Didi to Sell its Self Driving Unit to Xpeng

Didi, China's car-hailing giant, announced the sale of its autonomous vehicle unit to Xpeng, an electric car company, as part of a strategic partnership to launch a new car brand in 2024.

The debut product of the company's new brand MONA will be an A-class smart EV model in 2024. This is the two companies' first official collaboration.

Xpeng will issue class A shares representing approximately 3.25 percent of the company's outstanding share capital to acquire assets related to Didi's smart EV project, according to Xpeng.