Frontier News | ECARX Technologies Achieved Quarterly Profit in Q4 2024
ECARX Technologies (Source: Company's official website)
ECARX Technologies (NASDAQ: ECX) released its financial results for the fourth quarter and the full year of 2024 on March 11, announcing that it had achieved full - scale profitability and was accelerating the implementation of its global strategy. In the fourth quarter of 2024, ECARX Technologies' total revenue reached 1.94 billion yuan (270 million US dollars), a year - on - year increase of 4%. The Non - GAAP profit was 74.4 million yuan, and the gross profit margin was 21%. The full - year total revenue was 5.56 billion yuan (760 million US dollars), a year - on - year increase of 18%. The total shipment volume exceeded 2 million units, a year - on - year increase of 33%, reaching a record high. With its innovative automotive intelligent solutions and global partner ecosystem, ECARX Technologies has successfully empowered over 8.1 million vehicles globally and has established strategic partnerships with global leading vehicle brands such as Volkswagen Group and FAW Hongqi, further consolidating its technological leadership.
According to the financial report, ECARX Technologies has made significant progress in technology R & D and product mass production. The monthly mass production of the Antora series computing platforms at its Fuyang manufacturing center exceeded 60,000 units. The overseas version of Geely EX5 became the first overseas model equipped with the ECARX Antora® 1000 computing platform. In addition, the ECARX Tianqiong® Pro intelligent driving platform was successfully integrated into the "Qianli Haohan" high - level intelligent driving safety system and was installed on the Geely Galaxy flagship twin models. Models such as FAW Hongqi Tiangong 05 and Lynk & Co Z10 STARBUFF were also equipped with ECARX Technologies' intelligent cockpit solutions and the Makalu® computing platform respectively, providing users with an immersive gaming experience. During CES 2025, ECARX Technologies showcased a number of innovative solutions, including the ECARX AutoGPT in - vehicle AI large - model integrated with DeepSeek, further enhancing the in - vehicle intelligent experience. Not long ago, ECARX Technologies announced that it had successfully won the project contracts for global models of Volkswagen and Skoda under the Volkswagen Group, providing intelligent solutions for multiple models in the global market.
Shen Ziyu, co - founder, chairman, and CEO of ECARX Technologies, said that 2024 was a crucial year for the company's development. By continuously implementing its strategic vision, the company further strengthened its ability to provide technologically advanced and cost - effective solutions for global automobile manufacturers. He emphasized that with its innovative product portfolio and global layout, ECARX Technologies had seized the market growth demand and won the project contracts for global models of the Volkswagen Group, further expanding its global influence. Looking ahead, ECARX Technologies is optimistic about the opportunities brought by the concept of "software - defined vehicles" and plans to implement a 20 - million - US - dollar stock repurchase program to demonstrate the company's confidence in its future development and its commitment to long - term shareholder value.