Jun 13, 2023 04:22 AM

BUSINESS

Nio Ends Holdout in China’s Auto Price War

By Yu Cong and Han Wei

00:00

00:00/00:00

Listen to this article 1x

Nio sold 31,041 vehicles during the first quarter, up 20.5% year-on-year but 22.5% fewer than in the previous quarter

Nio sold 31,041 vehicles during the first quarter, up 20.5% year-on-year but 22.5% fewer than in the previous quarter

Electric-vehicle maker Nio Inc. ended its holdout in China’s car price war and slashed base prices on all of its vehicles by 30,000 yuan ($4,200) in hopes of bolstering sales amid escalating competition in China, the world’s largest auto market.

Nio also pulled the plug on its free battery-exchange service for car buyers and introduced a pay-as-you-go system and a 30,000 yuan lifetime swap service.

You've accessed an article available only to subscribers

Subscribe today for just $.99.

VIEW OPTIONS

Share this article

Open WeChat and scan the QR code

GALLERY

: Gallery: Innovation Takes Off at Flying Vehicle Expo

NEWSLETTERS

Get our CX Daily, weekly Must-Read and China Green Bulletin newsletters delivered free to your inbox, bringing you China's top headlines.

We ‘ve added you to our subscriber list.

Manage subscription

PODCAST

Caixin Deep Dive: How China’s Crypto Ban Makes Disposing of Seized Assets a Lot Harder

00:00

00:00/00:00

MOST POPULAR

1: Cover Story: How the Yuan is Taking Over the Dollar’s Role in Global Trade

2: Chinese Regions Dial Back Car Subsidies as Funds Dry Up

3: Alipay Fined by Luxembourg Regulator for Anti-Money Laundering Breaches

4: Ex-UBS Banker in Hong Kong Jailed 10 Years for Laundering $17.2 Million

5: Sinopec and Saudi Aramco Launch $10 Billion Petrochemical Venture in Fujian

SPONSORED

OR