Xpeng introduced the Mona M03 in a launch event held in Beijing. The model gained traction with firm orders exceeding 10,000 units within just 52 minutes after the launch.
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The Mona M03 is priced at RMB 119,800 ($16,820), which is half the price of Tesla’s Model 3 in China. This pricing is a critical component of Xpeng’s plan to attract a huge customer base and compete directly with Tesla and other EV manufacturers.
The Mona M03 is Available in Three Variants:
- 515 – Priced at RMB 119,800
- 620 – Priced at RMB 129,800
- 580 Max – Priced at RMB 155,800
The numbers in the variant names correspond to the battery range with the Max version providing the most advanced smart driving capabilities.
Tesla’s Model 3 is offered in three variants in China with starting prices at RMB 231,900, RMB 271,900 and RMB 335,900 for rear-wheel drive, long-range all-wheel drive and high-performance all-wheel drive, respectively.
The 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.
In comparison the Tesla Model 3 is slightly smaller with dimensions of 4,720 mm in length, 1,848 mm in width and 1,442 mm in height and a wheelbase of 2,875 mm.
The Mona M03 is powered by a single motor with the entry version capable of accelerating from 0 to 100 kilometers per hour in 7.8 seconds, while the other two variants achieve this in 7.4 seconds.
The Mona M03 utilizes smaller battery packs. The entry variant is equipped with a 51.8 kWh battery, while the other two variants have a 62.2 kWh battery.
Both battery packs are based on lithium iron phosphate (LFP) chemistry supplied by FinDreams Battery, a division of BYD. LFP batteries are known for their safety, long life and cost-effectiveness, although they typically offer lower energy density compared to other lithium-ion batteries.
Xpeng has optimized the Mona M03’s design to achieve a drag coefficient of 0.194 Cd, which the company claims is the lowest among mass-produced all-electric hatchback sedans.
This contributes to the vehicle’s energy efficiency with the Mona M03 consuming just 11.5 kWh of electricity per 100 kilometers.
The Mona M03 does not feature LiDAR. It includes a smart driving system with the standard version supporting pilot-assisted driving on highways.
Xpeng plans to begin deliveries of the Mona M03 in September 2024. Deliveries of the highest-priced Max variant will commence after the Spring Festival holiday in early 2025.
This delivery approach could help Xpeng manage production logistics and maintain consumer interest over a more extended period.
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Xpeng’s sales performance in 2024 has been moderate with the company delivering 11,145 vehicles in July, which is a slight year-on-year increase but still far below the levels seen in late 2023.
The Mona M03 is expected to revitalize sales and contribute to year-on-year growth in the fourth quarter.
Xpeng’s management has addressed that the Mona M03 is priced to be profitable. The use of smaller battery packs, efficient design and smart driving technologies are key factors that have allowed Xpeng to maintain a balance between affordability and profitability.
The Mona M03 stems from Xpeng’s acquisition of Didi Global’s EV business in August 2023. The acquisition included an unfinished car project.
He Xiaopeng, co-founder and CEO of Xpeng addressed the company’s goal of making autonomous driving technology affordable to mass-market consumers.
The Mona 03 aims to meet the demands of first-time car buyers particularly younger consumers who are price-sensitive and have a budget of around 100,000 yuan.
The Mona 03 is equipped with an advanced driving assistance system (ADAS). This feature sets the Mona 03 apart from other budget EVs providing an added value proposition for consumers interested in autonomous driving technology.
The Mona 03 is to challenge BYD by offering a similarly equipped vehicle at a lower price point. BYD’s dominance in the Chinese EV market has been built on a wide range of products from budget to premium models.
Xpeng’s focus on integrating advanced technology into its budget models could attract consumers who are looking for more technologically advanced vehicles without the premium price tag.
The market response to the Mona 03 has been positive with over 10,000 orders placed within 52 minutes of its official launch.
Xpeng’s US-listed shares saw a huge increase, closing up 6.5% following the announcement, while its Hong Kong-traded shares rose nearly 2%.
The company projects a strong performance in the third quarter of 2024 with expected deliveries increasing by up to 49% compared to the previous quarter.
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