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ECARX
(ECX ↗)
ecarxgroup.com ↗
ECARX builds the *digital cockpit* and *advanced driver-assistance systems* for software-defined vehicles. Founded by Geely chairman Eric Li, it's deployed in over *11 million vehicles* worldwide. Q1 2026 was its *third consecutive quarter of positive adjusted EBITDA*. The bet now: diversify out of China before tariffs and geopolitics force the issue.
Updated · Q1 2026 · May 2026
6
Chapters
~16
Min read
~$870M / yr revenue · ~1,400 employees · public since 2022
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Spice: Ghost (5/5)
More filled = spicier (more aggressive), not "better." Tap a row to see what it means.
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0 of 6
1
Growth
~3 min
Revenue Down 22% — On Purpose, Mostly
ECARX revenue fell *22%*. The *underlying* business held up; the headline was distorted by a one-time software fee from last year.
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2
Financial Health
~3 min
Cash Light, Adj EBITDA Positive
Just *$70M of cash* — but adj EBITDA was *$4M positive*, the third quarter in a row.
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3
Moat
~3 min
11 Million Cars and a Geely Spine
ECARX is in *11 million vehicles* — but the customer book is heavily Geely-flavored.
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4
Management
~2 min
Separated Chair, New CFO, Founder Lurking
ECARX just *split the Chairperson and CEO roles* and added a new CFO in Singapore — a deliberately Western governance move.
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5
Behind the Numbers
~2 min
The Story Behind the Numbers
Revenue down 22%. Adj EBITDA positive. Volkswagen advancing. May Mobility added. Eight threads.
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6
Risk
~3 min
Geopolitics, Memory, and Customer Mix
ECARX faces three structural risks at once: *China-tied governance,* *memory-cost cycle,* and *legacy customer concentration.*
↻ Next update · Sep 15
est. Sep 15, 2026 · Q2 / H1 2026 · ECARX IR ↗
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You're reading the 6 opening chapters. After that, every time ECARX files a new report, the chapters get updated here.