XPeng Inc. ( XPEV ) shares are trading lower on Wednesday.

According to Benzinga Pro, XPEV stock has lost over 57% in the past year. Investors can gain exposure to the stock via SPDR S&P Kensho Smart Mobility ETF ( HAIL ) .

The company is reportedly set to officially unveil the first model in its Mona lineup, the M03, on August 27. Pre-orders for the model started earlier this month, reported CnEV Post.

He Xiaopeng, the chairman and CEO of the Chinese electric vehicle manufacturer, announced the timing yesterday during a live video stream of a range change challenge featuring the Xpeng G6 SUV, the report read.

He did not provide any additional details about the Mona M03’s launch. However, Xpeng ( XPEV ) plans to host the Mona M03 launch event alongside a 10th-anniversary celebration in Beijing, the report added.

Also Read: XPeng Joins NIO And Li Auto In Strategic Shift – Reportedly Overhauls Structure To Boost AI Focus

Xpeng ( XPEV ) currently offers the X9 MPV, the G9 SUV, the G6, the P7i sedan, and the P5 sedan. The company is also anticipated to launch the new P7+ sedan in the fourth quarter.

The Mona lineup originates from Xpeng’s acquisition of Didi Global’s EV business in August 2023.

Initially, Xpeng ( XPEV ) had announced plans to introduce a new brand under the code name Mona in 2024. However, the company has since rebranded Mona as a new lineup.

The Mona M03 was unveiled on July 3 and began accepting pre-orders on August 8. By August 9, He announced that the first production units of the M03 had already been produced.

Xpeng ( XPEV ) has consistently stated that the Mona M03 will be priced below RMB 200,000 (approximately $27,900) and will feature the most advanced intelligent driving capabilities in its class.

Price Action: XPEV shares are trading lower by 0.43% to $6.94 premarket at last check Wednesday.

Disclaimer: This content was partially produced with the help of AI tools and was reviewed and published by Benzinga editors.

Read Next: 

As Nvidia Leads Magnificent 7 Volatility, Analyst Says These Mega-Caps Are Poised To Outperform Small-Caps — But There's A Catch