BEIJING — 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.

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.

Xpeng shares extended gains from Monday after a filing showed the company’s founder and CEO, He Xiaopeng, bought at least 1 million shares each of the company’s stock traded in the U.S. and Hong Kong.

The total U.S. purchase was worth nearly $10 million, according to the filing, giving He about 18.8% of the company’s total issued share capital.

Xpeng shares have lost more than 45% so far this year.

Tesla shares closed nearly 2% lower on Tuesday. Shares of Chinese electric car companies Zeekr and Li Auto rose, while those of Nio closed mildly lower.

— CNBC’s Sheila Chiang contributed to this report.