Nio will raise the cost of battery upgrades on a daily basis by 76 percent between February 1-17, as it expects demand for upgrades to surge during the Chinese New Year travel rush.
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Nio (NYSE: NIO) will temporarily raise the cost of battery upgrades on a daily basis next month, as it expects demand for upgrades to surge during China's peak Chinese New Year travel season.
Between February 1-17, the cost for Nio owners to upgrade their battery packs on a daily basis will go up from the previous RMB 50 ($7) per day to RMB 88 per day, according to an announcement posted today on the Nio App. The price increase is 76 percent.
Due to resource constraints, it is recommended that orders be placed in advance, the announcement said.
February 10 is the 2024 Chinese New Year, and the official holiday is February 10-17. February 4 and February 18 will be work days, even though they are Sundays.
On February 18, at the end of the holiday, the price for the daily battery upgrade will drop back down to RMB 50.
Meanwhile, Nio is encouraging owners to upgrade their battery packs on a monthly basis.
Owners who place an order for a monthly upgrade to a long-range battery pack between January 15-31 will have the chance to win a random bonus worth between RMB 28.8 and RMB 888.8.
Nio's vehicles support battery swap, making flexible battery upgrades possible. Battery packs currently circulating on the company's battery swap network include a standard-range version with 70/75-kWh capacity, as well as a 100-kWh long-range version.
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. The daily upgrade option was introduced in July 2023.
Monthly upgrades cost RMB 880 per month and annually RMB 9,800 per year.
This flexibility makes it unnecessary for most customers to opt for long-range battery packs when purchasing a Nio car, as they will be able to get them anytime on demand at any battery swap station. As of January 15, Nio had 2,336 battery swap stations in China.
Prior to the launch of the battery flexibility upgrade program in December 2021, 50 percent of customers opted for the standard-range battery packs and the other 50 percent opted for the long-range version when they purchased a Nio vehicle, William Li, founder, chairman, and CEO of Nio, said at the Nio Day 2023 event on December 23.
However, by November 2023, 95 percent of customers choose the standard-range battery pack when purchasing a Nio vehicle, while only 5 percent choose the long-range, Li said.
($1 = RMB 7.171)
Nio releases new battery upgrade rules, new conditions to apply after Jan 1
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