Xpeng Acquires Didi's EV Unit
- 8 months ago
Chinese electric car company Xpeng is acquiring Didi's smart electric car development business in a $744 million deal. Didi will become a strategic shareholder of Xpeng, and the two companies will collaborate in various areas. Xpeng also announced a strategic partnership with Didi to develop an affordable electric car under a new mass-market brand. Xpeng reported a larger-than-expected net loss in Q2 and has low monthly car deliveries compared to competitors.