XPeng Debuts Mona Series With M03 With Official Launch in August: Report

In an event, XPeng Inc. XPEV unveiled the M03, the inaugural model in its Mona series, an all-electric sedan aimed at boosting sales in the latter half of the year.

CnEV Post reported that He Xiaopeng, XPeng’s chairman and CEO, highlighted at the event that Mona’s inaugural model, the M03, pays homage to Tesla, Inc’s TSLA Model 3 sedan.

XPeng announced that the Mona M03 will be priced below RMB200,000 ($27,500) and is scheduled for an official launch in August, the report read.

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XPeng refrained from disclosing specifics about the Mona M03 during today’s event, indicating that details will be unveiled at the official launch event in August. The model was recently listed in China’s Ministry of Industry and Information Technology (MIIT) catalog, revealing key specifications.

The Mona brand originates from XPeng’s acquisition of DiDi Global Inc. DIDIY EV business in August 2023, with plans announced to launch the new brand in 2024 under the project name Mona.

Under their previous agreement, Didi was set to offer mobility ecosystem support for the Mona program, facilitating its entry into the nationwide shared mobility market.

According to a statement last year, Didi and Xpeng had performance incentives tied to Mona’s production and sales targets. If Mona achieves 180,000 annual sales for two consecutive years, Didi could earn up to 5% equity in Xpeng.

Price Action: XPEV shares are trading higher by 4.85% to $8.00 at last check Wednesday.

Disclaimer: This content was partially produced with the help of AI tools and was reviewed and published by Benzinga editors.

Photo via Shutterstock

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