The Mona M03 is on track to break the first-month delivery record for a new model from a new Chinese carmaker this month, Xpeng's CEO said.
The M03, the first model in Xpeng's (NYSE: XPEV) Mona lineup, appears to be seeing continued order growth, forcing the company to ramp up production capacity.
Xpeng Mona's production capacity has been expanded twice in the last 10 days, He Xiaopeng, chairman and CEO of the electric vehicle (EV) maker, said on Weibo today.
“It was a tough decision and we want to get your new car in your hands as soon as possible,” he added.
The Mona M03 is the new model with the fastest production climb in Xpeng's history, he said in a video accompanying his Weibo.
This month, the Mona M03 is expected to break the first-month delivery record for a new model by a new Chinese carmaker, he said.
During the upcoming National Day holiday in China, the Mona M03 will continue to be produced, he added.
September 15-17 is this year's Mid-Autumn Festival holiday, and the National Day holiday is October 1-7.
Xpeng officially launched the Mona M03 electric sedan on August 27, offering three variants with starting prices of RMB 119,800 ($16,890), RMB 129,800 and RMB 155,800 respectively.
The model becomes the least expensive of Xpeng's on-sale models, at about half the price of the Tesla (NASDAQ: TSLA) Model 3.
Deliveries of the two lowest priced variants of the Mona M03 have already begun, while deliveries of the highest priced Max variant will start after the Chinese New Year holiday in late January to early February 2025.
The entry-level Mona M03 currently has a delivery wait time of 6-8 weeks, and the variant in the middle of the price range is 8-10 weeks, according to CnEVPost's monitoring.
An Xpeng letter to suppliers circulating on social media on September 10 revealed that the company asked suppliers to respond positively to boost Mona M03 capacity and delivery efficiency.
Following 30,000 locked-in orders for the Mona M03 in the first 48 hours of its launch, recent orders for the model exceeded 2,000 units per day, Xpeng said in the letter. The company later confirmed that the letter is true.
($1 = RMB 7.0937)
Xpeng asks suppliers to boost capacity as Mona M03 orders exceed 2,000 units per day
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