ECARX Holdings Inc. (NASDAQ:ECX) Q4 2023 Earnings Conference Call February 28, 2024 8:00 AM ET

Company Participants

Rene Du - Investor Relations

Ziyu Shen - Chairman and Chief Executive Officer

Peter Cirino - Chief Operating Officer

Phil Zhou - Chief Financial Officer

Conference Call Participants

Derek Soderberg - Cantor Fitzgerald

Chang Xing - CICC

Megan Jin - Macquarie

Michelle Liu - HSBC

Operator

Good day and thank you for standing by. Welcome to the ECARX Fourth Quarter and Full Year 2023 Earnings Conference Call. [Operator Instructions] Please be advised that today’s conference is being recorded. I would now like to hand the conference over to your first speaker today, Rene Du. Please go ahead.

Rene Du

Thank you, operator. Good morning and welcome to ECARX fourth quarter and full year 2023 earnings conference call. With me today for ECARX are Chairman and Chief Executive Officer, Ziyu Shen; Chief Operating Officer, Peter Cirino; and Chief Financial Officer, Phil Zhou. Following their prepared remarks, they will all be available 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. A reconciliation of the non-GAAP measure to GAAP measure can be also found at the bottom of our earnings release.

With that, I’d like to hand the call over to Ziyu. Please go ahead.

Ziyu Shen

Thank you, Rene. Hello, everyone and thank you for participating in our fourth quarter and full year 2023 earnings call. 2023 was a pivotal year for China’s automotive industry. China exported 4.9 million vehicles in 2023, supporting Japan to become the world top auto exporter. Global auto sales topped at 74 million as EVs continue to gain significant market share with their global penetration hitting another record high of 23% in December. With demand for EVs expanding globally, the software [indiscernible] they offer will grow in tandem.

According to PCG, software platforms for vehicles are forecast to grow at a 12% CAGR by 2030 with a market value of $13 billion, creating normal market opportunity that we are uniquely positioned to benefit from, with our innovative product portfolio. There are now over 6 million vehicles on the road that incorporate our technology across 25 brands offered by our 15 automotive OEM customers.