Chinese electric car company Xpeng recently announced the launch of its mass-market brand Mona, which will offer some models for less than $17,000. The Mona M03 electric coupe will be priced at 119,800 yuan for the basic version, with a driving range of 515 kilometers and parking assist features. A more advanced version with additional driver assist features and a longer driving range will sell for 155,800 yuan. Xpeng’s CEO He Xiaopeng did not specify a launch date for the standard version but mentioned that mass deliveries would begin shortly after the announcement. Presales for the Mona M03 began on August 8th.
The Mona M03 comes with standard driver-assist features that support parking, including parallel parking, using automatic sensors, cameras, and light detection and ranging sensors. The more advanced “Max” version of driver assist includes features such as automatically backing up a car to a designated position in a dead-end street with the push of a button. Xpeng plans for this version to support remote control of entering and exiting narrow parking spots. Deliveries for the Max version are expected to begin after the Lunar New Year holiday in 2025.
Xpeng has been praised for having one of the best driver-assist technologies in China, while Tesla’s “full self-driving” feature is yet to be fully accessible in the country. The company’s focus on artificial intelligence for cars was emphasized during the CEO’s presentation on the 10th anniversary of Xpeng’s founding. Xpeng also announced plans to reveal its second-generation humanoid robot in October and unveiled its own chip, although details about the manufacturing process were not specified.
Collaboration with ride-hailing company Didi played a significant role in the development of Mona, with the basic version of driver assist technology in the M03 coming from Didi. Xpeng’s efforts to boost energy efficiency, including the use of BYD’s popular “blade battery,” helped reduce costs for the Mona models. The brand is targeting young consumers who are two or three years out of college and aims to compete in the consumer driver market rather than focusing on ride-hailing. This positioning sets Mona apart from other electric car companies like BYD and Geely-owned Zeekr, which have also entered the electric vehicle market with different strategies and price points.
New players in the Chinese electric car industry, such as Nio and Xiaomi, have also launched models in direct competition with Tesla. Nio introduced a lower-priced brand Onvo with the L60 SUV set for delivery in September, priced at 219,900 yuan, lower than Tesla’s Model Y. Xiaomi released its first electric car, the SU7 sedan, earlier this year for 215,900 yuan. As consumer preferences shift towards hybrid and electric vehicles, Chinese companies are ramping up efforts to offer competitive options across different price ranges and models. Xpeng’s entry into the mass-market segment with Mona signals a new chapter in the evolving landscape of electric vehicles in China.
