The ET5 Touring is priced the same as the regular ET5 and the new ES6 is priced attractively, influencing potential ET5 customer's intention to buy the car, according to local media.
(Image credit: CnEVPost)
Nio (NYSE: NIO) is reportedly offering significant discounts on its inventory of ET5, as the sedan is left out in the cold following the launch of the ET5 Touring and the new ES6.
The Chinese electric vehicle (EV) maker has started offering a discount of 24,000 yuan ($3,280) on a batch of ET5s that have been in stock for more than 90 days, a promotion that began last week and is expected to last until the end of next week, according to a report today from local media outlet Jiemian.
Customers ordering an ET5 from the Nio App can choose the inventory cars before locking in their orders, but cannot personalize the configuration, the report said, citing a Nio salesperson, adding that the promotion is expected to last for 2-3 weeks.
The pricing of the ET5 Touring is the same as that of the ET5, leading to an increase in the stock of regular ET5 cars, which is why Nio has started offering the deal, the salesperson said.
The batch of ET5 inventory cars waiting to be cleared is generally more than 100 days old, with the longest stocked show car being more than 200 days old, according to the report.
Nio ET5 sales are being affected by the new ES6 and ET5 Touring, the report noted.
The Nio ET5 Touring was launched on June 15 at the same price point as the regular ET5, but with improved ride comfort and interior space.
The new ES6 is priced at just RMB 40,000 more than the ET5 after the free battery swap entitlement is separated from the car's price, also affecting the purchase intentions of potential ET5 customers, according to the report.
Launched at Nio Day 2021 in December 2021, the ET5 is Nio's second sedan after the ET7, with the first deliveries starting on September 30, 2022
The model delivered higher month-on-month last year and saw a record 7,594 deliveries in December, making it one of the best-selling premium EVs in China, data monitored by CnEVPost showed.
However, this year, deliveries of the ET5 have begun to decline significantly since April, with 2,337 units delivered in July, the lowest so far this year.
The ET5 contributed 11.42 percent of Nio's deliveries in July, down from 23.15 percent in June.
($1 = RMB 7.3130)