XPeng inks $744M deal with ride-share giant Didi, linking two of China’s biggest tech names

News Snapshot:

Chinese electric vehicle maker XPeng (XPEV) signed a development deal with mobility and ride-sharing giant Didi, linking two of China’s most prominent tech names. In an all-stock deal worth $744 million (HK $5.84 billion), Didi will take a 3.25% stake in XPeng in exchange for Didi’s EV and autonomous assets. XPeng will then launch a new “Smart EV” brand in partnership with Didi called Project “MONA,” where the new brand will aim to sell EVs in the 150,000 yuan range, or $20,000. The first Smart EV will be an A-class car (small footprint vehicle) that will come in 2024. The...