Xpeng Motors to launch all-new EV brand MONA in 2024, to issue shares to acquire assets related to ride-hailing giant Didi’s Smart EV project 
COMPANY NEWS
Xpeng Motors to launch all-new EV brand MONA in 2024, to issue shares to acquire assets related to ride-hailing giant Didi’s Smart EV project 
COMPANY NEWS

Xpeng Motors to launch all-new EV brand MONA in 2024, to issue shares to acquire assets related to ride-hailing giant Didi’s Smart EV project 

 

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Chinese electric vehicle maker Xpeng Motors said that it plans to launch an all-new EV brand in 2024, currently being developed under the project name “MONA”. 

The company will leverage the new brand to expand in the mass market segment of 150,000 yuan price range and accelerate the adoption of Smart EV and technologies in this segment with enormous market potential, it said in a stock exchange filing on Monday.

An A-class Smart EV model will be launched in 2024 as the debut product of the new brand and ride-hailing giant Didi Global will provide support from its mobility ecosystem for the “MONA” project with access to its nationwide shared mobility market, it said.

Xpeng will issue Class A ordinary shares, representing approximately 3.25% of its outstanding share capital, to acquire assets related to DiDi’s Smart EV project and DiDi will thereby become a strategic shareholder of the Xpeng, with a lock-up period of 24 months after the initial closing.