Xpeng releases mass-market EV with basic driver-assist for less than $20,000

cnbc.com:

BEIJING — Chinese electric car company Xpeng on Tuesday announced that its mass-market brand Mona will start selling some models for less than $17,000.

The basic version of the Mona M03 electric coupe will be listed at 119,800 yuan ($16,812), with a driving range of 515 kilometers (320 miles) and some parking assist features.

A version of the Mona M03 with the more advanced «Max» driver assist features and a driving range of 580 kilometers will sell for 155,800 yuan.

In comparison, Tesla's cheapest car — the Model 3 — costs 231,900 yuan in China, after a price cut in April.

Xpeng CEO He Xiaopeng did not specify a launch date for the standard version of the car in his presentation on Tuesday. The company told investors last week on an earnings call that mass deliveries would begin shortly after Tuesday's announcement.

Presales of the Mona M03 began on Aug. 8.

The Mona M03 standard driver-assist supports parking, including parallel parking. The company says it uses a range of automatic sensors, cameras and light detection and ranging sensors.

The Max version of driver assist includes features such as automatically backing up a car to a designated position in a dead-end street with the push of a button. Xpeng also plans for it to support the remote control of entering and exiting a narrow parking spot.

That Max version is set to begin deliveries after the Lunar New Year holiday in 2025, CEO He said. The Chinese holiday runs from late January to early February next year.

Xpeng's driver-assist technology is widely considered one of the best currently available in China. Tesla's version, marketed as «full self-driving,» isn't fully accessible in China, although it is widely expected to be released in the coming months.

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