ECARX sells minority stake in HaleyTek to Volvo Cars, will continue to collaborate seamlessly with Volvo Cars and HaleyTek on developing automotive software
ECARX Holdings Inc. has sold its 40% minority stake in HaleyTek AB to Volvo Car . HaleyTek, originally a joint venture between ECARX and Volvo Cars, develops software for Android-powered infotainment systems. Despite the sale, ECARX will continue to collaborate with Volvo Cars and HaleyTek on developing automotive software solutions.
The partnership, established in 2021, has already produced world-leading software for in-vehicle infotainment, enhancing the driving experience in Volvo Cars and Polestar vehicles. Moving forward, ECARX will work directly with Volvo Cars on various projects, building upon HaleyTek's achievements to deliver a wider range of industry-leading solutions.
ECARX Holdings Inc. ha venduto la sua partecipazione di minoranza del 40% in HaleyTek AB a Volvo Car. HaleyTek, originariamente una joint venture tra ECARX e Volvo Cars, sviluppa software per sistemi di infotainment basati su Android. Nonostante la vendita, ECARX continuerà a collaborare con Volvo Cars e HaleyTek nello sviluppo di soluzioni software automotive.
La partnership, stabilita nel 2021, ha già prodotto software di livello mondiale per l'infotainment in auto, migliorando l'esperienza di guida nei veicoli Volvo e Polestar. In futuro, ECARX lavorerà direttamente con Volvo Cars su diversi progetti, facendo leva sui successi di HaleyTek per offrire una gamma più ampia di soluzioni leader nel settore.
ECARX Holdings Inc. ha vendido su participación de minoría del 40% en HaleyTek AB a Volvo Car. HaleyTek, originalmente una empresa conjunta entre ECARX y Volvo Cars, desarrolla software para sistemas de infoentretenimiento basados en Android. A pesar de la venta, ECARX continuará colaborando con Volvo Cars y HaleyTek en el desarrollo de soluciones de software automotriz.
La asociación, establecida en 2021, ya ha producido software líder a nivel mundial para infoentretenimiento en el vehículo, mejorando la experiencia de conducción en los vehículos de Volvo y Polestar. En adelante, ECARX trabajará directamente con Volvo Cars en varios proyectos, aprovechando los logros de HaleyTek para ofrecer una gama más amplia de soluciones líderes en la industria.
ECARX 홀딩스 주식회사는 할리텍 AB의 40% 소수 지분을 Volvo Car에 매각했습니다. 할리텍은 ECARX와 볼보 자동차 간의 합작 회사로, 안드로이드 기반의 인포테인먼트 시스템을 위한 소프트웨어를 개발합니다. 매각에도 불구하고, ECARX는 볼보 자동차 및 할리텍과 계속 협력하여 자동차 소프트웨어 솔루션 개발을 이어갈 것입니다.
2021년에 설립된 이 파트너십은 이미 차량 인포테인먼트를 위한 세계적 수준의 소프트웨어를 생산하여 볼보 및 폴스타 차량의 운전 경험을 향상시켰습니다. 앞으로 ECARX는 다양한 프로젝트에서 볼보 자동차와 직접 협력할 예정입니다, 할리텍의 성과를 바탕으로 산업을 선도하는 더 넓은 범위의 솔루션을 제공할 것입니다.
ECARX Holdings Inc. a vendu sa participation minoritaire de 40 % dans HaleyTek AB à Volvo Car. HaleyTek, initialement un partenariat entre ECARX et Volvo Cars, développe des logiciels pour des systèmes d'infotainment fonctionnant sous Android. Malgré la vente, ECARX continuera à collaborer avec Volvo Cars et HaleyTek sur le développement de solutions logicielles automobiles.
Le partenariat, établi en 2021, a déjà produit des logiciels de renommée mondiale pour l'infotainment en véhicule, améliorant l'expérience de conduite dans les véhicules Volvo et Polestar. À l'avenir, ECARX travaillera directement avec Volvo Cars sur plusieurs projets, s'appuyant sur les réalisations de HaleyTek pour offrir une gamme plus large de solutions leader dans l'industrie.
