CEO says expansion moving faster than expected: Mona M03 to lead affordable EV push in Europe
Chinese electric vehicle (EV) maker Xpeng has announced plans to launch its mass-market Mona brand in overseas markets soon, intensifying competition with both Chinese peers and global automakers.
Overseas Launch in 2025
CEO He Xiaopeng told CNBC on Tuesday that the company’s international expansion is progressing faster than anticipated. For the first time, he also revealed that Xpeng is open to acquiring other EV firms to strengthen its global position.
The Mona brand debuted in China last year with the Mona M03 electric coupe, priced aggressively at 119,000 yuan (under $17,000). According to He, Mona vehicles will enter Europe in 2025, followed by further global expansion in 2026.
“In 2026 you can expect a variety of Mona products launched into the Chinese and European markets, as well as in rest of the world,” He said, calling them “proven and excellent vehicles.”
Competing in the Global EV Market
Mona models will target the budget segment, positioned below higher-end Xpeng models such as the P7 and G6. The move comes as Chinese automakers, including BYD, expand aggressively in Europe, challenging established brands like Mercedes, BMW, Volkswagen, and even Tesla, which faces declining sales in the region.
Xpeng began international expansion in 2020 with Norway and has since entered Germany and France. Originally aiming for 60-country coverage by 2025, the company has already surpassed that goal.
At the Munich IAA Mobility auto show, Xpeng also showcased the upgraded Next P7, marking its European debut.
Challenges and Strategic Moves
Despite progress, European Union tariffs on Chinese-made EVs pose a challenge. Xpeng has expressed interest in local European manufacturing but has not yet announced a timeline.
Domestically, China’s EV industry is locked in a price war, prompting regulators to intervene against excessive rivalry. He warned that only a handful of automakers will survive, as weaker players collapse.
Xpeng has previously pursued acquisitions, including the 2023 purchase of ride-hailing giant Didi’s EV development arm. Now, He confirmed that the company is open to more takeovers. “If we have the opportunity, we want to acquire some companies. For us it’s a good thing to do. Manufacturing companies, EV companies are always possible,” he said.
