XPeng plans to launch a new EV brand in 2024, targeting the mass market segment at a price range of around 150,000 Chinese yuan ($20,565).
Shares of the Chinese electric-vehicle start-up surged Monday after XPeng announced it would acquire ride-hailing app DiDi Global’s smart vehicle unit.
XPeng added it plans to launch a new EV brand in 2024 as part of a strategic partnership with DiDi. The brand is currently being developed under the project name “MONA” and includes plans to launch an A-class smart EV model next year. DiDi will “provide support from its mobility ecosystem” for the project with access to its nationwide mobility market, XPeng said.
The new brand will target the mass market segment at a price range of around 150,000 Chinese yuan, or about $21,000, XPeng said. XPeng’s ADRs, as of Friday’s close, have risen 76% so far in 2023. The company, and not the overall market, has been responsible for much of those gains.
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