Chinese battery electric vehicle (BEV) startup XPeng has released images of the first model produced under the new Mona sub brand targeted at budget conscious customers in the compact vehicle segment.

The Guangzhou-based automaker said the Mona M03 compact sedan would be available with a number of intelligent features including some level of advanced driver assist. The model was understood to be powered by BYD batteries, giving it a range of up to 500km (300 miles) on a single charge.

Earlier this year, Xpeng co-founder He Xiaopeng said Mona models would be priced between CNY100,000 and CNY150,000 (US$13,800-$20,700) compared with current Xpeng models which are priced from CNY200,000 ($27,600).

Xpeng aims to use the Mona brand to expand its overall volume and market share, particularly in its domestic market, with models to be targeted at cost conscious consumers as well as ride hailing and other commercial fleet operations.

The brand will be launched in July along with details of the company’s product and growth strategy.

Xpeng expected the new brand would help drive future growth after its sales rose 17% to 141,600 units last year.

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Mona is the latest in a growing number of new BEV brands launched in China over the last year, including the Nio Onvo which was unveiled last month.