MHX Technology has signed agreements for an approximately $243 million first equity round as the Li Auto subsidiary tries to turn an in-house vehicle-computing program into a supplier for outside customers. MHX develops AI chips, domain controllers and operating-system technology; its Mach M100 driver-assistance chip is already installed in Li Auto’s new-generation production vehicles.
Li Auto announced the transaction on October 16. The publicly traded EV maker will contribute $149.5 million through a wholly owned subsidiary, while Hangzhou Jingtao, Lanchi Ventures, Huaye Tiancheng and MiraclePlus will provide the remaining $93.4 million. The agreements remain subject to customary closing conditions.
The M100 is a 5-nanometer automotive-grade chip rated at 1,280 trillion operations per second. Li Auto says its edge-AI stack co-designs algorithms, compilers, operating software and silicon, allowing the chip and the vehicle software around it to be developed together.
MHX’s planned commercial workflow is different from that internal deployment. It intends to supply chips and related systems to outside customers and pursue partnerships, including in non-automotive markets. Li Auto says a broader customer base could spread continued research and product-development costs across greater volume.
Li Auto will remain in control and continue consolidating MHX’s results after the round. Hangzhou Jingtao and affiliated funds also have a one-time right to invest up to $74.7 million at the same price by December 31; exercising it would lift total potential investment to about $318 million. Under the full-option and employee-incentive scenario, Li Auto expects to own 74.01%.
MHX plans to use the financing for chip and domain-controller research and commercialization, while two equity-incentive plans are intended to recruit and retain employees. Its technology has reached production inside Li Auto, but sales to outside automotive and non-automotive customers remain a plan rather than a disclosed operating business.