ECARX Holdings, a Chinese auto tech startup backed by Geely Holding Group's chairman, on Thursday said it would go public through a merger with a blank-check firm in a deal that values it at $3.82 billion.
Chinese listings in the United States have been frozen for months, as Beijing and U.S. regulators have been locked in a dispute over the latter's demand for complete access to the books of U.S-listed Chinese companies.
The deal with COVA Acquisition Corp includes a $45 million investment from mobility tech company Geely, lidar sensor maker Luminar Technologies Inc and automotive company Lotus Technology.
Luminar CEO Austin Russell told Reuters that the California-based startup will be investing $15 million in ECARX in a bid to break into the Chinese car market, the world's biggest, and tap customers such as Geely.
"As things are successful, I don't think it would be surprising if we ultimately collaborate even more, invest even more, as this partnership scales," he told Reuters.
With facilities in China and Europe, ECARX focuses on technology used in car chips, high-definition maps and smart vehicles. The company was founded by Ziyu Shen, its chief executive officer, and Li Shufu, Geely's chairman, in 2017.
The planned listing is also supported by $300 million raised by COVA in its initial public offering (IPO) in February last year.
A blank-check firm, or a special purpose acquisition company (SPAC), is a listed shell entity that uses the money raised in its IPO to merge with a private company, taking it public in the process.
2022 Mahindra Scorpio-N India Launch Highlights: The all-new Mahindra Scorpio-N has made its global debut in India today, i.e. on June 27, 2022. It is one of the most anticipated SUVs of the year. The prices of the manual variants of the new Scorpio-N start at Rs 11.99 lakh and they go up to Rs 19.49 lakh, ex-showroom. Mahindra will reveal the prices of its 4X4 and automatic variants in July.
Bookings for the same will begin on July 30 while the deliveries will commence during the festive season. Test drives will start on 5th July in 30 tier-I cities and in the rest of the country by 15th July 2022. The all-new Mahindra Scorpio-N is leaps and bounds better than its predecessor. While most SUVs in this segment use a monocoque chassis, the Scorpio-N is based on a ladder-frame platform for better off-roading abilities.
It shares its powertrains with the XUV700. The SUV gets a 2.0-litre mStallion turbocharged petrol motor that develops 197 bhp & 380 Nm and a 2.2-litre mHawk diesel engine that churns out up to 173 bhp & 400 Nm, depending on the variant. Transmission options include a 6-speed manual gearbox and a 6-speed torque-converter AT with Mahindra’s new 4 XPLOR 4WD system. In terms of features, Mahindra’s new-age SUVs are quite feature-rich and the same is true for the Scorpio-N as well.
It sports an Adrenox-powered large 8.0-inch touchscreen infotainment system with wireless Android Auto, Apple CarPlay connectivity, 70+ connected car tech features, an electric sunroof, Sony’s premium sound system, dual-zone climate control, and more. This SUV will be available in a total of five variants, namely Z2, Z4, Z6, Z8, and Z8 L. The new Mahindra Scorpio-N will rival the likes of the Tata Safari, Mahindra XUV700, MG Hector Plus, etc.
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