Aug 28, 2023 03:19 PM
BUSINESS
China’s XPeng Soars After Buying Didi Unit to Consolidate Market
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XPeng will explore collaborations with Didi on fleet management, marketing, insurance, charging facilities, robotaxis and international markets. Photo: Bloomberg
(Bloomberg) — XPeng Inc.’s shares soared after it agreed to buy Didi Global Inc.’s smart-car development arm in a deal that both eliminates a potential competitor in the crowded electric-vehicle (EV) market and gives it a tech-savvy partner in a new venture.
The HK$5.84 billion ($744 million) all-stock deal will see Didi emerge with a 3.25% stake in XPeng, according to an exchange filing Monday. XPeng shares surged more than 16% in Hong Kong trading.
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