Įarlier this week, Luminar also announced the addition of Jackie Chen to run the expansion of Luminar’s business in China. “ECARX is developing a full-stack automotive computing platform to underpin intelligent electric vehicles capable of unsupervised highway driving, that seamlessly integrate with the user’s existingĭigital ecosystem,” said Ziyu Shen, CEO of ECARX. Technologies and driving capabilities on series production vehicles. Perjanjian Luminar Inks dengan Geely’s Ecarx. Technology on a variety of production vehicle platforms in this fast-paced market where demand is rapidly growing for vehicles defined by their technical capabilities,” said Austin Russell, Founderīy integrating Luminar’s long-range lidar and software with ECARX’s suite of automotive intelligence products, automakers in China and beyond will have an accelerated path to deploy advanced safety Luminar, the Florida-based lidar company that went public via SPAC in 2020, has formed a close alliance with an auto behemoth in China. Pada 22 Julai, Ecarx, sebuah syarikat permulaan automotif yang diasaskan bersama oleh pengasas pembuat kereta swasta China Geely, Eric Li. This collaboration will better position Luminar to expand deployment of our “ECARX has earned an esteemed reputation and strong track record of success in the world’s largest auto market, China. Of the collaboration, Luminar is making a strategic stock-based investment in ECARX. Long-range lidar and software in the market and beyond through ECARX’s deep connection with Geely and the Geely ecosystem, comprising some of the world’s most reputable automotive brands. The collaboration will help Luminar to accelerate deployment of its industry-leading The partnership will further strengthen Luminar’s presence in China, the world’s largest automotive market. Luminar's Iris sensor (Photo: Business Wire)
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