XPeng Inc. (NYSE:XPEV) has reportedly revealed the name and an official image of the first model from its sub-brand, codenamed Mona, unexpectedly, preceding its official launch later this month.
The inaugural model in the Mona lineup has been dubbed the Xpeng M03, CnEV Post reported, citing a recent Weibo post from the company.
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Reportedly, Mona will utilize batteries from BYD Co., Ltd. (OTC:BYDDF) (OTC:BYDDY), a choice also made by NIO Inc‘s(NYSE:NIO) Onvo sub-brand.
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According to a report from the local media last month, which cited sources familiar with the matter, the battery suppliers for Mona’s initial model include BYD, offering a range of over 500 kilometers, CnEV Post added.
Interestingly, the decision to incorporate the XPeng brand into the model’s name adds a layer of complexity and potential confusion.
The company also released the initial official image of the M03, showcasing what seems to be a compact electric sedan, the report added.
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XPeng announced its acquisition of Didi Global’s electric vehicle business on August 28, 2023, revealing its intention to introduce the new brand Mona in 2024.
The inaugural model of the Mona program, slated for launch in 2024, will be an A-class smart electric model, per CnEV Post.
Emphasizing differentiation, XPeng stated that the new model and brand will be separate from XPeng-branded products and its primary brand.
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Price Action: XPEV shares are trading higher by 0.63% to $7.98 premarket at last check Tuesday.
Disclaimer: This content was partially produced with the help of AI tools and was reviewed and published by Benzinga editors.
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