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Chinese electric vehicle (EV) manufacturer Guangzhou Xiaopeng Motors Technology Company Ltd (XPeng) has agreed to acquire the smart EV technology development business of local ride hailing company Didi Chuxing Technology Company (Didi). Didi agreed to sell its smart EV technology unit in exchange for US$744m worth of shares in Xpeng. The deal is expected to be completed in stages, with Didi set to receive additional shares depending on the success of the business – for a maximum stake in Xpeng of 3.25%. Under the agreement, Didi is not allowed to sell its shares in Xpeng for at least two years after the initial deal is finalised.

GlobalData’s deals database reveals that Clarios, the parent company of VARTA Automotive will purchase Paragon GmbH & Co’s power business that produces batteries and battery management systems for the automobile industry. Clarios specialises in manufacturing and recycling low-voltage networks and batteries. Paragon’s engineering team’s expertise and leadership with projects with global OE customers complements the Clarios low-voltage and li-ion programs.

GlobalData’s deals database reveals that Volkswagen Financial Services AG, a Germany-based subsidiary of Volkswagen AG, is planning to invest in Pon Holdings BV, a Netherlands-based specialist in bicycle leasing. VW FS will acquire a 49 percent stake in Pons bicycle leasing subsidiary Bike Mobility Services (BMS). The Memorandum of Understanding (MoU) for this strategic alliance was signed at the IAA Mobility show in Munich.

Volkswagen will pay US$700m for a 5% stake in electric vehicle (EV) startup XPeng and it is planned the two companies will jointly develop two EVs to be sold as VW models in China by 2026. The initial stage of the cooperation provides for the joint development of two VW brand electric models for the mid-size segment in the Chinese market. The China-specific vehicles will supplement the MEB product portfolio and are to be rolled out in 2026 in China.