Xpeng said the Mona M03 will be priced under RMB 200,000 yuan ($27,500) and will have the strongest smart driving capabilities in its class.
(He Xiaopeng, chairman and CEO of Xpeng, makes the debut of the new model Mona M03 on July 3, 2024. Image credit: Xpeng)
Xpeng (NYSE: XPEV) today gave the debut of the M03, the first model in its Mona lineup, which is an all-electric sedan that's expected to help the company improve sales in the second half of the year.
The Xpeng Mona M03 will be priced under RMB 200,000 yuan ($27,500), with an official launch set for August, the Chinese electric vehicle (EV) maker said.
Mona stems from Xpeng's acquisition of ride-hailing giant Didi Global's EV business in August 2023, and it said at the time that it planned to launch the new brand in 2024 under the code name Mona.
In their previous agreement, Didi would provide mobility ecosystem support for the Mona program and help it enter the national shared mobility market.
The two had performance incentives based on Mona's volume production and sales targets accomplished by Didi, which would be entitled to equity incentives, according to a statement last year.
If Mona reaches 180,000 annual sales for two consecutive years, then Didi could receive the highest incentive for a total of 5 percent of Xpeng's equity, the EV maker said last year.
It's worth noting that Xpeng said at today's event that it won't be launching a taxi version of the Mona M03.
Mona is derived from "Made of New AI," which Xpeng initially said would be a new brand, but in the past few months has begun referring to it with a new lineup.
Xpeng's emphasis on AI is intended to reinforce the perception of the company's smart driving capabilities.
The Xpeng Mona M03 will come with different smart driving options to suit different needs, but it will be the most capable in its class, the company said today.
Mona's first model, named the M03, is meant to give respect to Tesla's (NASDAQ: TSLA) Model 3 sedan, He Xiaopeng, Xpeng's chairman and CEO, said at the event today.
Xpeng did not go into detail about the Mona M03 at today's event, with details expected to be announced at the official launch event in August.
The model entered a catalog from China's Ministry of Industry and Information Technology (MIIT) last month, allowing key specification information to come to light.
The Xpeng Mona M03 measures 4,780 mm in length, 1,896 mm in width and 1,445 mm in height, with a wheelbase of 2,815 mm, according to the June 13 filing.
Both variants in the catalog are single-motor models with peak motor power of 140 kW and 160 kW, respectively, and suppliers are Innovance Automotive, Physis Technology.
Like Nio's (NYSE: NIO) Onvo L60, both variants of the Xpeng M03 are powered by lithium iron phosphate batteries, both from BYD's (HKG: 1211, OTCMKTS: BYDDY) battery division FinDreams Battery.
The 140-kW variant of the Xpeng M03 is available in 1,661-kg and 1,631-kg versions, while the 160-kW variant weighs 1,739 kg. Both variants support a top speed of 155 km/h.
Xpeng has been intensively previewing the Mona M03 since last month, including announcing the model's wind resistance of 0.194 Cd, which is claimed to be the world's lowest wind resistance production all-electric hatchback sedan.
On June 26, Xpeng said the Mona M03's trunk volume of 621 L is the largest in its class.
The model is expected to help boost lukewarm sales for Xpeng, which sold 52,028 vehicles in the first half of the year, up 25.57 percent from a year earlier.
($1 = RMB 7.2735)
Regulatory filing: Xpeng Mona M03 has only single motor options, batteries from BYD
