XPeng’s L03 compact SUV outsold every other model in the brand’s lineup in August, overtaking the Mona M03 sedan for the first time since the sedan launched in 2024.
China’s Passenger Car Association (CPCA) published August model-level data on Tuesday, showing the L03 recorded 8,424 retail sales in China and accounted for 9,668 vehicles registered across the globe.
In the domestic market alone, the Mona M03 followed at 8,374 units, while the flagship GX SUV posted 7,002, placing second and third.
XPeng delivered 39,107 vehicles globally in August, a 3.7% rise from a year earlier.
The L03 accounted for 24.7% of the brand’s August volume, which means one in each four vehicles sold by XPeng last month was a L03 SUV.
Together with the GX, the three models made up about over 60% of total deliveries.
A Familiar Pattern
August marked the L03’s first full calendar month of deliveries after the SUV debuted in July.
The model shipped 2,870 retail units in a partial opening month.
Exports rose sharply in tandem, climbing from just 14 units in July to 1,244 in August as the model reached international markets.
The speed of the L03’s rise mirrors that of its stablemate.
The Mona M03 sedan became XPeng’s best-selling model in September 2024 — also its first full month of deliveries, after an August debut.
The L03 repeated the feat almost exactly two years later, replacing the very model whose pattern it followed.
XPeng launched the L03 with a starting price of 123,800 yuan ($18,450), about 4,000 yuan ($600) below the entry-level M03 sedan.
Deutsche Bank estimated in July that the model had accumulated more than 50,000 non-cancellable orders nationwide, citing dealer checks, and projected monthly deliveries of about 15,000 units once supply normalizes.
The bank also forecast full-year sales of around 150,000 units in 2027. August’s 8,424 retail sales suggest the ramp still has distance to cover before reaching that level.
The global launch was held in Munich on July 16, where the fully electric version starts from €35,600 in Germany.
XPeng plans to sell the L03 in 65 countries and regions.
M03 Falls Below 10,000
The M03’s August figure of 8,374 units marks the first time the sedan has dropped below 10,000 monthly retail sales since March, when the Lunar New Year depressed volume across the industry.
Before that dip, the M03 had posted four consecutive months above 10,000, peaking at 14,160 in both May and June before declining to 10,237 in July.
Year-over-year, the decline was steeper. The sedan sold 15,333 units in August 2025, putting the 2026 figure 45.4% below the prior-year level.
Internal cannibalization from the L03 is a central factor.
Deutsche Bank flagged the dynamic shortly after the SUV’s debut, noting that new M03 orders had declined by about 40% following the L03’s launch, as the two models’ price ranges overlap.
Dealers attributed the L03’s demand to a lower-than-expected selling price, the SUV body style — China’s fastest-growing segment — and exterior design, with female customers accounting for about 70% of total orders.
The M03 had carried an outsized share of XPeng’s volume since its own launch.
The sedan delivered 175,689 units in 2025, about 41% of the company’s full-year total, and at one point represented nearly 43% of global deliveries in a single month.
Cumulative Mona-series deliveries, spanning both models, have surpassed 310,000 units.
GX Holds Steady
The GX flagship SUV recorded 7,002 retail sales in August per CPCA data.
Global deliveries of the model reached 7,378 for the month, continuing a gradual climb from 6,739 in June and 7,140 in July.
XPeng announced the GX’s 20,000th cumulative delivery at the end of August.
Listed from 279,800 to 359,800 yuan ($41,700 to $53,700), the GX sits at the opposite end of XPeng’s price range from the Mona series and has generated over $300 million in single-month revenue.
The SUV had consistently ranked as XPeng’s second-best seller behind the M03 — a position the L03 now occupies.
Exports
XPeng shipped a record 9,700 vehicles and kits overseas in July, with exports accounting for 25.5% of total wholesale deliveries — the highest share in the company’s history.
In August, the number of vehicles shipped declined to 8,125 units.
Exports continue to be dominated heavily by the G6 and G9 models.
With the introduction of the L03, a cheaper SUV, the mix could change in the following months. In August, the L03 was the third most exported model of XPeng’s lineup, surpassing the X9 MPV.
Second-Half Ramp
XPeng is stacking new launches to close a widening gap to its annual target of 550,000 to 600,000 deliveries.
Cumulative deliveries through August stand at 243,111, representing 44.2% of the lower bound with four months remaining.
Founder and CEO He Xiaopeng told analysts in August he expects monthly deliveries to exceed 60,000 in the fourth quarter.
Reaching that level depends in part on a continued L03 ramp toward Deutsche Bank’s 15,000-unit projection, alongside the G9L large SUV entering China deliveries in September and the Mona L05 mid-size SUV due in Q4.
