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Market Daily Report: Bursa Malaysia Ends Higher In Line With Most Regional Markets

KUALA LUMPUR, Sept 20 (Bernama) -- Bursa Malaysia ended higher on Friday in line with most Asian markets, mirroring gains from Wall Street, where investors welcomed the US Federal Reserve's substantial interest rate cut. The FTSE Bursa Malaysia KLCI (FBM KLCI) rose by 3.17 points, or 0.19 per cent, to 1,668.82 at the close from Thursday's close of 1,665.65. It opened 5.03 points higher at 1,670.68, trading between 1,668.48 and 1,674.04 throughout the session. In the broader market, gainers outpaced decliners 732 to 468, while 465 counters were unchanged, 850 untraded and 32 suspended. Turnover swelled to 4.19 billion units worth RM5.97 billion, from Thursday's 3.99 billion units worth RM4.08 billion. UOB Kay Hian Wealth Advisors head of investment research, Mohd Sedek Jantan, noted the FBM KLCI's gains were led by utilities, logistics, and banking stocks, reflecting improved market sentiment. Additiona
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Xpeng Launches Budget EV Mona M03 Priced from $16,813

Chinese electric vehicle (EV) manufacturer Xpeng has introduced its first budget sub-brand model, the Mona M03, priced from $16,813, marking the company's entry into the highly competitive mainstream segment of China's vast auto market. The Mona M03, an electric hatchback coupe, is Xpeng's most affordable model to date, aiming to capture a share of the 100,000-150,000 yuan ($13,700-$20,500) price range, which constitutes a significant portion of car sales in China.

Key Highlights:

  1. Mona M03 Model Variants: The Mona M03 comes in two versions: an entry-level model without advanced autonomous driving technology, priced at $16,813, and the M03 Max, equipped with Tesla-like technology, starting at $21,866. The M03 Max, described as "the only car with advanced autonomous driving at less than 200,000 yuan," is set to begin deliveries early next year.

  2. Strategic Positioning and Market Competition: Xpeng's introduction of the Mona brand follows its acquisition of the EV development unit from Didi Global. The move is part of Xpeng's strategy to achieve economies of scale and break even, targeting annual sales of at least 100,000 Mona cars. The Mona M03 will compete with other budget EVs, including offerings from Xpeng's Chinese rival Nio, which launched its own lower-priced brand, Onvo, earlier this year.

  3. Technology and Cost Strategy: Both the Mona and Onvo brands have opted not to use lidar sensors in their advanced autonomous driving technologies, a cost-saving strategy similar to Tesla's camera-only Full-Self Driving system. While Xpeng initially launched the P5 model with lidar sensors in 2021, it later removed the sensor to lower the price and appeal to cost-conscious consumers.

  4. Xpeng's Financial Outlook: Xpeng has seen improvements in its gross profit margin this year, driven by a 20% increase in EV sales and additional revenue from technology services provided to Volkswagen. The company hopes that the Mona brand will further enhance its market position and financial performance.

The launch of the Mona M03 underscores Xpeng's efforts to expand its market reach by offering more affordable EV options while leveraging advanced technology to differentiate itself in a crowded market.

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