Xpeng's MONA M03 EV Receives 10,000 Pre-Orders in Just One Hour
Within the first hour of its unveiling, Xpeng's MONA M03 EV received over 10,000 pre-orders. The cost-effective model includes advanced driver assistance features at a competitive price. Xpeng's strategic shift towards camera-based autonomy establishes a new industry standard.
The newly introduced MONA M03, Xpeng's most affordable model, features an assisted driving system similar to Tesla's Full Self-Driving software, but at half the price of Tesla's popular Model 3. This competitive pricing strategy is poised to challenge market leaders such as the BYD Qin and Nissan's Sylphy.
In a strategic move to improve vehicle autonomy, Xpeng chose a camera-based vision system over laser sensor units in the MONA M3. This entry-level model, priced at RMB 119,800 ($16,808), includes a variety of sensors, including ultrasonic sensors and exterior cameras, allowing for safety-focused driver assistance features like lane-keeping assist.
The top-tier version of the MONA M03, priced at RMB 155,800 (US$21,859), is designed to navigate Chinese roads autonomously using advanced hardware and algorithms, establishing itself as a leader in providing cutting-edge driver assistance capabilities within the RMB 200,000 price range.
Xpeng's forward-thinking approach extends to its XNGP advanced driver assistance system, which aims to significantly reduce manual steering interventions by the end of next year. The company aims to achieve complete driverless capabilities in low-speed traffic scenarios by 2026, in line with the evolving landscape of autonomous driving technology.
With a focus on appealing to the younger demographic, Xpeng's MONA M03 has received a lot of attention, with over 10,000 pre-orders within the first hour of its launch. The compact sedan is positioned as the ideal choice for China's tech-savvy and budget-conscious youth, with a spacious interior, energy-efficient performance, and a sleek design aimed at fresh graduates and young professionals.
The MONA M03 is a stylish electric car with a length of 4.8 meters and a wheelbase of 2,815 millimetres. The car was designed with aerodynamic principles in mind and has sleek coupe-style body lines, resulting in a drag coefficient of 0.194 and an energy consumption of 11.5 kilowatt-hours per 100 kilometres (7.15 kWh per mile).
The vehicle, powered by a single M03 motor, has an impressive range of up to 620 km (385 miles) on a single charge. The car can accelerate from 0 to 100 km/h (62 mph) in 7.4 seconds, thanks to a low-cost BYD lithium iron phosphate (LFP) battery pack. Additionally, a quick 15-minute charge provides an extra 200 km of range.
Despite its impressive performance, some drivers might find the car's interior features somewhat basic. For instance, buyers interested in a conventional dashboard screen would need to pay an additional RMB 599 as an add-on component. Xpeng has assured that the car functions seamlessly with a 15.6-inch centre screen.
Xpeng is optimistic about the MONA M03's market performance, expecting a strong sales rebound with its competitive pricing strategy. CEO He expressed hope that the car will outsell the Xiaomi SU7 in the second half of the year. Since June, Xpeng has sold more than 10,000 units of the US$30,000 sports sedan each month.
He anticipated significant sales growth for the MONA M03, estimating annual sales of up to 100,000 units. This optimism stems from Xpeng's acquisition of Didi's electric vehicle business, which includes the MONA project, which stands for "Made of New AI." The joint investment of RMB 4 billion over four years demonstrates the companies' commitment to innovation.
Jefferies analysts noted that the M03's initial gross margin could be in the low single digits as Xpeng ramps up production to maintain competitive pricing. Meanwhile, BYD's Qin Plus has emerged as the best-selling model in China's RMB 120,000 to RMB 180,000 price range, with approximately 154,000 units sold in the last six months, according to data from Chinese auto service platform Dongchedi.
Xpeng's MONA M03 EV secures over 10,000 pre-orders within the first hour of unveiling.
The budget-friendly model features advanced driver assistance capabilities at competitive pricing.
Xpeng's strategic shift towards camera-based autonomy sets a new standard in the market.
Source: TECHNODE