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Revenues at China's Didi Chuxing rose 52.6% for the April-June quarter from a year earlier to 48.8 billion yuan ($6.65 billion, as the ride-hailing firm emerged from a regulatory crackdown and demand rebounded with the end of strict COVID-19 restrictions.
BEIJING: Revenues at China’s Didi Chuxing rose 52.6% for the April-June quarter from a year earlier to 48.8 billion...
The company, launched in Beijing in 2012 and backed by prominent investors including Alibaba, Tencent and SoftBank Group, ran afoul of regulators at the powerful Cyberspace Administration of China when it pressed ahead in 2021 with a U.S. stock listing against the regulator's wishes, sources have told Reuters. It was delisted from the New York Stock Exchange last year.
BEIJING: Chinese electric car giant XPeng said on Monday it would buy the EV subsidiary of ride-hailing platform Didi for more than $740 million and launch a new brand of vehicles.
As part of the deal, which could be worth as much as $744 million, Xpeng will launch an A-class model next year under a new brand, currently called MONA, aiming to expand in the mass-market segment.