Xpeng Soars After Buying Didi Unit to Consolidate Market

📆 2023-08-28 8:11 AM
📰 YahooFinanceCA

⏱ Reading Time:
20 sec. here
2 min. at publisher
📊 Quality Score:
News: 11%
Publisher: 63%

Canada News News

Canada Canada Latest News,Canada Canada Headlines

(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 market and gives it a tech-savvy partner in a new venture. Most Read from BloombergChina’s Worsening Economic Slowdown Is Rippling Across the GlobeMarkets Ready for Swings After High-Rates Mantra of Jackson HoleTrump Doesn’t Look So Invincible in Post-Debate Polls3M Agrees to Pay More Than $5.5 Billion

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.

We have summarized this news so that you can read it quickly. If you are interested in the news, you can read the full text here. Read more:

Write Comment

Canada Canada Latest News, Canada Canada Headlines

Similar News:You can also read news stories similar to this one that we have collected from other news sources.

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 ...
Source: SaltWire Network - 🏆 45. / 63 Read more »