ECARX Holdings Inc. (NASDAQ:ECX) Q1 2024 Earnings Conference Call May 20, 2024 8:00 AM ET
Company Participants
Rene Du - IR
Ziyu Shen - Chairman and CEO
Peter Cirino - COO
Phil Zhou - CFO
Conference Call Participants
Megan Jin - Macquarie
Tony Shen - SPDB International Securities Limited
Derek Soderberg - Cantor Fitzgerald
Chang Xing - CICC
Operator
Good day and thank you for joining us. Welcome to ECARX First Quarter 2024 Earnings Conference Call. At this time all participants are in listen-only mode. After managements’ give their prepared remarks, there will be a question-and-answer session. As a reminder, today's conference call is being recorded.
I would now like to turn the call over to your host for today's call, Rene Du, Head of Investor Relations at ECARX. Please proceed, Rene.
Rene Du
Thank you, Operator. Good morning and welcome to ECARX First Quarter 2024 Earnings Conference Call. With me today from 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.
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 financial measures to GAAP financial measures can also be 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
Thanks, Rene. Hello, everyone, and thank you for joining our call today. We started our year's journey with significant growth momentum from 2023 as electronic-vehicle architecture involves. Cars are increasingly becoming computers on wheels. Software-defined vehicles and the technologies that underpin then will determine the winners in the next stage of the auto revolution. This is creating significant growth opportunities globally for underlying software and enriching vehicle [experiences] (ph), which we are uniquely positioned to capitalize on.
The opportunity is enormous. According to recent data, the L2 Plus assisted driving adoption rate hit 9.8%, while L2 hit 36.1% as of the end of March, reflecting how much room for growth vehicle in [Chinese office] (ph). Globally, EV sales are expected to increase from $14 million last year to $17 million in 2024, with 10 million of them expected to be sold in China. While global EV sales in the first quarter grew at roughly the same pack as they did a year ago, increasing by about 25%. They grew on top of much larger base, but software-defined vehicles are not exclusive to EVs. This mega-trend is reshaping the entire auto-industry.