Xpeng shares rose after the Chinese electric car company launched its new mass-market Mona brand on Tuesday with prices starting as low as $16,812, far below that of Tesla’s Model 3, CNBC reported
The Chinese automaker said orders for the Mona M03 electric coupe exceeded 10,000 just 52 minutes after the car’s formal launch in Beijing.
Xpeng’s U.S.-listed shares closed up 6.5% in New York trading on Tuesday, while its Hong Kong-traded shares rose nearly 2% early Wednesday morning.
“With cars priced under $20,000, China is further cementing its new position as the world center for automotive manufacturing,” Michael Dunne, founder and CEO of consulting firm Dunne Insights, said Wednesday on CNBC’s “Squawk Box Asia.”
“China can produce cars more cheaply than anyone else in the world,” he said.
EV market dominance
The global electric vehicle (EV) market continues to evolve rapidly, with Chinese automaker BYD and U.S. giant Tesla cementing their dominance in the first half of 2024. According to data from EV Volumes, these two companies collectively captured over 30% of the global EV market between January and May, underscoring their pivotal roles in the industry’s transition from internal combustion engines to electric powertrains.
BYD, a titan in the EV industry, accounted for an impressive 21% of global EV sales during this period, delivering 1.191.478 units worldwide.
Tesla remains a significant player in the global EV market, capturing 11% of total sales with 625.596 units sold between January and May 2024