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Didi plans to sell the assets to AutoAi, a provider of
intelligent cockpits-related software and hardware, in exchange
for a stake in AutoAi, said the two sources and another person
with knowledge of the matter.
China's largest ride-hailer expects to pull back significantly
from the ultra-competitive electric vehicle market with the
deal, which will value the assets at close to 500 million yuan
($70 million), said two of the people.
Electric vehicle (EV) makers are competing fiercely in a
consolidating Chinese market and are seeking new technologies
such as smart cockpits and autonomous driving to appeal to
consumers.
Didi sold its EV development business to Chinese EV maker Xpeng
a year ago in a deal worth $744 million in exchange for a
roughly 3.25% stake in the vehicle maker. That accounted for the
bulk of its EV-related assets, said the three sources.
The deal with AutoAi could be announced in the coming days, they
said, declining to be identified as the information was private.
Didi, NavInfo and AutoAi did not respond to requests for
comment.
(Reporting by Julie Zhu; Additional reporting by Zhang Yan;
Editing by Muralikumar Anantharaman)
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