HONG KONG (Reuters) – China’s ride hailing giant Didi said it is selling its smart EV unit to electric car company Xpeng, forming a strategic partnership to launch a new car brand in 2024.
An A-class smart EV model will be launched in 2024 as the debut product of a new brand MONA. This marks the first official partnership between the two companies.
To acquire assets related to Didi’s smart EV project, Xpeng will issue class A shares representing about 3.25% of the company’s outstanding share capital, Xpeng said.
(This story has been corrected to say smart EV unit, not autonomous vehicle unit, in the headline and paragraph 1)
(Reporting by Josh Ye; Editing by Kim Coghill)
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