sets different rental prices for each car and reduces it month by month. Users can enjoy four free battery swaps per month and have access to the NIO House.

(Image credit: CnEVPost)

NIO (NYSE: NIO, HKG: 9866) had previously been offering car rentals, but it didn't seem to get much attention. Now, the company has upgraded it in the hope that the business will gain greater acceptance.

In the car rental service previously offered by NIO, the monthly cost was fixed at RMB 9,888 ($1,554). In the upgraded service, each car is rented at a different price, and the cost is reduced each month.

For example, for an ES6 SUV produced in 2020 with 34,000 kilometers driven, the user now rents for RMB 7,114 in the first month and RMB 6,661 in the 12th month.

This amount decreases month by month and will be reduced to RMB 4,684 by the 60th month, according to NIO.

(Image credit: NIO)

Users renting NIO's vehicles do not need to pay a deposit, can enjoy free maintenance, and can perform four free battery swap services each month. What's more, these users also have access to NIO House.

On top of these services, NIO has also launched a membership program for the service, where users can pay RMB 3,000 to get five years of membership benefits.

These members can get their monthly vehicle rental reduced by RMB 1,000, but only for one vehicle. They can get an RMB 3,000 discount on the purchase of charging piles.

Prior to this service upgrade, when subscribing to an ES6, the cost was RMB 118,656 if used for 12 months. With the new service, subscribers can save more than RMB 30,000, according to NIO.

The service allows users to subscribe to the vehicle on a monthly basis and also to renew it every month, NIO said.

The service is not currently available to all Chinese users and is only available in 13 cities, including Beijing, Shanghai, Hangzhou, Guangzhou and Shenzhen.