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China EVs: Xpeng unveils Mona brand with eye on mass-market buyers, global leader BYD

  • The Guangzhou-based carmaker will officially launch the M03 EV and development strategy for the brand at an official ceremony late next month

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Chinese EV maker XPeng launched the Mona sub-brand on Tuesday. Photo: Bloomberg
Daniel Renin Shanghai
Xpeng unveiled its first model under the new Mona sub-brand, as the Chinese electric-vehicle (EV) maker targets the compact car segment and market leader BYD.

The M03 pure electric compact sedan will come with intelligent features, the Guangzhou-based company announced on the Chinese microblogging site Weibo on Tuesday. Xpeng did not provide details such as the car’s driving range and level of automation.

“Xpeng is targeting budget-conscious customers with the new brand,” said Chen Jinzhu, CEO of consultancy Shanghai Mingliang Auto Service. “It will rely on Mona’s success to increase its market share.”

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Xpeng said it will officially launch the Mona brand in late July and also release the growth strategy and development plan for the product line-up.

He Xiaopeng, co-founder and CEO of Xpeng, told an EV forum in Beijing in March that models under the Mona brand will be equipped with autonomous driving systems and will be priced between 100,000 yuan (US$13,785) and 150,000 yuan.
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He added that Mona cars could be developed into fully autonomous driving vehicles in the future at about the same price, as the company makes rapid technological advances and improves its manufacturing efficiency.

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