From CNBC: 2024-08-27 10:30:22

Chinese electric car company Xpeng unveiled its Mona M03 electric coupe priced at $16,812 for the basic version with a driving range of 320 miles. The advanced model, at $21,958, features a driving range of 360 miles. Xpeng aims to rival Tesla, with its Model 3 priced at $33,663.

Xpeng’s Mona M03 comes with driver-assist features like parking assistance, sensors, cameras, and light detection sensors. The Max version includes advanced features like automated parking in tight spots. Deliveries of the Max version are set for after the Lunar New Year holiday in 2025 in China.

Xpeng acquired technology from ride-hailing company Didi to build the Mona M03, aimed at young consumers. To reduce costs, Xpeng focused on energy efficiency using BYD’s popular “blade battery.” Working on mass-market appeal, Mona targets consumer drivers over ride-hailing services.

In contrast, other Chinese electric car companies like Nio and Xiaomi are also launching competitive models. Nio’s lower-priced brand Onvo will offer the L60 SUV starting at $30,439, undercutting Tesla’s Model Y by about $4,178. Xiaomi’s SU7 electric sedan is priced at $30,185, adding to China’s electric car market competition.

Xpeng’s CEO announced plans to focus on developing artificial intelligence for cars over the next decade. The company will reveal its second-generation robot and new chip technology in October. The Chinese electric car market continues to evolve, with companies investing in innovative technology and competitive pricing strategies.

Read more: Xpeng releases mass-market EV with basic driver-assist for less than $20,000