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Nine days before XPeng Motors is expected to launch its new AI-centric BEV brand MONA publicly, it has given the social media world a little appetizer by sharing the official name and first full image of its first model.

XPeng’s ($XPEV) incoming sub-brand is called MONA, which is an acronym for “Made Of New AI.” This nods to previous commitments by the automaker’s Chairman and CEO, He Xiaopeng, who vowed to invest RMB 3.5 billion (~$492M) in “AI-enabled smart driving” technology in 2024 to support R&D and hire 4,000 new employees.

AI-driven technology has been at the forefront of the design philosophy in XPeng Motors’ latest models, and the Chinese automaker intends to take things to another echelon with MONA. Not only that, XPeng has promised that MONA BEVs will deliver the tech at an affordable price for all, targeting MSRPs around RMB 100,000-150,000 ($14,000-$21,000).

During the reveal of the sub-brand’s name, Xiaopeng also said it would make its official debut in June 2024, later confirmed to take place on the 20th. Up until now, the MONA name has been our only juicy tidbit about the new AI-EV brand, aside from a couple of shadowy images of its first model, whose name had yet to be shared.

We expected to see the complete look at the new MONA BEV in a couple of weeks, but XPeng surprised us by unveiling the first official image of its exterior alongside its name – the M03.

XPeng MONA
The new MONO M03 BEV / Source: XPeng Motors/Weibo

XPeng’s MONA brand will launch with an EV called “M03”

Surprise!

Per a Weibo post by XPeng Motors earlier today, the MONA brand’s first model is called the M03. The news came alongside the full exterior image seen above, as well as a tiny blurb:

A surprise after the holidays, the first product in the MONA series is named Xiaopeng M03! #小鹏MONA is here!

The post also links to a new Weibo page explicitly dedicated to the new MONA sub-brand, although posts and other details remain light at this point.

As you may have noticed from the post, there’s some confusing rhetoric about the new A-class sedan as XPeng describes the model as the ” Xiaopeng M03,” the first vehicle in the “MONA series.”

Is it a MONA BEV or an XPeng BEV?

We are sure we will learn more about the new brand and the M03 during XPeng’s official launch presentation, which is still expected to occur later in June. Be sure to check back soon for the latest updates on XPeng, MONA, and the M03 – whichever brand it launches under.

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Nissan feels the heat from BYD’s EV price war in China

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Nissan feels the heat from BYD's EV price war in China

Nissan is the latest victim of BYD’s “liberation battle” against gas-powered cars. After BYD’s aggressive price cuts this year, Nissan is shutting down a factory in China as it struggles to keep up.

As is the case for many legacy automakers, China is a critical sales market for Nissan. Nearly a third of Nissan’s global sales and net profits are from China.

After slipping out of the top five automakers (by market share) in China in 2022, Nissan’s woes are worsening. Nissan’s sales fell 16% in China last year and the trend has continued into 2024.

Nissan’s sales fell another 2.8% last month, with 64,233 vehicles sold in China. The company cut guidance by 23% last year, with 800,000 vehicle sales expected in fiscal 2024. According to Nikkei, Nissan will do so with one less factory.

Nissan is closing the doors to its plant in Changzhou as the factory is building more cars than it can sell.

The facility accounts for about 8% of Nissan’s production capacity in China, with an annual capacity of around 130,000 units. According to the report, the plant shuts down on Friday.

Nissan-BYD's-EV
Nissan Ariya electric SUV (Source: Nissan)

Under its joint venture with China’s Dongfeng Motor, Nissan has eight plants in the region. Its total annual capacity is around 1.6 million, double Nissan’s projected sales figures for fiscal 2024.

Nissan shuts down China plant amid BYD’s EV price war

The plant shutdown comes as Nissan struggles to keep up in an increasingly competitive China EV market.

China’s largest automaker, BYD, kicked off a “liberation battle” against ICE vehicles earlier this year. The goal is to continue taking market share from gas-powered cars with lower-priced EVs. So far, it seems to be working.

Nissan-BYD's-EVs
BYD (Dolphin Mini) Seagull EV (Source: Nissan)

BYD has drastically cut prices while introducing lower-priced EV models. Its cheapest, the Seagull EV, starts under $10,000 (69,800 yuan).

