Luxury electric vehicle provider Lotus Technology Inc. has entered into a share subscription agreement with mobility technology company ECARX Holdings, according to a news release issued Monday. Under the agreement, ECARX will purchase approximately 16.8 million newly issued shares of Lotus Technology at $1.37 per share, for a total investment of $23 million.
The move is intended to expand and strengthen the existing relationship between the two companies, evolving it into a more integrated global partnership.
“This investment strengthens our long-standing partnership with ECARX, a pivotal collaborator in our mission to redefine in-vehicle intelligence. This strengthened partnership underscores the deepened global collaboration with ECARX and our shared unwavering commitment to accelerate innovation of next-generation intelligent cockpit ecosystems to deliver unparalleled AI-driven experiences. It also demonstrates a strong vote of confidence in our long-term value creation for shareholders,” Qingfeng Feng of Lotus Technology said in a statement
