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Chinese smart electric vehicle firm XPeng Inc (NYSE:XPEV) tapped domestic ride-hailing firm DiDi Global Inc (OTC:DIDIY) to drive the adoption of Smart EVs and technologies.
XPeng plans to launch an all-new EV brand in 2024, which it is developing under the project name "MONA."
Also Read: Watch Out! Tesla - Rival XPeng Launches Self-Driving Tech in China
The Tesla Inc (NASDAQ:TSLA) rival will leverage the new brand to expand in the mass market segment of the RMB150,000 price range and accelerate the adoption of Smart EVs and technologies.
Project "MONA" will accelerate production and sales growth and drive more significant economies of scale.
XPeng eyes the launch of an A-class Smart EV model in 2024 as the debut product of the company's new brand.
The EV makers look to differentiate the new model and brand 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.
XPeng will issue company shares, representing approximately 3.25% of its outstanding share capital, to acquire assets related to DiDi's Smart EV project.
DiDi will thereby become a strategic shareholder of the company.
The likely maximum deal value of $744 million includes potential milestone payments, Reuters reports.
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.
Both parties will explore strategic cooperation in several areas, including marketing, financial and insurance services, charging, Robotaxi, and international market expansion.
In August XPeng reported a second-quarter FY23 sales decline of 31.9% year-on-year, to RMB5.06 billion ($698.2 million), beating the consensus of $694.3 million.
Non-GAAP net loss per ADS of $(0.43) missed the consensus loss of $(0.31). The quarterly vehicle deliveries decreased 32.6% Y/Y to 23,205.
Price Action: XPEV shares are trading higher by 5.08% at $18.45 premarket on the last check Monday.
