Xpeng is buying DiDi’s Smart EV project and bringing it to market in 2024
3 hours ago
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Xpeng has announced a strategic partnership with DiDi Global, which will spawn a family of affordable electric vehicles that cost around ¥150,000 ($20,573 / £16,327 / €19,031).
Details are limited, but the company will target mass market consumers with an all-new EV brand that is “currently being developed under the project name Mona.” Xpeng says the mainstream segment has “enormous market potential” and will help them grow sales as well as achieve greater economies of scale.
The brand’s first model will arrive in 2024 as an “A-class Smart EV.” The company noted it will be “differentiated from Xpeng-branded products” and benefit from DiDi’s mobility ecosystem. That’s pretty vague, but DiDi is a bit like Uber as it offers ride-hailing services as well as food delivery in a number of markets.
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The Mona lineup will eventually expand as other electric vehicles are slated to follow. The exact timing remains unclear, but they’ll also be priced around ¥150,000 ($20,573 / £16,327 / €19,031).
As part of the tie-up, Xpeng will acquire the assets related to DiDi’s Smart EV project, while DiDi will become a strategic shareholder in Xpeng. Both companies will also “explore strategic cooperation in a number of areas, including marketing, financial and insurance services, charging, robotaxi, and international market expansion.”
Xpeng CEO He Xiaopeng said, “Xpeng’s A-class Smart EV products under the new brand will not only significantly increase our scale, but also accelerate the adoption of our Smart EV technologies in the mass market segment, bringing our technologies to a much broader customer base.” He added the company will “continue to create value and capture growth opportunities in the mobility ecosystem as well as in autonomous driving.”
