XPeng Inc. (XPEV) to Acquire Didi's Smart Auto Development Business For $744M

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Go back to XPeng Inc. (XPEV) to Acquire Didi's Smart Auto Development Business For $744M

XPeng (XPEV) to acquire smart EV assets from China's Didi for $744M

August 28, 2023 8:17 AM EDT

XPeng Inc. (NYSE: XPEV) announced Monday that the Chinese electric vehicle startup will, be acquiring the smart EV assets of ride hailing giant Didi for $744 million. Didi said the duo is forming a strategic partnership to promote the global application of smart electric vehicles and technologies.

According to Xpengs announcement, the company will issue A-class ordinary shares to fund the purchase. XPeng will issue ~3.25% of its outstanding shares upon completion of the issuance if all conditions apply. DiDi will also become a shareholder in XPeng, with a lock-up period of 24... More