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77% Informative
Xpeng launched the Mona M03 EV on Tuesday , an electric car with a starting price of 119,800 yuan ($ 16,800 ) in China .
The cheapest model is just over half the price of Tesla 's most affordable Model 3 , which starts at around $32,500 .
Tesla has repeatedly cut prices in China over the past year as it tries to keep up with its local rivals.
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