ECARX Holdings Inc. hat seinen 40% Minderheitsanteil an HaleyTek AB an Volvo Car verkauft. HaleyTek, ursprünglich ein Joint Venture von ECARX und Volvo Cars, entwickelt Software für Android-basierte Infotainmentsysteme. Trotz des Verkaufs wird ECARX weiterhin mit Volvo Cars und HaleyTek an Automobilsoftwarelösungen arbeiten.
Die 2021 gegründete Partnerschaft hat bereits weltweit führende Software für das In-Vehicle-Infotainment hervorgebracht, die das Fahrerlebnis in Volvo- und Polestar-Fahrzeugen verbessert. In Zukunft wird ECARX direkt mit Volvo Cars an verschiedenen Projekten arbeiten und dabei auf den Erfolgen von HaleyTek aufbauen, um eine breitere Palette an branchenführenden Lösungen anzubieten.
- Continued collaboration with Volvo Cars and HaleyTek on automotive software development
- Potential for expanded project scope and wider range of industry-leading solutions
- Successful implementation of infotainment solutions in current Volvo Cars and Polestar vehicles
- Loss of equity stake in HaleyTek joint venture
The sale of ECARX's minority stake in HaleyTek to Volvo Cars marks a significant shift in the automotive software landscape. This move consolidates Volvo's control over its infotainment systems, potentially accelerating development and integration processes. However, the continued collaboration between ECARX and Volvo Cars suggests that the expertise ECARX brings to the table remains valuable.
From a technological standpoint, this restructuring could lead to more streamlined decision-making and resource allocation within HaleyTek. With Volvo Cars now having full ownership, we might see a more focused approach to developing Android-powered infotainment systems tailored specifically to Volvo and Polestar vehicles. This could result in a more cohesive user experience and potentially faster innovation cycles.
The mention of a "wider range of industry-leading solutions" hints at ECARX's expanded role beyond infotainment. This could include advancements in areas such as autonomous driving features, vehicle-to-everything (V2X) communication, or enhanced driver assistance systems. The tech industry should watch closely for any patents or new product announcements resulting from this restructured partnership.
For investors, this move might initially seem like a step back for ECARX, but the continuing strategic partnership suggests a more flexible arrangement that could allow ECARX to diversify its collaborations while maintaining a strong relationship with a major automaker. The key to ECARX's future success will lie in how effectively it can leverage this new dynamic to drive innovation and secure additional partnerships in the automotive sector.
This strategic shift in the ECARX-Volvo Cars partnership reflects broader trends in the automotive industry, where control over software is becoming increasingly crucial. By taking full ownership of HaleyTek, Volvo Cars is positioning itself to have greater control over its digital ecosystem, a move that aligns with the industry's shift towards software-defined vehicles.
For ECARX, while divesting its stake might seem like a loss, the continued collaboration suggests a more agile partnership model. This could potentially allow ECARX to work with a broader range of automakers without the constraints of joint venture structures. The market should pay attention to any new partnerships or collaborations ECARX announces in the coming months, as these could indicate the company's ability to leverage its expertise across the industry.
Investors should note that this move comes amid increasing competition in the automotive software space, with tech giants like Google and Apple making significant inroads. ECARX's ability to maintain its relevance and expand its footprint in this competitive landscape will be important for its long-term prospects.
The emphasis on "seamless collaboration" and a "strategic partnership" in the announcement suggests that both companies see value in maintaining close ties. This could translate into a steady revenue stream for ECARX, albeit potentially with lower margins compared to its previous equity stake. The market will be watching closely for any financial disclosures that shed light on the terms of this new collaboration agreement.
In the broader context, this development underscores the fluid nature of partnerships in the rapidly evolving automotive tech sector. Companies that can adapt quickly and maintain flexibility in their collaborative approaches may be better positioned to thrive in this dynamic environment.
