Xpeng introduces affordable Mona M03 electric coupe amid growing demand

(MENAFN) Chinese electric vehicle manufacturer Xpeng has introduced the Mona M03, an affordable electric coupe aimed at the mass market, priced under USD17,000. The company revealed that within just 52 minutes of its official launch in Beijing, orders for the Mona M03 had already surpassed 10,000. The base model of the Mona M03 is priced at 119,800 yuan, approximately USD16,812, and features a driving range of 515 kilometers per charge along with advanced “Max” driver assistance technologies. Additionally, Xpeng offers a higher-end version of the Mona M03 with a driving range of 580 kilometers, priced at 155,800 yuan, or about USD23,080. This pricing places the Mona M03 significantly below the cost of Tesla's entry-level Model 3, which is priced at 231,900 yuan, or USD32,552, following its most recent price reduction.

The launch of the Mona M03 highlights China’s growing dominance in the global auto manufacturing sector, particularly in the realm of affordable electric vehicles. Michael Dunne, founder and chairman of Dunne Insights, remarked that the falling car prices in China, with models now available for less than USD20,000, reflect the country's emerging status as a major automotive hub. He emphasized that China’s ability to produce vehicles at a lower cost compared to other countries underscores its competitive edge in the global market.

In terms of market performance, Xpeng's shares have shown positive movement following the announcement. On Wall Street, Xpeng’s stock saw a 6.25 percent increase, closing Tuesday’s session at USD8.00, while its shares listed in Hong Kong rose by 2.15 percent, ending the day at HKUSD30.95. The strong initial response to the Mona M03 and the favorable trading performance indicate robust market confidence in Xpeng's strategy and the growing appeal of affordable electric vehicles in the global automotive landscape. 

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