Nio slashed costs across its long-range lineup, offering discounts and vouchers for recent buyers, while Tesla’s new three-row Model Y L adds fresh pressure in China’s competitive EV market.
Nio has reduced prices across its long-range lineup after Tesla launched a new six-seat Model Y L SUV in China earlier in the day.
The automaker cut the cost of its 100-kWh long-range battery pack by 20,000 yuan ($2,784), bringing the price down from 128,000 yuan to 108,000 yuan, CnEVPost reported.
The move, effective Aug. 19, lowers prices on every Nio model fitted with the larger battery.
The ET5 and ET5 Touring saw the biggest cut, now starting at 336,000 yuan compared with 356,000 yuan previously. The ES6, EC6, ET7, EC7, EC7 Signature Edition, ET9 and ET9 Signature Edition also received reductions, ranging from about 2.5% to 5.6% depending on the model.
Customers who ordered a 100-kWh vehicle but have not yet taken delivery will automatically pay the new prices.
Those who received delivery between Jan. 1 and Aug. 18 will get a voucher worth 20,000 yuan, valid for five years toward a future Nio purchase, though it cannot be applied to Onvo or Firefly models.
Nio will also extend the same voucher to buyers under its battery-as-a-service plan who bought out their long-range battery during the same period.
The company also lowered the cost of permanently upgrading from a 75-kWh pack to the 100-kWh version, from 58,000 yuan to 38,000 yuan. Customers who made the upgrade earlier this year will receive a 20,000 yuan voucher.
Monthly rentals under the BaaS program remain unchanged, with the smaller pack priced at 728 yuan and the long-range version at 1,128 yuan.
Tesla’s new Model Y L, unveiled the same day, is the longest and first three-row version of its best-selling electric SUV. Starting at 339,000 yuan, or about $46,700, the model is around 8% more expensive than the current shorter Model Y, with deliveries set to begin in September.
The car comes with an 82-kWh battery, all-wheel drive, and an estimated 327-mile range.
The expanded cabin includes redesigned front seats, second-row captain’s chairs, and power-folding third-row seats, while cargo space reaches nearly 90 cubic feet with rows folded flat.
Tesla has also added a larger 16-inch central screen, RGB ambient lighting, a Starlight Gold paint option, and new suspension with continuous damping unique to this version.
On Stocktwits, retail sentiment for Nio was ‘bearish’ with ‘low’ message volume, while Tesla’s was ‘neutral’ with similarly ‘low’ activity.
So far this year, Nio has gained 11.7%, while Tesla has fallen 17%.
($1=7.18 yuan)
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