Chinese electric vehicle upstart Xpeng is acquiring the smart EV assets of ride-hailing giant Didi for $744 million, marking another significant alliance that the Tesla challenger has struck in recent months.
Didi says the duo is forming a strategic partnership to “promote the global application of smart electric vehicles and technologies.”
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.