Chinese Electric Car company Xpeng is acquiring Didi's smart electric car development business in a $744 million deal. As part of the agreement, Didi will become a strategic shareholder of Xpeng, and the two companies will collaborate in various areas including marketing, financial services, and international expansion. Xpeng's shares rose over 13% following the announcement. The company plans to launch a new electric car next year under a mass-market brand targeting the $20,580 price range. This deal comes after Xpeng signed a partnership with Volkswagen to develop electric cars for China.

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