SHANGHAI - Nio said on Monday (June 12) it would lower prices for all its models and end free battery swapping services to new buyers, as the Chinese electric vehicle maker faces mounting pressure over earnings losses and lukewarm sales. Nio will cut prices by 30,000 yuan (S$5,600) for all models including its revamped ES6 and ES8 sports utility vehicles from...
SHANGHAI - Nio said on Monday it would lower prices for all its models and end free battery swapping services to new buyers, as the Chinese electric vehicle maker faces mounting pressure over earnings losses and lukewarm sales.
The company also would no longer provide free battery swapping services to buyers who place deposits on Monday and onwards, it said. "The adjustments had been discussed internally for quite a while and we took advice and suggestions from some users," Nio Chief Executive William Li said on the company's social media app, referring to the price cuts and the new policy on battery swapping.Nio had been offering the swapping services for free at least four times each month to existing owners.
Sales of Nio slid in April and May as the price war in China intensified and overall demand weakened. With its pure electric cars priced above 300,000 yuan, Nio delivered 43,854 vehicles in the first five months.
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