Nio Offers $138 Million Subsidy Program to Spur Sales

Chinese electric vehicle maker Nio Inc. Monday announced a subsidy program totaling 1 billion yuan ($138 million) to lure traditional gasoline vehicle owners to buy its models, in the latest effort to boost sales as competition intensifies in the world’s largest EV market.

Starting April 1, people who replace their fossil fuel cars with new Nio models will receive up to 10,000 yuan in subsidies that can be spent on optional interior parts and accessories such as exterior colors, special wheels, premium leather seats, and voice assistants, Nio said.