Nio vehicles still sell at higher average prices than BMW in China, despite lower-priced ET5 becomes key to sales

Nio vehicles sold for an average of RMB 413,300 ($60,700) in January, higher than BMW's RMB 399,400 and Lexus' RMB 390,600 in China.

(Image credit: CnEVPost)

The average sales price of Nio (NYSE: NIO) vehicles decreased with the mass delivery of the ET5, but remains higher than German luxury brand BMW, the latest figures show.

In January, sales of Nio vehicles, as measured by insurance registrations, were 10,078 units, with an average transaction price of RMB 413,300 ($60,700), according to the China Automotive Technology and Research Center (CATARC).

For comparison, the average sales price of Mercedes-Benz vehicles in China in January was a higher RMB 441,300 and BMW was a lower RMB 399,400. Lexus was RMB 390,600 and Audi was RMB 325,900.

Nio's average vehicle sales price was higher than BMW's, but its sales in January were still well below BMW's 62,022 units, though the latter still sells mainly internal combustion engine vehicles in China.

Nio vehicle sales in January were higher than Lexus' 9,021 units, according to the CATARC data.

Nio's sales in 2023 are expected to surpass Lexus' sales of internal combustion engine vehicles in China, the company's founder, chairman and CEO William Li said in a media group interview last December 25.

Lexus sold about 200,000 fuel vehicles in China each year in the past two years, Nio co-founder and president Qin Lihong mentioned at the time.

Notably, Nio previously released data showing that it delivered 8,506 vehicles in January. Delivery figures are usually different from insurance registration figures, but the difference is generally not too big.

Information on the average sales price of Nio vehicles is being watched by many as the lowest priced model in its product array, the ET5, begins to contribute major deliveries, which is expected to bring its average price down.

For the ET5 with the 75-kWh standard range battery pack, the starting price is RMB 328,000 including the battery, and for the model with the 100-kWh long-range battery pack, the price is RMB 386,000 including the battery.

Consumers who choose to lease the battery will see the price reduced by at least RMB 70,000, but will need to pay a minimum of RMB 980 per month for the battery lease.

The Nio ET5's average transaction price in January was RMB 348,700, with 6,777 units sold, according to the CATARC.

Nio did not announce ET5 deliveries in January, though China Passenger Car Association (CPCA) data show the model sold 5,795 units in January. The company previously released data showing that the ET5 delivered 221, 1,030, 2,968 and 7,594 units from September to December last year, respectively.

As a comparison, the average sales price of Tesla Model 3 in January was RMB 264,000, BMW 3 Series was RMB 315,300 and Mercedes-Benz C-Class was RMB 315,400.

In the first 11 months of 2022, the average sales price of Nio vehicles was RMB 440,000, lower than Mercedes-Benz's RMB 500,000 and higher than Lexus' RMB 429,000 and BMW's RMB 409,000, local consultancy Land Roads said in a report released on January 9.