Chinese Company Releases $17,000 Advanced EV

By Douglas McIntyre  •  August 28, 2024
Ágoston Fung Pexels

Part of the potential success of EVs now and in the future is whether manufacturers can bring prices down to under $25,000. Tesla and GM are working on this and expect to launch their first ones as early as next year. This would be a breakthrough because a hurdle to selling EVs in the US and elsewhere is that they are more expensive than gas-powered cars and often hybrids. 

Largest Market

China, the world’s largest car market and leader in EV sales, has also been the global market where EV sales have been most successful. Several manufacturers have cars with price tags under $20,000. One has launched a vehicle much lower than that. Xpeng released its Mona MO3 couple, which has a base price of $16,812. 

The Mona MO3 is the newest addition to Xpeng’s four existing models. The company says its primary target market is middle-class drivers. The company also says it has made huge steps in self-driving technology, a goal of every major car company worldwide.

American EVs

Americans will not be able to buy the Mona MO3. A 100% tariff on Chinese cars has kept them out of the US and will continue to. The federal government claims that Chinese EVs have the advantage of being partially financed by the government, which would be unfair to American manufacturers, particularly GM and Ford. Each has yet to take a significant share from market leader Tesla.

A $17,000 EV could sell remarkably well if the tariffs are dropped.

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