Tesla China Price Hike Meets Slew of Cuts From Rival Carmakers

(Bloomberg) — China’s automakers are piling in to take advantage of Tesla Inc.’s recent price hike and defend against Xiaomi Corp.’s disruptive market entry, offering sweeteners such as subsidies and coupons to lure would-be car buyers.

Shanghai-based Nio Inc. announced a plan on Monday that provides for up to 1 billion yuan ($138 million) of incentives for drivers of gasoline cars to make the switch, in the form of battery swap benefits, additional assisted driving function subscriptions and even a Nio mobile phone, according to the company’s official Weibo channel.