Chinese EV Startup Buys a Smart Car Business

• Chinese EV startup Xpeng (XPEV - Free Report) acquires Didi Global Inc.'s smart-car development business for $744 million in an all-stock deal.
• Xpeng and Didi will collaborate on "Project MONA" to target the mass market with an affordable EV priced around $20,500.
• Didi becomes a strategic shareholder in Xpeng, holding approximately 3.25% of outstanding shares with a 24-month lock-up period.
• Xpeng's usual car pricing is around $27,400, but MONA's vehicles will be marketed differently.
• Xpeng aims to leverage Didi's vehicle data to enhance its autonomous driving algorithms.
• The collaboration's scope includes fleet management, marketing, insurance, charging facilities, robotaxis, and international markets; Xpeng's shares rise 5.5% after the news.
• Xpeng already has a deal in place with Volkswagen to develop two new EV cars for China
• The news sent Xpeng shares up 5.5% in pre-market trading Monday August 28th, 2023

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