The HK$5.84 billion 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 before paring gains to close 11% higher. Its American depositary receipts gained 5% by 4:27 a.m. in New York.
Chinese technology leaders, including Didi and Xiaomi Corp., have been trying to inch into the capital-intensive EV boom, with a bet to make the cars more “intelligent” with autonomous driving and other personalized interactive features. Yet the already over-crowded market has made it even tougher for the late-comers to obtain a manufacturing license and gain market share.
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Didi Sells Smart Car Arm to China’s Xpeng for $744 MillionDidi Global Inc. has agreed to sell its smart car development arm to Xpeng Inc. for HK$5.84 billion ($744 million), exiting a promising business in the world’s largest electric vehicle market.
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China's Xpeng to take over Didi's autonomus vehicle unit, eyeing 2024 launchHONG KONG (Reuters) - China's car hailing giant Didi said it is selling its autonomous vehicle unit to electric car company Xpeng, forming a strategic ...
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EV maker BYD buys US firm Jabil's China manufacturing business for $2.2 billion(Reuters) - Electric vehicle maker BYD Co Ltd said on Monday its unit struck a deal with U.S.-based manufacturing firm Jabil Inc's Singaporean unit to ...
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Apple iPad Maker BYD Pays $2.2 Billion for Jabil’s China PlantsThe electronics arm of electric-vehicle maker BYD Co. agreed to buy Jabil Inc.’s manufacturing business in China for 15.8 billion yuan ($2.2 billion), expanding its reach in mobile devices.
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