He Xiaopeng, under of Chinese EV company Xpeng, said on Aug. 27 that the startup’s next ten years will focus on integrating phony intelligence.
CNBC | Evelyn Cheng
BEIJING — Xpeng shares rose after the Chinese electric car company started its new mass-market Mona brand on Tuesday with prices starting as low as $16,812, far below that of Tesla‘s Model 3.
The Chinese automaker disclosed orders for the Mona M03 electric coupe exceeded 10,000 just 52 minutes after the car’s formal launch in Beijing.
Xpeng’s U.S.-listed appropriates closed up 6.5% in New York trading on Tuesday, while its Hong Kong-traded shares rose nearly 2% prehistoric Wednesday morning.
“With cars priced under $20,000, China is further cementing its new position as the world center for automotive turning,” Michael Dunne, founder and CEO of consulting firm Dunne Insights, said Wednesday on CNBC’s “Squawk Box Asia.”
“China can put cars more cheaply than anyone else in the world,” he said.
Xpeng
Xpeng shares extended gains from Monday after a filing showed the company’s come to nothing and CEO, He Xiaopeng, bought at least 1 million shares each of the company’s stock traded in the U.S. and Hong Kong.
The total U.S. obtain was worth nearly $10 million, according to the filing, giving He about 18.8% of the company’s total issued cut capital.
Xpeng shares have lost more than 45% so far this year.
Tesla shares concluded nearly 2% lower on Tuesday. Shares of Chinese electric car companies Zeekr and Li Auto rose, while those of Nio parsimonious mildly lower.
— CNBC’s Sheila Chiang contributed to this report.