XPeng expands its A-class smart EV segment after acquiring DiDi, will launch a new brand in 2024

28 August 2023, 06:48:55

XPeng will acquire DiDi Global Inc. - the world's leading mobility technology platform. This will help XPeng expand its A-class smart EV segment. The company will issue Class A ordinary shares of the Company, representing approximately 3.25% of the Company's outstanding share capital upon completion of the issuance, to acquire assets related to DiDi's Smart EV project. DiDi will thereby become a strategic shareholder of the Company, with a lock-up period of 24 months after the initial closing.

XPeng also plans to launch a new brand - MONA and its first model in 2024. will leverage the new brand to expand in the mass market segment of RMB150,000 price range and accelerate the adoption of Smart EV and technologies in this segment with enormous market potential. Project "MONA" will accelerate the company's production and sales growth and help achieve greater economies of scale.

An A-class Smart EV model will be launched in 2024 as the debut product of the company's new brand. The new model and brand will be differentiated from XPENG-branded products and the main brand. DiDi will provide support from its mobility ecosystem for the "MONA" project with access to its nationwide shared mobility market. This partnership will pave the way for the Company to build highly popular Smart EV models for the mass market segment in the RMB150,000 price range.

Furthermore, the agreement between the company and DiDi also establishes performance-based incentive mechanisms based on the mass production of "MONA" and sales volume targets to be fulfilled by Didi, subject to which DiDi will be entitled to receive share-based incentives. According to the agreement, XPENG will become the first automotive manufacturing company with comprehensive support from the ecosystem of DiDi. Both parties will explore strategic cooperation in a number of areas, including marketing, financial and insurance services, charging, Robotaxi and international market expansion.

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