Autonomous Vehicle News
Chinese electric vehicle startup Xpeng (XPEV) agreed to buy ride-hailing company Didi Global Inc.'s smart-car development business for $744 million in an all-stock deal that could give Xpeng a tech edge in the competitive market. Key Takeaways In an all-stock deal, Chinese smart EV start-up Xpeng acquired DiDi Global Inc.'s smart-car development arm for $744 million. The partnership of the two brands will form project "MONA" to target EVs at the mass market with a vehicle price tag of roughly $20,500. Xpeng, in partnership with Didi Global Inc., plans to launch a new EV brand in 2024 that is being developed under the project name "MONA". DiDi had developed an EV model earlier, leading to speculations about its ambition to shift into manufacturing.