The Chinese giant of electric cars XPeng announced on Monday the purchase for more than US$ 740 million of a rival company, a subsidiary of the transport platform Didi.
XPeng, founded in the southern Guangdong province in 2015, is one of dozens of Chinese companies that have emerged in recent years with the rise of electric vehicles in the world’s largest auto market.
Didi is China’s leading car transportation app and also operates a subsidiary company that designs electric vehicleswhich XPeng will now buy for US$ 744 million, the latter announced to the Hong Kong stock exchange.
XPeng will also be associated with didi to launch a new brand of electric vehicles next year. The agreement allows the Chinese manufacturer to eliminate a potential competitor and gain access to its advanced technology.
The company, which also markets some of its products in Europe, employs around 14,400 people and has offices in Silicon Valley (United States) and Amsterdam (Netherlands).
XPeng sold 41,435 vehicles in the first half of 2023, 40% less than in the same period of the previous year, according to results published this month.
China, the world’s biggest emitter of greenhouse gases, has a goal that the majority of car sales by 2035 will be electric and hybrid vehicles.
Source: Gestion
Ricardo is a renowned author and journalist, known for his exceptional writing on top-news stories. He currently works as a writer at the 247 News Agency, where he is known for his ability to deliver breaking news and insightful analysis on the most pressing issues of the day.
