An Xpeng P5 electric vehicle (EV) is seen displayed during a media day for the Auto Shanghai show in Shanghai, China April 19, 2021.
It’s buying compatriot Didi’s smart EV unit and paying $744 million, or 3.25% of its own stock.
For its part, Didi seems to have given up its ambition to break into capital-intensive EV manufacturing, and that’s probably a smart move for a company stuck in listing limbo.
It’s unclear if the deal with Didi will dilute VW’s shareholding but Xpeng’s worth is at least rising.
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Persons:
Aly, Didi, that’s, Li Auto, BYD, Una Galani, Thomas Shum
Organizations:
Auto Shanghai, REUTERS, Rights, Reuters, HK, Volkswagen, EV maker’s, X, Thomson
Locations:
Shanghai, China