XPeng, the Chinese electric vehicle manufacturer, has announced a significant strategic partnership with DiDi Global. This partnership involves the acquisition of DiDi’s smart car arm and marks a major step in accelerating the adoption of Smart EVs and advanced technologies.
The partnership, valued at $744 million, includes the purchase of DiDi’s smart car division. As part of the deal, XPeng will issue Class A ordinary shares to acquire assets related to DiDi’s Smart EV project, making DiDi a strategic shareholder in XPeng.
XPeng’s future plans include launching an all-new EV brand, codenamed MONA, in 2024. The MONA brand will offer affordable electric vehicles with an expected price point of around $20,000. DiDi will provide support from its mobility ecosystem, giving the MONA project access to a nationwide shared mobility market.
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US stocks ended on a positive note last week, with the Nasdaq rising by 0.94%, the S&P 500 by 0.67%, and the Dow by 0.73%. The 10-year yield remained unchanged at 4.24%, while the 2-year yield increased by 6 basis points to 5.08%. Today, Dow, S&P, and Nasdaq futures are showing positive signs, with crude oil up 0.5% and Bitcoin down 0.6%.
In international markets, the FTSE 100 is up by 0.07% and the DAX is up by 0.4%. Notably, VinFast, a Vietnamese electric car company, has seen a surge in its stock value, increasing by over 325% in the past five days and surpassing the market cap of Ford and General Motors. Additionally, Horizon Therapeutics has gained over 4% after the Federal Trade Commission dropped its legal challenge regarding Amgen’s acquisition.
Today’s economic calendar includes the release of the Dallas Fed Manufacturing Survey at 10:30am.
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