Nio, the Chinese electric vehicle (EV) maker, has upped its car-buying incentives for the month of November in a bid to take advantage of the end-of-year peak season. The company recently announced on its mobile app the incentives that will be valid from November 1 to November 30, with a total combined worth of up to RMB 65,000 ($9,130).
These incentives include an option fund worth up to RMB 20,000, a coupon for heat shielding film worth up to RMB 2,979, and an increase in the free NOP+ (Navigate on Pilot Plus) access from 2 years to 3 years, valued at RMB 13,680.
It is noteworthy that Nio did not offer any car purchase incentives in October. The incentives available in September included an option fund worth up to RMB 20,000 and 2 years of free NOP+ usage valued at RMB 9,120. Therefore, this month’s incentives include an extra year of free NOP+ usage and discounts on heat shielding films.
Customers opting for the BaaS (battery as a service) model will be eligible for a free bill for every four installments of their battery rental bill, up to a maximum of 12 free bills worth RMB 13,536. Those purchasing a Nio vehicle through the official channel by trading in an old car can receive 20 battery swap service experience coupons worth RMB 2,000 and up to 1 year of free NOP+ usage.
In addition, Nio is offering discounts on optional features for specific models. For instance, buyers of an ET5 or ET5 Touring who choose a 20-inch wheel can get orange calipers at a discounted price of RMB 1,699, originally priced at RMB 3,500. Buyers of a 2024 ET7 Executive Edition can avail Nappa interior at half price, valued at RMB 10,500.
The increased incentives by Nio are aimed at leveraging the year-end car-buying season, a strategy commonly employed by EV manufacturers to boost sales during this period. With the company’s fourth-quarter deliveries typically accounting for more than 30 percent of the year, the move is strategic to capitalize on this peak season.
Nio has yet to release its October delivery numbers, which are expected to be disclosed later today. In September, the company delivered 21,181 vehicles, marking a 35.42 percent year-on-year increase and a 4.98 percent rise from August. In the third quarter of the year, Nio delivered 61,855 vehicles, up 11.59 percent year-on-year and 7.81 percent from the previous month.
Overall, Nio’s increased incentives for November aim to attract more customers and drive sales during the lucrative year-end period.
