Ecarx hat in der ersten Quartalsbilanz beeindruckende Ergebnisse erzielt und die zweite Wachstumskurve auf dem globalen Markt begonnen.
On April 30, ECARX Technologies released its financial report for the first quarter of 2025.
Data shows that in the first quarter, ECARX's operating income reached 1.22 billion yuan, a year - on - year increase of 30%; the gross profit was 240 million yuan, a year - on - year increase of 19%, and the gross profit margin remained stable at 20%.
Overall, ECARX Technologies delivered an overall upward performance this quarter. On the basis of achieving profitability in the fourth quarter of 2024, the company's performance continued to improve steadily, with both the shipment volume and the vehicle installation volume rising. More importantly, with the synergy of technological innovation, mass production and delivery, and global layout, ECARX is opening up a brand - new "second growth curve".
Second growth curve chart
According to the "Enterprise Cycle Theory" proposed by the famous British management scholar Charles Handy, if leading enterprises in the industry want to avoid falling into the "Nokia - style dilemma", they must constantly look for the "second growth curve". Especially during the critical period of industrial transformation, after an enterprise enters its first maturity stage, whether it can choose new business goals and build new growth logic is the key to achieving sustainable development.
After achieving full - scale profitability in Q4 last year, ECARX Technologies has reached a new starting point. From this quarter's financial report, the globalization goal that ECARX Technologies has been emphasizing, as well as its breakthroughs in technology and performance, have become the core of its second growth curve and the key to understanding the future "incremental space".
As Shen Ziyu, co - founder, chairman & CEO of ECARX, said, "The 30% year - on - year increase in revenue this quarter proves that we have the ability to significantly improve profitability while achieving business growth. Despite the huge challenges in the market environment, our gross profit margin remains stable at 20%, indicating our achievements in optimizing product costs, implementing supply chain strategies, and improving operational efficiency."
01. Continuing High - speed Growth with Unchanged Technological Innovation Foundation
In the first quarter of 2025, ECARX Technologies achieved an operating income of 1.22 billion yuan, a year - on - year increase of 30%. The rapid growth of revenue was due to the strong market demand for computing platforms such as the Antora series and the Tianqiong series, which drove the global shipment volume to continue to grow significantly this quarter. According to the financial report, the company's shipment volume reached 684,000 units this quarter, a year - on - year increase of 81%.
Behind the market recognition is mainly ECARX Technologies' full - stack hardware and software and engineering capabilities. The hardware - software combination of the Antora series and Yunshan has become ECARX Technologies' new flagship product. Currently, the single - SoC computing platform with integrated cabin and parking functions has been implemented in models such as Geely Galaxy E5, Lynk & Co Z20, and Geely Galaxy Xingyao 8. The improved user experience and the reduced overall cost brought by the integrated cabin and parking functions are irresistible advantages for car - makers aiming for high - volume production.
Recently, ECARX Technologies also announced the successful and stable real - vehicle test of the integrated cabin, driving, and parking function of the Antora 1000 SPB central computing platform combined with Yunshan. It is reported that this solution can reduce the BOM cost by about 20% compared with traditional solutions.
In the field of intelligent driving, the ECARX Tianqiong series has been applied in cross - brand and multiple models. Since 2023, Tianqiong Pro has been mass - produced and installed in Lynk & Co 08 and 07, supporting urban/high - speed NOA and full - scenario parking, and has been recognized by the market. As a hardware base, Tianqiong Pro helps the "Qianli Haohan" intelligent assisted driving system installed in the main versions of Galaxy E8 and Xingyao 8 achieve high performance and reliability. In addition, the Tianqiong platform has been selected for multiple models of FAW Hongqi, providing key support for the "equalization of intelligent driving" in the industry.
Meanwhile, ECARX continues to strengthen the construction of the global technological ecosystem through cooperation. Recently, it announced a deepened cooperation with Qualcomm to expand its product portfolio based on the Snapdragon cockpit platform. It also plans to expand high - level intelligent driving products based on NVIDIA DRIVE AGX series high - performance chips and technological applications, providing more abundant solution options for global vehicle brands.
Facing the new trend of "AI defining automobiles", ECARX Technologies' in - vehicle AI large - model engine ECARX AutoGPT has completed the deployment and adaptation of the DeepSeek - R1 model first. It is planned to be gradually installed in relevant new - energy models of Hongqi. Recently, it also launched the generative in - vehicle HMI system ECARXperience, providing diversified cockpit interaction options for vehicle brands.
It is precisely because of ECARX Technologies' rich product portfolio and solutions, which enable different car - makers to develop efficiently and increase production quickly, that it has won wide recognition from global partners. This is the unique advantage of ECARX Technologies as a platform enterprise and the foundation for opening its second growth curve.
