Xpeng aims for $20,000 self driving cars in $750m Didi deal
Xpeng and robotaxi developer DiDi have formed a strategic partnership in China to accelerate the adoption of $20,000 mass market smart EV self driving cars.
The $750m deal will see Xpeng acquire assets related to DiDi’s Smart EV project to launch an all-new EV brand in 2024, currently being developed under a project codename MONA.
Mona will target the mass market segment at RMB150,000 ($20,000) to accelerate the adoption of Smart EV technologies. Xpeng will become the first automotive manufacturing company with comprehensive support from the Didi ecosystem with strategic cooperation in robotaxis, charging and international market expansion, as well as marketing, financing and insurance.
An A-class Smart EV model based on the Didi technology will be launched in 2024 as the first product of a new brand. DiDi has been developing its own robotaxi, and its Gemini software currently runs on Nvidia’s DRIVE AGX Pegasus hardware with 700TOPS of performance and includes up to 50 high-resolution sensors and an ASIL-D rated fallback system. It is architected with multi-layered redundant protections to enhance the overall safety of the autonomous driving experience.
The Gemini platform was designed using Didi Chuxing’s massive database of ride-hailing data as well as real-world autonomous driving test data for self-driving.
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The MONA model and brand will be different from the existing Xpeng-branded products such as the P7 and the main brand. The P7, launched in 2020, was the first production electric car with Level 3 autonomy and is also the first EV to use Infineon’s 950 IGBT module. It also uses Nvidia’s 30W Drive AGX system based on the Xavier processor chip and runs the company’s XPILOT3.0 operating system, taking data from 12 ultrasonic sensors, 5 millimeter-wave radars and 14 cameras to provide self-driving capabilities.
DiDi will provide support from its mobility ecosystem for the MONA project with access to its Chinese shared mobility market.
Xpeng will issue 3.25% shares to acquire the Didi assets, valuing the deal at around $750m, with DiDi becoming a strategic shareholder. There is a lock-up period of 24 months after the initial closing and a performance-based incentive mechanism based on the mass production of Mona and sales volume targets to be fulfilled by Didi.
“As a world’s leading mobility technology platform, DiDi shares Xpeng’s vision of shaping the mobility experience of the future with technology. Xpeng’s A-class Smart EV products under the new brand will not only significantly increase our scale, but also accelerate the adoption of our Smart EV technologies in the mass market segment, bringing our technologies to a much broader customer base,” said He Xiaopeng, Chairman and CEO of Xpeng.
“Furthermore, both parties will explore cooperation opportunities in various areas. Xpeng will continue to create value and capture growth opportunities in the mobility ecosystem as well as in autonomous driving,” he said.
“DiDi has been dedicated to promoting shared, electric, and smart mobility. Xpeng has established its leadership position in the Smart EV technologies and intelligent driving technologies. We will continue to deepen our cooperation with Xpeng in multiple areas, driving transformation of the transportation and automotive industries,” said Cheng Wei, Chairman and CEO of DiDi.
heyXPENG.com; web.didiglobal.com
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