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XPeng Inc. (NYSE:XPEV) shares are trading lower on Wednesday.
According to Benzinga Pro, XPEV stock has lost over 57% in the past year. Investors can gain exposure to the stock via SPDR S&P Kensho Smart Mobility ETF (NYSE:HAIL).
The company is reportedly set to officially unveil the first model in its Mona lineup, the M03, on August 27. Pre-orders for the model started earlier this month, reported CnEV Post.
He Xiaopeng, the chairman and CEO of the Chinese electric vehicle manufacturer, announced the timing yesterday during a live video stream of a range change challenge featuring the Xpeng G6 SUV, the report read.
He did not provide any additional details about the Mona M03’s launch. However, Xpeng plans to host the Mona M03 launch event alongside a 10th-anniversary celebration in Beijing, the report added.
Also Read: XPeng Joins NIO And Li Auto In Strategic Shift – Reportedly Overhauls Structure To Boost AI Focus
Xpeng currently offers the X9 MPV, the G9 SUV, the G6, the P7i sedan, and the P5 sedan. The company is also anticipated to launch the new P7+ sedan in the fourth quarter.
The Mona lineup originates from Xpeng’s acquisition of Didi Global’s EV business in August 2023.
Initially, Xpeng had announced plans to introduce a new brand under the code name Mona in 2024. However, the company has since rebranded Mona as a new lineup.
The Mona M03 was unveiled on July 3 and began accepting pre-orders on August 8. By August 9, He announced that the first production units of the M03 had already been produced.
Xpeng has consistently stated that the Mona M03 will be priced below RMB 200,000 (approximately $27,900) and will feature the most advanced intelligent driving capabilities in its class.
Price Action: XPEV shares are trading lower by 0.43% to $6.94 premarket at last check Wednesday.
Disclaimer: This content was partially produced with the help of AI tools and was reviewed and published by Benzinga editors.
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