XPeng, a leading Chinese electric vehicle manufacturer, has reached a major milestone – the production of its 500,000th vehicle. CEO Xiaopeng He proudly announced the achievement on X, formerly Twitter, stating, “XPENG’s 500,000th Smart EV has rolled off the line!” This accomplishment underscores XPeng’s rapid growth and commitment to the electric vehicle market.
The company’s momentum continues with the successful launch of its new Mona M03 all-electric hatchback coupe. Just 22 days after its introduction in late August, XPeng produced a remarkable 10,000 units of the M03. This signifies the strong demand for XPeng’s latest offering, despite facing fierce competition from other EV manufacturers such as Li Auto.
Despite lagging behind some rivals, XPeng has been steadily increasing sales throughout the year. During the eight months ending in August, the company delivered 77,209 EVs, representing a 17% increase compared to the same period last year.
However, despite the strong sales figures, XPeng is still not profitable. In the second quarter alone, the company delivered 30,207 EVs, reporting a net loss of $0.18 billion and total revenue of $1.12 billion.
The Mona M03 is targeted at the Chinese market, with a starting price of RMB 119,800 ($17,025). Its more premium variant starts at RMB 155,800 ($22,141), offering a competitive price point compared to Tesla Inc.’s cheapest offering – the Model 3 – which starts at over RMB 200,000.
As XPeng continues to expand its operations and build its brand, it will be interesting to see how the company navigates the competitive EV landscape and strives to achieve profitability in the future.
