Hubei Ecarx Technology Co, a company based in Wuhan Economic & Technological Development Zone (WHDZ), has become the development zone's first unicorn company, according to the newly-released China Unicorn Enterprises Research Report 2021.
A unicorn company is a company with a valuation of more than $1 billion that has received private equity investment within 10 years of incorporation in China but has not yet been publicly listed.
Ecarx is a technological innovation enterprise invested in and independently operated by Geely Holdings Group.
The company focuses on automotive intelligence and networking, providing digital cockpit electronics, active safety electronics, unmanned driving sensors and controllers, as well as operating services for Internet of Vehicles cloud platforms and big data platforms.
The company currently employs 1,500 people in Shanghai, Hangzhou, Wuhan, Dalian, Beijing and Gothenburg, Sweden.
In March 2017, Ecarx established Hubei Ecarx Technology Co in the Wuhan Economic & Technological Development Zone in Wuhan, Central China's Hubei province.
Since its establishment, the company has obtained more than 300 patents. Hubei Ecarx Technology Co has become an innovative enterprise with the fastest patent growth in WHDZ.
In 2020, the company achieved operating revenues of 2.4 billion yuan ($371 million), 30 percent of which is being used for research and development.
The intelligent networked systems and intelligent cockpits developed by the company are now being installed in intelligent networked cars made by Geely, Lynk & Co, Proton and other brands.
