The deal is the first major investment in a European startup by a top Chinese global battery maker, with an initial focus on Central and Eastern Europe as well as Morocco.
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The acquisition will expand BYD Electronic's customer base and product boundaries and broaden its smartphone components business, BYD said.
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The Mona project will be the start of a second, or even third, brand for Xpeng, which will be predominantly aimed at general customers but also corporate customers, Xpeng's CEO said.
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The Mona project will be aimed at both corporate and general consumers, but it's uncertain whether Xpeng will create an entirely new channel for the project, according to local media.
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Xpeng saw its biggest one-day gain in early Hong Kong trading since the Volkswagen deal late last month.
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In China, Ascott currently owns and manages over 200 properties in 42 cities.
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Stellantis has explored potentially working with Chinese EV makers, including Leapmotor, according to Bloomberg.
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Earlier today, a rumor that Xpeng would acquire Maserati spread widely on Chinese social media.
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NWTN will get a 27.5 percent stake in Evergrande NEV and the right to nominate a majority of the board of directors, valuing the Chinese carmaker at $1.82 billion.
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Mavel, founded in Italy in 1999, will be a supplier of core components for Nio's next-generation platform, Nio Capital said.
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