Nio reduces prices across all 100-kWh long-range models by a significant $2,780.
In a move to remain competitive in the Chinese electric vehicle market, Nio Inc (NYSE: NIO) has announced price reductions and discount vouchers for its long-range models. The changes, effective from August 19, come in response to Tesla's (NASDAQ: TSLA) launch of the six-seat Model Y L SUV in China.
The starting price of Nio's most affordable long-range model, the ET5 and ET5 Touring, has been reduced by 5.62 percent, from RMB 356,000 to RMB 336,000. The price for the ET9 executive flagship sedan has been reduced by 2.54 percent, from RMB 788,000 to RMB 768,000. The ES6 and EC6 models have seen a decrease in price by 4.76 percent and 5.14 percent respectively. The ET7 and ET9 Signature Edition models have also been adjusted, with reductions of 4.43 percent and 3.13 percent respectively.
In addition to the price reductions, Nio is offering discount vouchers worth RMB 20,000 to customers who complete the permanent upgrade of their 75-kWh standard-range battery pack to a 100-kWh battery pack between January 1 and August 18. Customers who have purchased a 100-kWh long-range Nio model based on the BaaS (battery as a service) plan and bought out the battery within the same period will also receive a discount voucher worth RMB 20,000. For customers who have purchased a 100-kWh long-range model but have not yet received delivery, Nio will arrange delivery at the adjusted prices.
The discount vouchers are valid for five years and can be used for purchasing a new Nio brand vehicle, excluding Onvo and Firefly models. They are not intended to offset the price reduction of Nio's long-range models. The cost of the optional 100-kWh long-range battery pack for Nio's models has been reduced by RMB 20,000, from RMB 128,000 to RMB 108,000.
For BaaS customers, the monthly rental fee for the 75-kWh battery pack remains RMB 728, and the 100-kWh battery pack remains RMB 1,128.
The price reductions and discount vouchers do not apply to the Tesla Model Y L SUV launch in China. They are a response to the pressure put on local rivals by Tesla's launch of the Model Y L in China.
With the exchange rate at $1 = RMB 7.1827, the price reductions equate to significant savings for customers in US dollars. For example, the starting price of the ET5 and ET5 Touring with 100-kWh packs, which are the lowest-priced Nio models with long range packs, has been reduced by approximately $4,160.
These changes demonstrate Nio's commitment to providing affordable, high-quality electric vehicles to its customers in China.
