Tech News

Tesla’s China rival Xpeng buys ride hailing giant Didi’s smart EV business

Chinese electric vehicle upstart Xpeng is acquiring the smart EV assets of Didi, China’s ride hailing giant, marking another significant alliance that the Tesla challenge has struck in recent months.

In an announcement on Monday, Didi said the duo is forming a strategic partnership to “promote the global application of smart electric vehicles and technologies.” The terms of the deal weren’t disclosed.

Notably, the Didi assets will become a new sub-brand called “Mona” under Xpeng, which is scheduled to launch in 2024. The partnership also extends to areas including marketing, financial insurance services, charging and international expansion.

The news followed on the heels of Volkswagen’s $700 million investment in Xpeng which would see the production of two new models under the Volkswagen brand utilizing XPeng’s key ADAS technologies.

More to come — this is a developing story…

Articles You May Like

European carbon accounting startup Plan A raises $27M from VC and corporate heavyweights
North Korea’s Lazarus Group Suspected in $31 Million CoinEx Heist
CISA and NFL Collaborate to Secure Super Bowl LVIII
Threads adds easy profile switching to its mobile apps
Pirated Software Likely Cause of Airbus Breach

Leave a Reply

Your email address will not be published. Required fields are marked *