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NIO (NYSE: NIO) has significantly lowered the starting prices of its entire lineup of models and made a key free service previously offered as a paid option in an attempt to boost sales.
Starting June 12, the starting prices for all new NIO models will be reduced by RMB 30,000 yuan ($4,200), but the previously free battery swap service, which is offered several times a month, will become a paid option, the company announced today.
Consumers who pay a deposit for an NIO model starting today will receive a 6-year or 150,000 km warranty for the first owner and a 10-year unlimited mileage warranty for the motor, electric control and electric drive systems. They will also receive 6 years of free internet connectivity, 8GB of monthly internet traffic, and free lifetime roadside assistance.
Consumers who pay the deposit for the new ES6 and the new ES8 on or before July 31 will still receive a free home charging pile.
The free battery swap service will no longer be available as a base benefit, and consumers will have the option to get the service for a single payment, NIO said, adding that the company will introduce flexible charging and battery swap service packages.
Customers who pay a deposit for a new NIO vehicle between June 12 and July 31 can pay RMB 30,000 for an upgraded service package, which includes:
Free lifetime battery swap service 4 times a month;
A 10-year unlimited mileage warranty on the vehicle;
Free lifetime car internet connectivity with 8GB of traffic per month;
Lifetime free roadside assistance.
Consumers who pay a deposit for the new ES6 and ES8 on or before July 31, and who also purchase the service package, can choose to forgo the free home charging pile entitlement and upgrade the number of free battery swap services to six per month.
For consumers who have already locked in their orders but have not yet received delivery, NIO will assume that they have purchased the upgrade package and maintain the same purchase price.
However, they can also contact NIO's specialists to cancel the upgrade package before delivery and have the purchase price reduced by RMB 30,000.
For NIO owners who have already received delivery, their benefits remain the same. If they purchase another NIO vehicle, they can choose to transfer the benefits from the original vehicle to the new vehicle.
If they give up the original free battery swap service of 4 or 6 times per month, then they can get a discount of RMB 30,000 when they buy a new NIO model again.
For those owners who originally had unlimited free battery swap for life, they can receive a RMB 50,000 discount on the purchase of a new NIO vehicle if they give up this benefit.
As of today, NIO has 1,484 battery swap stations in China and has provided more than 22.9 million free battery swap services. It also has 15,881 completed charging piles in China.
(1 $= 7.1435 RMB)
NIO keeps goal of doubling sales this year despite price war causing greater challenges
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