Xpeng has officially launched the Mona M03, its new electric sedan aimed directly at competing with Tesla's Model 3, but at half the price. The M03 starts at RMB 119,800 ($16,820), significantly lower than Tesla's Model 3, which begins at RMB 231,900 in China.

The Mona M03, Xpeng's most affordable model, comes in three versions: 515, 620, and 580 Max, reflecting battery range and advanced driving features. Initial reception has been strong, with over 10,000 orders placed within 52 minutes of the launch.

The M03 measures 4,780mm in length, 1,896mm in width, and 1,445mm in height, with a 2,815mm wheelbase. It features a streamlined design with a drag coefficient of 0.194 Cd, the lowest among mass-produced electric hatchbacks.

Powered by a single motor, the M03 accelerates from 0 to 100 km/h in 7.8 seconds for the base version and 7.4 seconds for higher trims. It uses lithium iron phosphate batteries, with options of 51.8 kWh or 62.2 kWh, offering ranges of 515 km and 620 km respectively.

The vehicle's smart driving system includes standard highway assistance and an advanced Max version for urban driving. Deliveries of the M03 will start in September, with the Max variant expected to arrive after the Spring Festival in early 2025.

Xpeng aims to boost sales with the Mona M03, addressing current lukewarm performance. The company anticipates significant sales growth in the fourth quarter, driven by this model and the upcoming Xpeng P7+. Despite the competitive pricing, Xpeng has maintained profitability across all M03 variants.