Onvo, a sub-brand of Nio Inc (NYSE: NIO), is stepping up its car-buying promotions in response to recent announcements from competitors like Tesla and Xpeng. The company recently unveiled a series of limited-time car purchase entitlements for February, offering customers significant savings and incentives.
Customers who purchase Onvo’s L60 model before February 28 can take advantage of a zero percent down payment and a three-year interest-free financing program, saving them RMB 14,840 ($2,040). In addition, new customers will receive three years of free access to the NOA (Navigate on Autopilot) feature, valued at RMB 11,520.
For customers opting for the BaaS (battery as a service) plan, Onvo is offering a special promotion where every four bills paid within three years will result in the next bill being waived, a benefit valued at RMB 4,193. Customers will also receive 24 vouchers for free battery swap services, worth RMB 1,620. In addition, Onvo is providing options for body color and wheels, each valued at RMB 3,000.
Upon delivery, customers will receive credit points worth RMB 300. Altogether, customers purchasing the L60 in February can save up to RMB 30,000 with these entitlements, according to Onvo.
This move by Onvo comes at a time when the Chinese auto market is witnessing a resurgence in price wars following the New Year holiday. On the first working day of the Year of the Snake in the Chinese lunar calendar, Tesla announced an RMB 8,000 insurance subsidy for its Model 3 sedan, sparking the competition. Shortly after, Xpeng unveiled its own promotional program, offering zero percent down payment and zero percent interest financing for up to five years in China.
Nio, the parent company of Onvo, also joined the fray by offering customers a low down payment and a five-year zero percent interest financing program for Nio-branded models. This move is expected to help buyers save around RMB 30,000 in interest.
Overall, the competitive landscape in the Chinese auto market is heating up, with companies like Onvo, Tesla, Xpeng, and Nio vying for customers’ attention with attractive promotions and incentives. As the industry continues to evolve, consumers can expect to see more innovative offers and deals from these leading automotive brands.
