Xpeng prices Mona 03 EV model at 120,000 yuan with an eye on market leader BYD
The M03 compact sedan, which is equipped with an advanced driving assistance system and has a range of 515km, starts from 119,800 yuan (US$16,812)
Chinese electric vehicle (EV) maker Xpeng unveiled the first budget model under its new brand Mona on Tuesday, taking a step forward in making self-driving technology affordable to low and middle-income consumers on the mainland.
The M03 compact sedan, which is equipped with an advanced driving assistance system and has a range of at least 515km, is expected to mount a challenge to BYD, the world’s largest EV maker.
He Xiaopeng, co-founder and CEO of Guangzhou-based Xpeng, said the new car, priced from 119,800 yuan (US$16,812) to 155,800 yuan, reflects the carmaker’s long-term goal of assembling autonomous EVs targeting mass-market consumers.
“We have seen strong demand from first-time car buyers who are young and have a budget of a little more than 100,000 yuan,” the CEO told a virtual briefing to announce the launch of the M03. “We want to grant them their wish with intelligent cars that can match their budget.”
The company did not say when the M03 cars will be delivered to buyers.
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Chinese EV maker Xpeng unveils budget car models priced under US$17,000
Xpeng currently builds intelligent EVs priced above 200,000 yuan. The CEO told an EV forum in Beijing in March that models under the Mona brand would be equipped with autonomous driving systems and priced between 100,000 yuan and 150,000 yuan.
