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Chinese behemoth DiDi’s smart EV assets are purchased by Tesla competitor Xpeng for $744 million

<p>The ride-hailing giant Didi Global on Monday sold its smart EV assets to the electric car manufacturer Xpeng for approximately $744 million in an effort to compete with Tesla’s hegemony.<img decoding=”async” class=”alignnone wp-image-150553″ src=”https://www.theindiaprint.com/wp-content/uploads/2023/08/theindiaprint.com-chinese-behemoth-didis-smart-ev-assets-are-purchased-by-tesla-competitor-xpeng-for-744-million-story-image-1693206929-11zon.jpg” alt=”theindiaprint.com chinese behemoth didis smart ev assets are purchased by tesla competitor xpeng for 744 million story image 1693206929 11zon” width=”1397″ height=”838″ srcset=”https://www.theindiaprint.com/wp-content/uploads/2023/08/theindiaprint.com-chinese-behemoth-didis-smart-ev-assets-are-purchased-by-tesla-competitor-xpeng-for-744-million-story-image-1693206929-11zon.jpg 750w, https://www.theindiaprint.com/wp-content/uploads/2023/08/theindiaprint.com-chinese-behemoth-didis-smart-ev-assets-are-purchased-by-tesla-competitor-xpeng-for-744-million-story-image-1693206929-11zon-150×90.jpg 150w” sizes=”(max-width: 1397px) 100vw, 1397px” title=”Chinese behemoth DiDi's smart EV assets are purchased by Tesla competitor Xpeng for $744 million 6″></p>
<p>Together, DiDi worldwide and XPeng established a strategic partnership in which they would work to further the use of smart electric cars and technology on a worldwide scale.</p>
<p>DiDi will sell certain commercial assets associated with its smart EV development project to XPeng, which plans to introduce an A-class Smart EV in 2024 and is presently working on the “MONA” project.</p>
<p>The new model and brand will be distinguished from items with the XPENG logo and its primary brand.</p>
<p>The Chairman and CEO of XPENG, He Xiaopeng, said that the company’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.”</p>
<p>The strategic partnership will also include initiatives in marketing, pricing, financial insurance, and global growth.</p>
<p>“XPENG has solidified its position as a pioneer in smart EV and intelligent driving technology. In order to further the transformation of the transportation and automotive sectors, we will continue to expand our collaboration with XPENG in a number of areas, said Cheng Wei, Chairman and CEO of DiDi.</p>
<p>In the Asia Pacific, Latin America, and other international regions, DiDi provides a vast array of app-based services, including ride hailing, taxi hailing, chauffeur, and other shared mobility options.</p>
<p>In the year that ended in March 2023, DiDi recorded 587 million active users.</p>
<p>Every seventh car sold during the first quarter of this year was an electric vehicle, with China’s BYD dominating the market with a 21.1% share and Tesla coming in second with a 16% share.</p>
<p>According to Counterpoint Research, the US has overcome Germany to overtake China as the world’s second-largest EV market.</p>
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