He Xiaopeng (left), chairman and CEO of Xpeng, poses for a photo with a Mona L03 owner. Credit: Xpeng
- Deutsche Bank expects Mona L03 monthly deliveries to reach about 15,000 units in 2026, followed by full-year volume of around 150,000 in 2027.
- Dealers say the SUV has accumulated more than 50,000 non-cancellable orders.
Xpeng (NYSE: XPEV) has begun delivering the Mona L03 SUV (sport utility vehicle) to its first customers in China, saying nationwide mass deliveries will accelerate in August to work through the orders the budget model has rapidly accumulated.
The Chinese electric vehicle (EV) maker announced on Wednesday that chairman and CEO He Xiaopeng personally handed over keys to some of the first buyers.
Xpeng’s factories are working overtime at full capacity to produce the Mona L03, the company said.
The Mona L03 was launched on July 16 with a starting price of 123,800 yuan ($18,200) in China.
The model is available in both battery electric vehicle (BEV) and extended-range electric vehicle (EREV) versions, continuing Xpeng’s dual-powertrain strategy.
The vehicle received more than 20,000 firm orders within 7 minutes of its launch in China, reaching 46,859 units within an hour, according to figures previously released by Xpeng.
The mere 6 days from launch to first deliveries suggests Xpeng wants to convert orders into sales as quickly as possible, avoiding lengthy waiting times that could dampen consumer enthusiasm.
Deutsche Bank said in a July 21 research note, citing dealer information, that the Mona L03 has accumulated more than 50,000 non-cancellable orders nationwide, including over 40,000 units of the pure electric version and over 10,000 units of the EREV version.
Due to near-term supply bottlenecks, the waiting period for the Mona L03’s pure electric version is 13 to 17 weeks, while the EREV version’s is 8 to 12 weeks, CnEVPost’s monitoring shows.
Dealers attribute the robust orders to the lower-than-expected selling price and the excellent exterior design, Deutsche Bank said. The vehicle is particularly appealing to female customers, who account for roughly 70% of total orders.
Xpeng also said over the weekend that the Mona L03’s single-day test drive volume set a record among the company’s models at the same stage after launch, and drove test drives across its entire lineup to an all-time high.
The Mona L03’s pure electric version offers two CLTC range options of 525 km and 625 km, while the EREV version has a combined range of up to 1,380 km.
All versions of the vehicle are equipped with Xpeng’s in-house developed Turing AI chips, bringing driver-assistance hardware previously reserved for higher-priced models down to the mass market of around 150,000 yuan.
In the Chinese market, the Mona L03 competes directly with similarly priced compact SUVs such as the BYD (HKEX: 1211) Yuan Plus and Leapmotor (HKEX: 9863) C10.
However, the Mona L03’s popularity has also created internal competitive pressure. Deutsche Bank said new orders for the Mona M03 sedan declined by roughly 40% following the L03’s launch, due to their overlapping price ranges.
The Mona M03 was previously Xpeng’s most important sales contributor, with 175,689 units delivered in 2025, accounting for about 41% of the company’s full-year deliveries.
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
14,197
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
Deutsche Bank expects the Mona L03’s monthly deliveries to reach about 15,000 units in 2026, followed by full-year sales of around 150,000 units in 2027.
This forecast represents an upward revision from the bank’s July 2 projection of about 12,500 vehicles in average monthly sales for the model.
Dealers expect Xpeng’s nationwide delivery volume to reach 45,000 units in July, a figure limited mainly by the L03’s supply during the month, the research note said.
The start of Mona L03 deliveries comes as Xpeng’s sales are recovering. The company delivered 40,126 vehicles in June, up 15.9% year-on-year and a monthly high for 2026.
The Mona L03 is Xpeng’s first global model launched simultaneously in China and Europe. It will be sold in 64 overseas markets, marking a key step in the company’s international expansion.
Mona M03 delivered 14,197 units in June, retaining its position as the best-selling Xpeng model.
($1 = 6.7933 yuan)
