ECARX sees 18% YoY growth in 2024 annual revenue

Beijing (Gasgoo)- Mobility tech company ECARX released its financial results for the fourth quarter (Q4) and full year of 2024, reporting steady growth in revenue and profitability.

In Q4 2024, the company achieved revenue of 1.94 billion yuan, marking a 4% year-on-year increase. Non-GAAP profit reached 74.4 million yuan, with a gross margin of 21%. For the full year, ECARX recorded total revenue of 5.56 billion yuan, an 18% increase from the previous year.

According to Shen Ziyu, Chairman and CEO of ECARX, the company's Q4 performance growth was primarily driven by the strong sales performance of Geely vehicle models equipped with ECARX's technology solutions. The company's products have been successfully integrated into various Geely-affiliated brands, including Galaxy, Lynk & Co, Volvo, Lotus Cars, smart, and Polestar.

In collaboration with Lynk & Co alone, ECARX has deployed its Antora® and Makalu® computing platforms onto multiple vehicle models, including the Lynk & Co 08 EM-P, 07 EM-P, 06 series, Z10, and Z20.

Beyond Geely-affiliated brands, ECARX has established strong partnerships with global automakers such as Volkswagen Group, FAW Group, Dongfeng Peugeot-Citroën, and Changan Mazda. Its customer base now spans 18 automakers and 28 vehicle brands worldwide.

As of December 31, 2024, ECARX's technology solutions have been deployed in over 8.1 million vehicles globally. In 2024 alone, the company shipped a record-breaking 2 million units, reflecting a 33% year-on-year leap, with over 700,000 units delivered in Q4.