XPeng has made a bold move in the competitive electric vehicle (EV) market with the launch of its new MONA M03 model. Unveiled at a gala event in Beijing on August 27, 2024, the Mona M03 is positioned to directly challenge Tesla’s Model 3, but at a significantly lower price point.

The Mona M03 starts for 119,800 yuan ($16,820), making it XPeng’s most affordable model to date. As a result, the aggressive pricing seems to have struck a chord with buyers, as XPeng reported over 10,000 firm orders within 52 minutes of the launch.

The Mona M03 is offered in three trims: the 515 long battery life priced at 119,800 yuan ($16,800), the 620 long battery life priced at 129,800 yuan ($18,200), and the 580 Max priced at 155,800 yuan ($21,850).

The Mona M03 is measured in 4,780 mm in length, 1,896 mm in width, and 1,445 mm in height, with a wheelbase of 2,815 mm. All trims are front-wheel drive (FWD), with the base model featuring a 140 kW motor and the higher-end versions equipped with a more powerful 160 kW motor. The Mona M03 uses lithium iron phosphate blade batteries from BYD subsidiary FinDreams, with capacities of 51.8 kWh for the base model and 62.2 kWh for the other versions.

The Mona M03’s interior arrives with a minimalist design reminiscent of the Tesla Model 3, centered around a large 15.6-inch touchscreen powered by a Qualcomm Snapdragon 8155 chip. This interface is complemented by advanced voice control, which supports four distinct voice zones and the ability to execute multiple instructions simultaneously, enhancing the overall driving experience.

Moreover, it comes with an 18 PSS advanced custom speaker system, which delivers immersive Compose 7.1.4 panoramic sound. The M03 also features a 1.22 square meter panoramic sunroof made from low-E laminated glass, providing UV and infrared protection while adding to the car’s open and airy feel.

In terms of practicality, the M03 offers a spacious trunk with 621 liters of storage space, which can be expanded to 1602 liters, ensuring ample room for luggage and gear. Furthermore, the Max version, aimed for delivery after Chinese New Year in 2025, is projected to introduce high-end intelligent driving capabilities, potentially incorporating XPeng’s cutting-edge XNGP system.

XPeng developed the MONA brand after acquiring the EV development unit from Didi Global. With this new sub-brand, the company aims to achieve better economies of scale and break even in its operations. XPeng has set an ambitious target of selling at least 100,000 MONA cars annually.

Also, the company projects significant year-on-year monthly sales growth in Q4 2024, driven by the MONA M03 and the upcoming XPeng P7+ model.

As XPeng enters the mainstream EV market with the MONA M03, it is clear that the company is positioning itself as a serious competitor to established players. With the success of this model for XPeng’s future growth and profitability, the EV industry will see whether MONA M03 can earn its place in the increasingly competitive EV market.

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