Stock Market News
China’s Xpeng to take over Didi’s autonomus vehicle unit, eyeing 2024 launch
2023.08.27 21:38
© Reuters. A screen displays trading information for ride-hailing giant Didi Global on the floor of the New York Stock Exchange (NYSE) in New York City, U.S., December 3, 2021. REUTERS/Brendan McDermid/File photo
HONG KONG (Reuters) – China’s car hailing giant Didi said it is selling its autonomous vehicle unit to electric car company Xpeng (NYSE:), forming a strategic partnership to launch a new car brand in 2024.
An A-class smart EV model will be launched in 2024 as the debut product of company’s new brand MONA. This marks the first official partnership between the two companies.
To acquire assets related to Didi’s smart EV project, Xpeng will issue class A shares representing about 3.25% of the company’s outstanding share capital, Xpeng said.
