NIO announces a reduction of ($4,200) in starting prices for new models from June 12.
Nio (9866.HK) announced a significant step to enhance profitability and address lukewarm sales by reducing prices for all models and discontinuing free battery swapping services for new buyers.
Starting June 12, Nio will lower prices by 30,000 yuan ($4,199) across its model lineup, including the popular ES6 and ES8 sports utility vehicles, as stated in the company’s official statement.
Furthermore, Nio will no longer offer free battery swapping services to customers who place deposits on and after Monday.
While Nio has been providing existing owners with the convenience of free battery swapping up to four times per month, this move marks a strategic shift. Unlike Tesla, which dismisses battery swapping as impractical for widescale use, Nio has been one of the few electric vehicle manufacturers to actively promote this alternative power option.
In February, Nio outlined an ambitious plan to expand its battery swapping infrastructure, aiming to build 1,000 stations in China this year, bringing the total to 2,300 by year-end.
However, concerns have been raised by investors regarding the impact of Nio’s investments in battery swapping stations on its overall profitability. The company reported a net loss of 4.7 billion yuan in the first quarter, compared to 1.8 billion yuan during the same period last year.
Nio’s decision to reduce prices and revise its battery swapping service reflects its ongoing efforts to address profitability challenges while striving for sustained growth in the highly competitive electric vehicle market.
NIO new car price and rights adjustment :
NIO’s Vehicle purchase prices:
NIOET5 – $43,333
NIOES6 – $49,167
NIOET7 – $62,333
NIOES7 – $63,667
NIOEC7 – $66,667
NIOES8 – $72,500
Baas purchase prices:
