ECARX Holdings Inc. said on Thursday it would go public through a merger with a blank-check firm in a deal that values the automobile technology company at $3.82 billion.
The deal with COVA Acquisition Corp. includes a $45 million investment from mobility tech company Geely Holding Group, lidar sensor maker Luminar Technologies Inc. and automotive company Lotus Technology.
It is also supported by $300 million raised by COVA Acquisition in its initial public offering (IPO) in February last year.
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 CEO, and Li Shufu, Geely’s chairman, in 2017.