LONDON, Aug. 01, 2024 (GLOBE NEWSWIRE) -- ECARX Holdings Inc. ("ECARX" or "the Company"), a global mobility technology company, announced today that it has sold its minority stake of
ECARX will continue to collaborate with Volvo Cars and with HaleyTek as a fully-owned subsidiary of Volvo Cars, developing technology solutions to enhance the driving experience of automobiles made by Volvo Cars and related brands such as Polestar.
Since the creation of HaleyTek in 2021, ECARX, HaleyTek and Volvo Cars have collaborated to develop a world-leading software stack and computing environment for in-vehicle infotainment solutions, initially aimed at offering a best-in-class experience to the next generation of Volvo Cars and Polestar vehicles. The benefits of this collaboration can already be experienced in vehicles on the road today.
As Volvo Cars takes full ownership of HaleyTek, ECARX will now work directly with Volvo Cars on a range of projects, with the intention of building on HaleyTek's work to deliver a wider range of industry-leading solutions to improve the driving experience. The two companies will continue to partner on joint projects, with seamless collaboration forming a key part of a strategic partnership between Volvo Cars (including HaleyTek) and ECARX on automotive software.
"It was a privilege to establish HaleyTek as a joint venture with Volvo Cars, and this collaboration has delivered an enhanced, more enjoyable and safer experience to drivers, which was our intention from the start," said Ziyu Shen, CEO of ECARX. "We're now looking forward to collaborating directly with Volvo Cars, to continue to deliver a world-class digital cockpit experience."
About ECARX
ECARX (Nasdaq: ECX) is a global automotive technology provider with the capabilities to deliver turnkey solutions for next-generation smart vehicles, from the system on a chip (SoC), to computing platforms and software. As automakers develop new vehicle architectures from the ground up, ECARX is developing full-stack solutions to enhance the user experience, while reducing complexity and cost.
Founded in 2017 and listed on the Nasdaq in 2022, ECARX now has almost 2,000 employees based in 12 major locations in UK, USA, Sweden, China and Germany. To date, ECARX products can be found in over 6.4 million vehicles worldwide.
About Volvo Car Group
Volvo Cars was founded in 1927. Today, it is one of the most well-known and respected car brands in the world with sales to customers in more than 100 countries. Volvo Cars is listed on the Nasdaq Stockholm exchange, where it is traded under the ticker "VOLCAR B".
Forward-looking statements
This release contains statements that are forward-looking statements within the meaning of the U.S. Private Securities Litigation Reform Act of 1995. These statements are based on management’s beliefs and expectations as well as on assumptions made by and data currently available to management, appear in a number of places throughout this document and include statements regarding, amongst other things, results of operations, financial condition, liquidity, prospects, growth, strategies and the industry in which we operate. The use of words “expects”, “intends”, “anticipates”, “estimates”, “predicts”, “believes”, “should”, “potential”, “may”, “preliminary”, “forecast”, “objective”, “plan”, or “target”, and other similar expressions are intended to identify forward-looking statements. These forward-looking statements are not guarantees of future performance and are subject to a number of risks and uncertainties that could cause actual results to differ materially, including, but not limited to statements regarding our intentions, beliefs or current expectations concerning, among other things, results of operations, financial condition, liquidity, prospects, growth, strategies, future market conditions or economic performance and developments in the capital and credit markets and expected future financial performance, and the markets in which we operate. For a discussion of these and other risks and uncertainties that could cause actual results to differ materially from those expressed in any forward-looking statement, see ECARX’s filings with the U.S. Securities and Exchange Commission. ECARX undertakes no obligation to update or revise and forward-looking statements to reflect subsequent events or circumstances, except as required by applicable law.
Investor Contacts:
ir@ecarxgroup.com
Media Contacts:
daniel.griffiths@ecarxgroup.com
FAQ
What stake did ECARX sell in HaleyTek to Volvo Cars?
Will ECARX (ECX) continue to work with Volvo Cars after selling its stake in HaleyTek?
What type of software does HaleyTek develop?
When was the joint venture between ECARX and Volvo Cars to create HaleyTek established?
