BEIJING (Reuters) - Chinese electric vehicle maker Xpeng on Tuesday priced the first model under its budget sub-brand MONA at $16,813, wedging into the mainstream, yet hyper-competitive segment of the world's largest auto market where demand slows.

The MONA M03 electric hatchback coupe is Xpeng's most affordable model which will join other EVs priced in the range of 100,000-150,000 yuan ($14,035-$21,052) to compete in the segment that makes up one-third of total domestic car sales.

It is 23.7% cheaper than the lowest priced Xpeng EV, the P5 sedan, which is priced from $22,000.

($1 = 7.1253 Chinese yuan renminbi)