XPeng Inc. ( XPEV ) shares are trading higher on Tuesday.

The company reportedly announced that its mass-market brand, Mona, will begin offering some models for under $17,000.

The base model of the Mona M03 electric coupe will be priced at 119,800 yuan ($16,812), offering a driving range of 515 kilometers (320 miles) and parking assist features, reported CNBC.

A Mona M03 variant equipped with the advanced “Max” driver assist features and a 580-kilometer range will be priced at 155,800 yuan.

In comparison, Tesla’s most affordable model, the Model 3, is priced at 231,900 yuan in China following an April price reduction.

In his Tuesday presentation, Xpeng ( XPEV ) CEO He Xiaopeng did not provide a launch date for the standard version of the car.

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However, the company informed investors during last week’s earnings call that mass deliveries would start soon after the announcement.

The standard driver-assist for the Mona M03 includes parking assistance, such as parallel parking, utilizing a combination of automatic sensors, cameras, and LIDAR.

The Max driver-assist version offers advanced features like automatically reversing a car into a designated spot on a dead-end street with a single button press. It will also support remote control for navigating narrow parking spaces, CNBC added.

Deliveries for the Max version are scheduled to start after the Lunar New Year holiday in 2025, which falls between late January and early February, according to CEO He Xiaopeng.

The company announced Tuesday that it will unveil its second-generation humanoid robot in October.

Additionally, it disclosed its new chip but did not specify the nanometer process or production technology used, CNBC added.

Price Action: XPEV shares are trading higher by 4.13% to $7.82 at last check Tuesday.

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