Chinese electric vehicle maker Xpeng has a 6% share after the mass market launch of the car

BEIJING – Xpeng Shares rose after the Chinese electric car company launched its new mass-market Mona brand on Tuesday, with prices starting at $16,812, well below the adze3’s model.

The Chinese automaker said orders for the Mona M03 electric coupe topped 10,000 just 52 minutes after the car’s official launch in Beijing.

Shares of US-listed Xpeng ended up 6.5% in New York trading on Tuesday, while its Hong Kong-traded shares were up nearly 2% on Wednesday morning.

“With cars priced under $20,000, China is further cementing its new position as the world’s auto manufacturing center,” Michael Dunne, founder and CEO of consulting firm Dunne Insights, told CNBC’s “Squawk Box Asia” on Wednesday “.

“China can make cars cheaper than anyone else in the world,” he said.

Xpeng shares extended Monday’s gains after a filing showed the company’s founder and CEO He Xiaopeng bought at least 1 million shares each of the company’s U.S. and Hong Kong-traded shares.

The total US purchase was worth nearly $10 million, according to the filing, giving He about 18.8 percent of the company’s total issued share capital.

Xpeng shares have lost more than 45% so far this year.

Tesla shares closed nearly 2% lower on Tuesday. Shares of Chinese electric car companies Zeekr and Li Auto rose, while those of Nope closed slightly below.

— CNBC’s Sheila Chiang contributed to this report.