China's EV maker XPeng unveils new car model

Chinese electric vehicle (EV) maker Xpeng has officially launched the M03 at a cheap price for low and middle-income consumers on the mainland. Xpeng rolled out the Mona M03 electric sedan at a launch event in Beijing on Tuesday, with a starting price of $16,820 US.

The M03 ­compact sedan, which is equipped with an advanced driving assistance system and has a range of at least 515km, is expected to mount a challenge to BYD, the world’s largest EV maker.