02. Accelerating Mass Production and Delivery, Driving Profitability Improvement through Economies of Scale
After obtaining recognition from global partners with its leading product capabilities, delivery becomes crucial.
Because the scale of mass production and stable delivery capabilities are not only the foundation for global car - makers and OEM customers to maintain long - term cooperation with the company, but also related to whether the company can convert orders into performance and stabilize the confidence of the capital market.
The steadily expanding vehicle installation scale is the best answer from ECARX Technologies to this question.
According to the financial report, as of the end of the first quarter of 2025, the cumulative number of vehicles globally equipped with ECARX Technologies' technological products exceeded 8.7 million. Among them, there are domestic long - term partners like Geely Galaxy and FAW Hongqi, as well as international models like Proton, Volvo, and smart.
Judging from the data, multiple models jointly developed by the company and Geely Galaxy have been selling well, laying the foundation for the trust of global car - makers. In March, the sales volume of the Geely Galaxy brand increased by 290% year - on - year. Among them, the flagship models Galaxy E8 and Galaxy Xingyao 8 are equipped with Tianqiong Pro. Xingyao 8 also applies the Antora 1000 AI enhanced version in its intelligent cockpit. The Tian Gong Shuangzi Xing models launched by FAW Hongqi are equipped with the Antora 1000 Pro technology platform and the Yunshan cross - domain software solution. Continuously empowering leading car - makers such as Geely Galaxy and FAW Hongqi has become the best window for the market to understand ECARX Technologies.
It is worth noting that the mass production of 8.7 million vehicles is just the beginning. ECARX has won 8 vehicle projects under Geely's new - generation electronic and electrical architecture. More vehicle projects jointly developed with FAW Hongqi will also be gradually mass - produced and delivered. In addition, intelligent benchmark models such as Volvo EX30, smart series, Geely EX5, Lynk & Co 08, and Z20 have started overseas delivery, further demonstrating ECARX Technologies' global ability to deliver solutions to the global market simultaneously.
The continuous mass production and delivery capabilities have led to a simultaneous improvement in the company's economies of scale. While expanding the scale, along with cost reduction and efficiency improvement, the profitability can also be continuously enhanced, laying a more solid foundation for its sustainable development and opening up long - term growth potential.
Driven by stable scale expansion and profitability, the capital market has taken a firm positive attitude. In March, global leading financial and investment institutions including Deutsche Bank, UBS Group, DBS Vickers, and CICC successively released special research reports, expressing optimism about ECARX Technologies' performance and globalization strategy, and reiterating the "buy" rating.
03. Becoming the Service Center for Global Automotive Intelligence
The automotive intelligence industry in which ECARX is located is a typical R & D - driven industry. This means that the breadth and depth of the market are extremely important. Enterprises need a broader and more diverse market to continuously spread high - intensity R & D expenditures. Therefore, whether a company can achieve global expansion is the key to its long - term success.
However, to become a truly global enterprise, simple technological leadership is far from enough. It is crucial to adapt to the compliance requirements of global vehicle enterprises and, on this basis, achieve large - scale mass production and stable delivery, and become a "service - oriented" enterprise that combines hardware and software in the complete link from core technology R & D to implementation and delivery.
Since its establishment, ECARX Technologies has targeted a globalization strategy. It has established more than 12 operation centers in Europe, America, and Southeast Asia, serving 18 vehicle manufacturers and 28 brands. It has built local R & D, delivery, and compliance capabilities for different markets and achieved GAS adaptation and delivery in the global model of Volvo EX30. During the Shanghai Auto Show, ECARX announced a joint development with HERE Maps of an in - vehicle navigation system for global models, further enhancing its global vehicle development capabilities.
In March this year, ECARX Technologies announced a cooperation with Volkswagen Group to provide intelligent cockpit solutions for future global models of Volkswagen and Skoda in emerging markets. The combination of the "Antora series + Yunshan" can be quickly adapted according to the needs of different brands, platforms, and models, forming a complete solution integrating underlying hardware and upper - end services.
ECARX Technologies' transformation into a "service - oriented" enterprise and its goal of becoming the global automotive intelligence center have achieved initial results.
At the end of March, ECARX Technologies conducted its first capital market financing, completing a public offering of $45 million. The funds are planned to be used to accelerate the implementation of the globalization strategy and build a global R & D and supply chain system. The offering was fully subscribed and successfully completed on schedule. Since 2022, it is the first automotive technology company listed on the US stock market through DeSPAC to conduct refinancing through a public offering. This not only shows the market's optimism about ECARX Technologies' current performance but also its recognition of the company's future growth potential.
It can be predicted that with strong performance and long - term globalization strategic layout, ECARX Technologies' circle of friends will further expand. By continuously empowering the intelligence of high - quality global vehicle enterprises, the company will further strengthen its leading position in the global automotive intelligence center, turn the second growth curve into a higher growth ceiling, and further contribute to future performance and profitability.