He Xiaopeng, founder of Chinese electric vehicle company Xpeng Motors, said on August 27 that the startup will focus on integrating artificial intelligence in the next decade.
CNBC | Evelyn Cheng
Beijing – Xpeng Motors On Tuesday, the Chinese electric car company launched its new mass-market Mona brand, with prices starting as low as $16,812, well below the TeslaModel 3.
The Chinese automaker said orders for the Mona M03 electric coupe exceeded 10,000 just 52 minutes after it was officially launched in Beijing.
Xpeng Motors’ U.S.-listed shares closed up 6.5% in New York trading on Tuesday, while its Hong Kong-traded shares were up nearly 2% in early trading on Wednesday.
“With cars priced below $20,000, China is further solidifying its position as the world’s largest car maker,” Michael Dunne, founder and CEO of consulting firm Dunne Insights, told CNBC’s “Squawk Box Asia” on Wednesday. A new status as a manufacturing center.
“The cost of producing cars in China is lower than any other country in the world,” he said.
Xpeng Motors
Shares of Xpeng Motors started to rise on Monday after a filing showed that the company’s founder and CEO, He Xiaopeng, Purchase at least 1 million shares The company’s shares are traded in the United States and Hong Kong.
Documents show that the total value of the US acquisition is nearly US$10 million, and He Jiankui holds approximately 18.8% of the company’s total issued share capital.
Since the beginning of this year, Xpeng Motors’ share price has fallen by more than 45%.
Tesla shares closed down nearly 2% on Tuesday. Chinese electric vehicle company stocks Zekel and ideal car rise, and those Nioh It closed slightly lower.
—CNBC’s Sheila Jiang contributed to this report.
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