ECARX Holdings Inc. (NASDAQ:ECX) Q3 2023 Earnings Conference Call November 9, 2023 8:00 AM ET
Company Participants
Renee Du - Head of Investor Relations
Ziyu Shen - Co-Founder, Chairman & Chief Executive Officer
Peter Cirino - Chief Operating Officer
Phil Zhou - Chief Financial Officer
Conference Call Participants
Derek Soderberg - Cantor Fitzgerald
Renee Du
Good morning and welcome to our Third Quarter 2023 Earnings Conference Call. With me today are ECARX Chairman and Chief Executive Officer; Ziyu Shen, Chief Operating Officer; Peter Cirino and Chief Financial Officer. So Joe, following their prepared remarks, they will be able to answer your questions during the Q&A session that follows. Please note, today's call is being recorded.
Before we start, I would like to refer you to our forward-looking statements at the bottom of our earnings press release which also applies to this call. Further information on specific risk factors that could cause actual results to differ materially can be found in our filings with the SEC. In addition, this call will include discussions of certain non-GAAP financial measures. Please refer to our earnings release which contains a conciliation of the non-GAAP measure to GAAP measures.
With that, I'd like to hand the call over to Ziyu.
Ziyu Shen
Thank you, Renee. Hello, everyone and thank you for joining our third quarter earnings call. Let me start by saying a few words about China market. This quarter saw again a growing share of vehicles [ph] and the train is clearly accelerating with global NAV adoption rate reached a record high at 90.8% in the third quarter. This year, China is well positioned to become a large automotive explorer in the world. This year is also likely to be the first year where domestic brands will also foreign brands in China.
One of the important wins that will we witnessed this quarter was the launch of car-specific mobile phones, whose over seamlessly integrated into the vehicle ecosystems to create a value experience with major, we are pushing a similar integration strategy.
At ECARX, we delivered another strong quarter of growth with revenue up 50% year-on-year as we continue to benefit from increased spending by OEMs on enhancing the in-car experience and meeting consumer demand for greater creativity and more ticketed digital copay technologies.
There are now over 5.6 million vehicles on the road that incorporate our technology across 24 brands offered by our 15 automotive OEM customers. Vehicles on the roads equipped with our products increased 8% from last quarter and 31% from the same period last year. With our dedicated team of over 2,000 people, 70% of whom are engineers, we are firmly positioned as the leading tech provider in the industry.