Recent Investment from Geely Supports Infrastructure Build Out for ECARX Holdings (ECX)

ECARX Holdings Inc. (NASDAQ:ECX) is one of the best stocks under $3 to invest in. On January 12, Chinese car maker Geely Investment Holding Ltd. agreed to invest $45.6 million into ECARX Holdings Inc. (NASDAQ:ECX), through the purchase of 27,297,002 newly issued Class A ordinary shares of ECARX at $1.67 per share. The transaction is expected to close soon, subject to customary conditions, and the purchased shares will be subject to a six-month lock-up period.

ECARX Holdings (ECX) Received $45.6M Investment from Geely

“Following the two project wins from Volkswagen Group last year and our deepened strategic partnership with Lotus Tech, this investment will support the build out of our R&D hub in Germany and infrastructure across key growth markets in South America and Southeast Asia, providing us with the R&D, delivery, and supply chain capabilities to fuel our global expansion,” ECARX Holdings Inc. (NASDAQ:ECX) Chief Executive Officer and Chairman Ziyu Shen said in a statement about the transaction.

ECARX Holdings Inc. (NASDAQ:ECX) is an automotive computing platform builder, focused on building technology for smart mobility in China and internationally. Its core products include infotainment head units, autonomous driving control units, digital cockpits, vehicle chip-set solutions, core operating systems, and an integrated software stack.

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Disclosure: None. This article is originally published at Insider Monkey.