Ecarx signs components procurement and r&d services agreement with geely auto

Shanghai, nov. 18, 2024 (globe newswire) -- ecarx holdings, inc. (nasdaq: ecx) (“ecarx”), a global mobility tech provider, today announced that, on november 14, 2024, it entered into a components procurement and r&d services agreement with geely automobile holdings limited (hkex: 0175) (“geely auto”), zhejiang huanfu and hangzhou langge (the “components procurement and r&d services agreement”), pursuant to which geely auto agrees to, subject to certain conditions set forth therein, purchase automobile components and r&d services from the company, zhejiang huanfu technology co., ltd. and hangzhou langge technology co., ltd. (collectively, the “supplier group”) to further enhance the driving technology system for new energy vehicles of geely auto. the agreement has a term of three years and ends on december 31, 2027. the aggregated annual caps covered by the components procurement and r&d services agreement – totaling rmb6,387.281 million, rmb6,430.855 million and rmb6,489.889 million for the supplier group for 2025, 2026 and 2027, respectively – will be exempt from the requirement of the approvals of independent shareholders of geely auto pursuant to the rules governing the listing of securities on the stock exchange of hong kong limited (the “listing rules”); and the parties are not restrained from transacting beyond the exempt amounts under this agreement as long as geely auto has complied with the requirements under the listing rules. the rights and obligations of the parties to the agreement are subject to the fulfilment (or waiver, as applicable) of various conditions precedent.
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