A side view of the Xpeng Mona L03. Credit: Xpeng
- Deutsche Bank analysts expect the Mona L03 to average about 12,500 units in monthly sales, replicating the success of the Mona M03 sedan.
- The bank forecasts that an aggressive product roadmap could lift Xpeng’s nationwide monthly volume to about 60,000 units in the second half.
Xpeng’s (NYSE: XPEV) newly launched low-price SUV (sport utility vehicle) is set to become the automaker’s next sales pillar, and Deutsche Bank is upbeat about its prospects.
The Mona L03 is likely to replicate the success of the Mona M03 sedan, according to a team of analysts led by Wang Bin in a research note on Thursday.
The team expects the model — the first SUV in the Mona lineup — to deliver an average monthly volume of about 12,500 units.
Xpeng debuted the Mona L03 in Beijing on July 2, with a pre-sales price ranging from 144,000 yuan ($21,200) to 165,800 yuan.
That makes it the cheapest SUV in Xpeng’s product portfolio. Deutsche Bank regards the move as Xpeng’s latest strategic push into the low-price SUV segment in pursuit of volume growth.
The bank believes the Mona L03 will establish itself in the market by leveraging a value proposition similar to that of the M03.
Back in 2024, Xpeng entered the low-price sedan market with the Mona M03. Backed by its appealing design, competitive price, and advanced autonomous driving capabilities, the model achieved average monthly sales of more than 10,000 units.
Xpeng Mona M03 Monthly Deliveries 2024-2026
Month
2024
2025
2026
January
15,225
6,722
February
15,312
4,375
March
16,593
9,335
April
14,210
13,699
May
10,900
14,160
June
14,111
July
15,758
August
517
15,334
September
10,023
14,546
October
10,203
16,424
November
11,962
14,886
December
15,904
12,390
Xpeng Mona M03 monthly deliveries
2024
2025
2026
The Mona L03 measures 4,650 mm in length, 1,920 mm in width, 1,600 mm in height, with a 2,850 mm wheelbase.
Its target competitors include the BYD (HKEX: 1211) Sealion 06, Leapmotor (HKEX: 9863) C10, Geely Galaxy M7, and Changan Nevo Q07, Deutsche Bank noted.
The team sees smart driving as the Mona L03’s core differentiating strength.
The vehicle features Xpeng’s second-generation VLA (Vision-Language-Action) autonomous driving system, powered by up to 1,500 TOPS of computing power from the in-house Turing chipset.
The system supports full-scenario navigation on autopilot (NOA) across both highway and urban roads, as well as automated parking.
Xpeng claims that, while ensuring safety, VLA 2.0 improves overall driving efficiency by 23%. The gains are more pronounced in complex scenarios, reaching 76% on narrow roads, 69% in mixed traffic environments, and 28% during rush hour.
Deutsche Bank believes VLA 2.0 demonstrates driving proficiency approaching that of a seasoned human driver, enhancing the Mona L03’s appeal to mass-market consumers.
On design, the Mona L03 was crafted by a global team led by former Ferrari designer JuanMa Lopez.
The vehicle adopts frameless doors, hidden window trim, and a wheel-arch-free raised design, creating a sleek coupe-SUV stance.
Deutsche Bank noted that this distinctive exterior and interior design will further strengthen its competitiveness.
Looking ahead, the bank believes an aggressive product roadmap could drive significant sales growth for Xpeng in the second half of 2026.
Following the Mona L03’s debut on July 2, Xpeng will officially launch the model and announce its price on July 16.
Subsequently, Xpeng plans to start pre-sales of the G9L large five-seat SUV in August for an official launch in September, according to Deutsche Bank.
In addition, Xpeng might introduce the mid-size SUV Mona L05 in October to further boost sales.
Notably, the Mona L03, Mona L05, and G9L will all be offered with battery electric vehicle (BEV) and extended-range electric vehicle (EREV) powertrain options.
Deutsche Bank expects these new products to lift Xpeng’s nationwide monthly volume to about 60,000 units in the second half.
The bank therefore forecasts Xpeng’s full-year 2026 sales volume at 504,000 units, up 17% year-on-year.
Xpeng Mona L03 pre-sales start at 143,800 yuan ($21,200), with both battery electric and extended-range powertrain options available.
($1 = 6.7891 yuan)
