Tesla’s China rival Xpeng buys experience hailing large Didi’s sensible EV belongings for $744M

Chinese language electrical car upstart Xpeng is buying the sensible EV belongings of experience hailing large Didi for $744 million, marking one other vital alliance that the Tesla challenger has struck in current months.

In an announcement on Monday, Didi mentioned the duo is forming a strategic partnership to “promote the worldwide software of sensible electrical automobiles and applied sciences.”

Notably, the Didi belongings will develop into a brand new sub-brand known as “Mona” underneath Xpeng, which is scheduled to launch in 2024. The partnership additionally extends to areas together with advertising and marketing, monetary insurance coverage providers, charging and worldwide enlargement.

The information adopted on the heels of Volkswagen’s $700 million funding in Xpeng which might see the manufacturing of two new fashions underneath the Volkswagen model using XPeng’s key ADAS applied sciences.

Extra to come back — it is a creating story…