Xpeng to buy Didi’s smart EV unit for up to $744 million.

HONG KONG (Reuters) – Chinese electric car company Xpeng is making ⁢big moves in the industry. They have announced the acquisition of Didi’s smart electric vehicle unit, forming a strategic partnership⁣ between the two giants.

Xpeng’s shares have already surged around 16% ⁤in early Monday trade, showing the market’s excitement for this ‍collaboration.

As ​part of this‌ groundbreaking‍ deal, Xpeng plans to launch an A-class model next year under a new brand called MONA. This move aims to expand their presence in the mass-market segment.

“Project‍ ‘MONA’ will accelerate the Company’s production and sales growth and help achieve greater economies of scale,” Xpeng stated confidently.

Didi, on the other hand, will support the launch by providing access to its mobility market. Additionally, the two companies will explore strategic cooperation in various areas, including marketing, financial services, ‍and insurance.

Didi will also acquire approximately 3.25% of Xpeng shares through this deal, with the potential for ​an increase based on production and sales targets. The maximum value of the deal, estimated at $744 million, includes ​potential milestone ‌payments.

(Reporting by Josh ​Ye; Editing by Edwina Gibbs)

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