Nio Inc (NYSE: NIO) has recently made a significant move by reducing the prices of all its long-range models in response to Tesla’s (NASDAQ: TSLA) launch of the six-seat Model Y L SUV earlier today. The company announced a price cut of RMB 20,000 ($2,780) for the optional 100-kWh long-range battery pack, leading to price reductions across all long-range versions of its current models.
Effective August 19, the cost of the 100-kWh long-range battery pack has been decreased from RMB 128,000 to RMB 108,000. This adjustment has resulted in a 2.54 percent reduction in the starting price of the Nio ET9 executive flagship sedan, now priced at RMB 768,000, down from RMB 788,000.
Furthermore, the starting price of both the ET5 and ET5 Touring models equipped with 100-kWh packs, which are the most affordable Nio models offering long-range capabilities, has seen a significant drop of 5.62 percent.
For customers who have already purchased the 100-kWh models but have not yet taken delivery, Nio will ensure delivery at the adjusted prices. Additionally, customers who received delivery between January 1 and August 18 this year will be compensated with a discount voucher worth RMB 20,000, valid for five years and applicable for new Nio brand vehicle purchases.
Customers who opted for the BaaS (battery as a service) plan and bought out the battery between January 1 and August 18 will also receive the RMB 20,000 discount voucher. Those who choose to upgrade their 75-kWh standard-range battery pack to a 100-kWh pack permanently starting August 19 will benefit from a reduced price of RMB 38,000, down from RMB 58,000.
Moreover, customers completing the permanent upgrade between January 1 and August 18 will receive the RMB 20,000 discount voucher as well. The monthly rental fees for BaaS customers remain unchanged, with the 75-kWh battery pack priced at RMB 728 per month and the 100-kWh pack at RMB 1,128 per month.
This move by Nio showcases its commitment to providing competitive pricing and value for its customers in the electric vehicle market. The adjustments in prices for long-range models aim to enhance the accessibility and affordability of Nio’s offerings, positioning the company as a strong contender in the evolving landscape of electric vehicles.
