Nio is offering 30 free battery swaps, an online mall discount coupon worth RMB 2,000, and 1 year free usage of NOP+ to customers who buy its vehicles in September.
Announcing purchase benefits at the beginning of the month has become a common practice in China's electric vehicle (EV) market as competition gets tougher and customers become pickier.
Nio (NYSE: NIO) today announced the benefits it is offering to customers who buy its cars in September, after its local peers Xpeng (NYSE: XPEV) and Li Auto (NASDAQ: LI) both announced significant discounts.
Customers who pay a deposit for a new Nio vehicle between September 1 and September 30 can receive an entitlement pack after taking delivery, according to a post the company posted on its mobile app today.
The entitlements in the pack include:
30 vouchers that can be used to experience 30 free battery swap services.
A discount voucher worth RMB 2,000 ($276) for the purchase of thermal films from Nio's online store.
1-year free usage of NOP+ valued at RMB 4,560.
A car purchase credit worth RMB 1,000. If a customer purchases a Nio car with the referral of an inviter, he/she will receive RMB 1,200 worth of car purchase credit.
Nio, which previously offered customers free battery swaps several times a month, lowered the starting prices of its entire lineup by RMB 30,000 on June 12, and made the free battery swap service a paid option at RMB 30,000.
Starting August 1, the free battery swap option was no longer be available.
Customers purchasing a car this month will have the option of making a 15 percent down payment, with annualized rates as low as 2.79 percent for a 1-5 year period.
Nio is also offering a 0 percent down payment option with an annualized rate of 2.99 percent for 36 terms, which translates to an annualized interest rate of about 5.66 percent, according to the article.
The company also offers a trade-in offer where owners of non-Nio-branded vehicles who purchase a new Nio vehicle through a trade-in can earn a credit worth RMB 3,000 upon taking delivery.
Earlier today, Xpeng announced that between September 1 and September 30, customers can receive a combined discount of RMB 21,000 to RMB 24,000 on all P7i versions.
Li Auto announced on August 30 that customers who purchase any of its models before September 30 can receive a RMB 10,000 insurance subsidy.
($1 = RMB 7.2592)