$XPeng (XPEV.US)$ unveiled the M03 Wednesday, 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 $Tesla (TSLA.US)$ Model 3 sedan.
The firm's stock climbed 10% on the news, and following Tesla's stock jump of a slight rise in delivaries. $NIO Inc (NIO.US)$ another Chinese ev company climbed, alongside lithium firms and ev charging companies like $Plug Power (PLUG.US)$.
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.
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 catalog, revealing key specifications.
The Mona brand originates from XPeng's acquisition of DiDi Global Inc. 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.