SHANGHAI: Nio (9866.HK), a Chinese multinational automobile manufacturer, said on Monday that it would lower prices for all its models and end free battery swapping services for the fresh buyers, as the Chinese electric car maker faces mounting pressure over losses and lowering sales.
According to a company statement, Nio would cut prices by 30,000 yuan for all new models, including its revamped ES6 and ES8 sports utility cars, from June 12 (today). That equates to discounts ranging from six-nine percent on Nio cars.
The Nio company would no longer provide free battery swapping services to purchasers who place deposits on Monday and onwards, it added.
More than 40 auto brands operating in the country, including Volkswagen and BYD, have joined a price game started by Tesla this year in a fight for international market share as car demand slumps, with ripples spreading throughout the country’s wider automotive firm.
“The adjustments had been discussed internally for quite a while, and we took advice and suggestions from users,” Nio Chief Executive William Li said on the company’s social media, referring to the price cuts and the latest policy on battery swapping.
He said, “It is good timing to publish it … but we cannot make everyone happy.”
Nio had been offering the swapping services for free at least four times each month to existing owners. It is among only a handful of electric vehicle makers betting on battery swapping as a main power option for electric vehicles. At the same time, main rival Tesla has dismissed battery swapping as “riddled with issues and not suitable for widescale use.”
