BEIJING — Chinese language electrical automotive firm Xpeng on Tuesday introduced that its mass-market model Mona will begin promoting some fashions for lower than $17,000.

The fundamental model of the Mona M03 electrical coupe will probably be listed at 119,800 yuan ($16,812), with a driving vary of 515 kilometers (320 miles) and a few parking help options.

A model of the Mona M03 with the extra superior “Max” driver help options and a driving vary of 580 kilometers will promote for 155,800 yuan.

As compared, Tesla’s least expensive automotive — the Mannequin 3 — prices 231,900 yuan in China, after a value lower in April.

Xpeng CEO He Xiaopeng didn’t specify a launch date for the usual model of the automotive in his presentation on Tuesday. The corporate instructed buyers final week on an earnings name that mass deliveries would start shortly after Tuesday’s announcement.

Presales of the Mona M03 started on Aug. 8.

The Mona M03 customary driver-assist helps parking, together with parallel parking. The corporate says it makes use of a variety of automated sensors, cameras and light-weight detection and ranging sensors.

The Max model of driver help contains options corresponding to routinely backing up a automotive to a chosen place in a dead-end road with the push of a button. Xpeng additionally plans for it to help the distant management of getting into and exiting a slim parking spot.

That Max model is about to start deliveries after the Lunar New 12 months vacation in 2025, CEO He mentioned. The Chinese language vacation runs from late January to early February subsequent 12 months.

Xpeng’s driver-assist expertise is extensively thought of top-of-the-line presently obtainable in China. Tesla‘s model, marketed as “full self-driving,” is not absolutely accessible in China, though it’s extensively anticipated to be launched within the coming months.

The Xpeng CEO’s presentation on Tuesday additionally commemorated the tenth anniversary of Xpeng’s founding. Chinese language smartphone firm Xiaomi’s founder Lei Jun was amongst these in attendance

CEO He mentioned the model title Mona stands for “Made of latest AI.” He emphasised that over the subsequent decade, Xpeng would concentrate on creating synthetic intelligence for vehicles.

The corporate additionally mentioned Tuesday that it plans to disclose its second-generation humanoid robotic in October. It additionally revealed its personal chip, however didn’t specify what nanometer course of — or stage of manufacturing expertise — is utilized in its manufacturing.

Premium Chinese language electrical automotive startup Nio in late July mentioned it had completed designing a 5 nanometer automotive-grade chip, the NX9031. The corporate had teased the chip in December, and plans to make use of it in its high-end ET9 sedan, set for supply in 2025.

Xpeng constructed Mona utilizing tech it acquired from ride-hailing firm Didi in August 2023.

Wu Zhefeng, a Mona mission supervisor, instructed reporters Monday that the fundamental model of driver-assist expertise within the M03 comes from Didi, whereas the extra superior model was made by Xpeng.

Because the battery is the priciest part of an electrical automotive, he mentioned Xpeng was in a position to convey the fee down for Mona thanks partially to efforts to spice up vitality effectivity. The coupe makes use of BYD‘s fashionable “blade battery,” Wu mentioned.

He mentioned the model is targeted on younger individuals, two or three years after commencement.

Practically half of comparable vehicles obtainable in China inside this value vary are used for ride-hailing, in line with Wu. Whereas electrical automotive firms corresponding to BYD have labored with Didi to advertise their vehicles amongst drivers on the ride-hailing platform, he mentioned Mona would stay targeted on client drivers.

BYD, which has rapidly turn into a large in China’s electrical automotive business, sells vehicles throughout a variety of costs and fashions, together with many hybrid-powered variations. Customers in China have more and more most well-liked hybrids to battery-only vehicles as nervousness persists over how far they’ll drive on a single cost.

Geely-owned electrical automotive firm Zeekr introduced earlier this month that it could launch its first hybrid automotive subsequent 12 months.

Different Chinese language firms have launched vehicles this 12 months in direct competitors with Tesla.

Nio, which has targeted on premium electrical vehicles, in Could introduced a lower-priced model Onvo. Its first automotive, the L60 SUV, is about to start deliveries in September. The L60 begins at 219,900 yuan (US$30,439) versus the Mannequin Y’s 249,900 yuan (US$34,617), in line with costs shared in Could. 

Chinese language smartphone firm Xiaomi, in the meantime, in March launched its first electrical automotive, the SU7 sedan for 215,900 yuan.

— CNBC’s Sonia Heng contributed to this report.