Nio said it has reduced the prices of all its long-range models after Tesla launched a new six-seat version of its Model Y sport utility vehicle earlier in the day.
The Chinese electric vehicle maker lowered the price of its optional 100-kWh long-range battery pack by RMB 20,000 ($2,780), cutting the cost from RMB 128,000 to RMB 108,000. The reduction applies to all current models using the pack.
As a result, the starting price of the ET9 executive sedan, which comes with the 100-kWh pack as standard, fell 2.54% to RMB 768,000 from RMB 788,000. The ET5 and ET5 Touring, the lowest-priced Nio models with the long-range option, saw the steepest cut at 5.62%.
For customers who have already received delivery of the 100-kWh models, Nio will compensate those who received delivery between January 1 and August 18 this year with a discount voucher worth RMB 20,000, the company said.
The voucher will be valid for five years and may be applied to the purchase of a new Nio-branded vehicle, though not to models under its sub-brands Onvo or Firefly. Customers who purchased under the battery-as-a-service (BaaS) plan and bought out the battery in the same period will also receive the discount voucher.
Separately, the company cut the cost of upgrading from a 75-kWh standard battery to a 100-kWh pack to RMB 38,000, down from RMB 58,000. Customers who completed the upgrade earlier this year will also be eligible for a voucher.
Nio said monthly rental fees under its BaaS program remain unchanged, with the 75-kWh pack priced at RMB 728 and the 100-kWh pack at RMB 1,128.