Chinese EV maker Xpeng has launched its latest electric vehicle, the Mona M03. In the highly competitive Chinese market, it is presenting a substantial challenge to Tesla.
The M03 starts at 119,800 yuan ($16,800), nearly half the price of Tesla’s Model 3, which begins at 231,900 yuan ($32,500) in China. The M03 lineup includes a “Max” version equipped with autonomous driving features, priced at 155,800 yuan ($21,900).
Tesla has been struggling to keep up with aggressive price cuts and technological advancements from Chinese rivals like Xpeng, which now offer similar tech-heavy vehicles at much lower prices.
Xpeng’s M03 is part of an increasingly crowded market, joining competitors like Xiaomi’s SU7 and BYD’s Seal sedan, which have also seen price reductions.
Moreover, Nio is set to launch its affordable Onvo brand, further intensifying the competition. While Tesla plans to introduce its Robotaxi in China, maintaining a competitive edge in this fierce market remains uncertain.
The pressure is mounting as local manufacturers continue to innovate and undercut Tesla on pricing, making it a tough battle for the U.S. automaker.
