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Chinese Tesla rival launches $22,000 EV with self-driving features. Here's why that's a big problem for Tesla.
By Tom Carter,
11 hours ago
Xpeng CEO He Xiaopeng unveiled the M03, the Tesla rival's latest EV, at an event in Beijing.
PEDRO PARDO/Getty Images
The Chinese electric-vehicle maker Xpeng launched a low-priced EV.
The cheapest version of that car is nearly half the price of Tesla's Model 3 in China.
Elon Musk's car company faces stiff competition in China from a wave of cheap, tech-heavy local EVs.
One of Tesla's Chinese rivals launched a low-priced electric vehicle with self-driving tech — and it shows just how big a challenge Elon Musk faces in staying competitive in the world's largest EV market .
On Tuesday, Xpeng launched the Mona M03, an electric car with a starting price of 119,800 yuan, or about $16,800.
The EV is available in three models, including a "Max" version with autonomous-driving features that costs 155,800 yuan, or about $21,900.
The cheapest M03 model is just over half the price of Tesla's most affordable car, the Model 3, which starts at about 231,900 yuan in China.
The L60, the first car in the Onvo range, would be about $5,000 cheaper than the Model Y and offer drivers access to Nio's network of battery-swapping stations , which the company says cuts charging times to as little as three minutes.
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