Ecarx, Geely Agree to 3-Year R&D, Components Deal

MT Newswires Live

2024/11/19

Ecarx (ECX) said Monday it agreed to a components procurement, and research and development services deal with Geely Automobile, Zhejiang HUANFU and Hangzhou Langge.

Under the agreement, Geely will purchase automobile components and R&D services from Ecarx, Zhejiang HUANFU and Hangzhou Langge, for three years ending Dec. 31, 2027.

Ecarx said the agreement has aggregated annual caps of 6.39 billion renminbi ($883 million), 6.43 billion renminbi and 6.49 billion renminbi for 2025, 2026 and 2027, respectively.

The company shares were up 5.6% in recent after-hours activity.

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