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Xpeng Launches Affordable Electric Car, Shares Surge

Xpeng, a Chinese electric car company, launched a new model, the Mona M03, priced at $16,812. Orders exceeded 10,000 within an hour of its launch. Shares surged 6.5% in New York and nearly 2% in Hong Kong. Founder He Xiaopeng invested nearly $10 million in company stock, increasing his stake to 18.8%. Analysts highlight China's increasing dominance in affordable car manufacturing.

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