China's Xpeng to acquire Didi's smart electric vehicle division

Chinese electric vehicle company Xpeng said it will acquire Didi's sister division. The deal is worth $744 million.

China's Xpeng, while planning to buy Didi's smart electric vehicle division, intends to further develop the business together, writes xrust. It is noteworthy that the news brought the shares of the Chinese 13 percent growth.

Next year will be marked by the release of a new branded car, which today is called MONA. The upgraded version costs $20,000. Big sales are expected to help drive down costs.

China's EV industry is currently in a recession driven by lower demand and overcapacity. Even Xiaomi, which produces smartphones but decided to switch to electric cars, received regulatory approval after a couple of years from filing the application.

Didi confirmed its favorable attitude towards the cooperation, which will cover charging stations, the production of robot taxis, the joint development of the overseas market. By the way, robotic taxis are planned to be released in 2025.

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