Xpeng Soars After Buying Didi Unit to Consolidate Market

📆 28/08/2023 13:11:00
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(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.

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