Nio will increase its daily prices for standard-range battery upgrades to long-range ahead of the holiday, and offer discounts to encourage owners to upgrade on a monthly basis.
(Image credit: CnEVPost)
Nio (NYSE: NIO) is adjusting the prices of its flexible battery upgrades as it anticipates a rise in demand for short-term upgrades due to peak travel.
Nio's vehicles support battery swaps, which make flexible battery upgrades possible. Battery packs currently circulating on the company's battery swap network include standard-range versions with 70/75-kWh capacities, as well as 100-kWh long-range versions.
The EV company allows owners to upgrade their standard range battery packs to long range on a daily, monthly, or annual basis, as well as permanently.
With the travel rush for China's National Day holiday just around the corner, Nio announced today that it will increase the daily price for battery upgrades and offer discounts to encourage monthly upgrades.
October 1 is China's National Day, and this year's legal holiday runs from September 29 to October 6, with September 29 being the Mid-Autumn Festival. October 7 and October 8 will be work days, even though they are weekends.
Nio's daily price for battery upgrades is currently RMB 50 ($6.86), and the price will be bumped up to RMB 68 on September 25, a 36 percent increase.
On October 7, the daily price for the battery upgrade will drop back down to RMB 50 as the holiday ends.
Meanwhile, Nio is encouraging owners to upgrade their battery packs on a monthly basis.
Before September 15, owners who upgrade to the long-range battery pack on a monthly basis will receive RMB 200 or a 22.73 percent discount, bringing the cost of the upgrade from RMB 880 to RMB 680 per month.
Owners who upgraded on a monthly basis between September 15 and September 19 will receive a smaller discount of RMB 100, bringing the cost of a one-month upgrade to RMB 780 per month.
Starting September 20, the price for monthly upgrades will go back up to the regular RMB 880 per month.
Nio's initial standard range battery pack was a 70-kWh lithium ternary pack, and it unveiled a hybrid ternary and lithium iron phosphate pack with a 75-kWh capacity in September 2021. Both versions of the standard range battery pack are currently circulating in its battery swap station network.
Nio began allowing users to pay to permanently upgrade the standard range battery pack to a 100-kWh pack on November 7, 2020, and on April 16, 2021, it began allowing users to upgrade on an annual basis.
On December 5, 2021, Nio began allowing users to upgrade their standard-range battery packs to long-range battery packs on a monthly basis.
The regular price for a monthly upgrade is RMB 880 per month. The price for yearly upgrades was initially RMB 7,980 per year, but had previously risen to RMB 9,800 per year.
On July 20, Nio announced at its third Nio Power Day event that it began allowing owners to upgrade their standard-range battery packs to long-range on a daily basis.
The cost for daily upgrades is RMB 50 per day, while the cost per 31 days does not exceed RMB 880 for monthly upgrades.
($1 = RMB 7.2911)