ECARX Holdings Inc. ECX shares traded higher on Thursday after the company and smart announced a joint venture for the development of intelligent automotive products.
What To Know: The joint venture, established through the companies respective subsidiaries, seeks to propel the creation of intelligent experiences within smart vehicles. ECARX and smart will join forces to advance technology, broaden the research and development ecosystem through talent exchanges and collaborative innovation, and expedite their global expansion initiatives.
The two companies previously collaborated on the smart #1 and smart #3 models, developing the smartOS operating system.
Tong Xiangbei, Global CEO of smart Automobile, said, “The era of software-defined cars has arrived, and smart considers its ‘future tech’ orientation as a core brand value.”
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ECX Price Action: Shares of ECARX closed up 11.2% at $2.89, according to Benzinga Pro.