BYD’s CEO, Wang Chaunfu, said EVs have entered “the knockout round” and that the next two years will be critical for automakers to catch up.

With lower-priced, more advanced models hitting the market, BYD sees joint venture brands (like Nissan’s) market share falling from around 40% to 10% in China.

Nissan isn’t the only legacy automaker feeling the heat. Japanese rivals Toyota, Mitsubishi, and Honda have also pulled back in China amid slumping sales.

Nissan-BYD's-EV
Nissan EV concepts (Source: Nissan)

Meanwhile, BYD looks to expand its global footprint after outgrowing China’s EV market. BYD is closing in on a deal for a plant in Mexico that would be among the biggest in the country. The company expects to sell 50,000 vehicles in Mexico this year.

BYD is also expanding on Nissan and Toyota’s home turf. According to data from the Japan Automobile Importers Association, BYD accounted for over 20% of Japan’s EV imports in January.

With longer-range, lower-priced models rolling out, BYD’s momentum is expected to continue. China’s leading automaker is also expanding into new segments like pickups (check out the new Shark PHEV), mid-size electric SUVs, and luxury.

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Tesla Model 3 Long Range costs $3,200 more to finance than last week

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Tesla Model 3 Long Range costs ,200 more to finance than last week

Tesla scrapped promotional financing on the Model 3 Long Range this week after it became eligible for the $7,500 federal tax credit.

As Electrek reported on June 17, Tesla and the IRS confirmed that the Model 3 Long Range All-Wheel Drive is now eligible for the full tax credit. Today, Tesla is pricing the EV’s upfront purchase price at just $34,990 – $1,000 more than the Model 3 Rear Wheel Drive – including the federal tax credit and an estimated five-year gas savings of $5,000.

The Model 3 Rear Wheel Drive still doesn’t qualify for the federal tax credit because it uses LFP battery cells from China.

The Model 3 Long Range is now listed at 6.39% APR on loans up to 72 months. The Model 3 Rear-Wheel Drive continues to offer 1.99% APR for 36 months with a 60-month option at 2.99%.

Even though the Model 3 Long Range is now $7,500 cheaper, the higher interest rate is a bit of a party pooper, as it eats up potential savings. The folks at CarsDirect estimated that on a five-year loan, thanks to the 6.39% interest rate, the Model 3 Long Range has more of a $4,200 advantage than a $7,500 advantage.

If you’re eligible for the federal tax credit, the Model 3 Long Range is cheaper than before but costs around $3,200 more to finance through Tesla than last week. CarsDirect suggests comparing your options carefully if you’re shopping for a Model 3 Long Range. 

Click here to find a local dealer that may have the Model 3 in stock –affiliate link


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Utah is getting 20 ‘hyper-fast’ Electrify America EV charging stations

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Utah is getting 20 'hyper-fast' Electrify America EV charging stations

Electrify America and electric utility Rocky Mountain Power have rolled out the first of 20 DC fast charging stations in Utah.

Electrify Commercial, a business unit of Electrify America, and Rocky Mountain Power, a division of PacifiCorp, are deploying more than 80 chargers at 15 DC fast charging stations in the Salt Lake City area and five DC fast charging stations in surrounding regions.

So far, four charging stations have come online in Millcreek, Vernal, Moab, and Kimball Junction.

Rocky Mountain Power, the only rate-regulated public utility providing electric service in Utah, will own the new charging stations. Each will have “hyper-fast” chargers capable of speeds up to 350 kW. The utility will set the pricing and Rocky Mountain Power utility customers get a discounted rate.

Since 2016, Rocky Mountain Power has installed more than 120 DC fast chargers in Utah and completed an electric highway corridor along I-15, Utah’s primary and only north-south interstate highway. It’s also facilitated the installation of more than 3,000 Level 2 chargers for workplaces, retail, and multifamily housing. The utility is spending $50 million to install EV charging infrastructure across Utah.

All 20 of Utah’s new DC fast charging stations will be on Electrify America’s coast-to-coast “locate a charger” map, which includes more than 950 stations and over 4,250 chargers in the US and Canada. Drivers will be able to access and pay for charging on Rocky Mountain Power’s chargers through the Electrify America mobile app.

Read more: Here’s what Electrify America’s EV charging plans are for 2024


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