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.
