Nio has ramped up its car-buying incentives for this month, including increasing the free NOP+ access to 3 years from the previous 2 years, hoping to capitalize on the end-of-year peak season.
Nio (NYSE: NIO) has increased its car-buying incentives for this month, hoping to capitalize on the end-of-year season.
The Chinese electric vehicle (EV) maker today announced on its mobile app the incentives that are valid for the November 1-30 period, saying they're worth up to RMB 65,000 ($9,130) combined.
This includes an option fund worth up to RMB 20,000, a coupon for heat shielding film worth up to RMB 2,979, and three years of free NOP + (Navigate on Pilot Plus) usage worth RMB 13,680.
Nio did not announce car purchase incentives in October. Its available incentives in September included an option fund worth up to RMB 20,000, and 2 years of free NOP+ usage worth RMB 9,120.
This means that the company is offering incentives for this month that add an extra year of free usage of NOP+, and the addition of offering discounts on heat shielding films.
As before, customers who choose to purchase a vehicle under the BaaS (battery as a service) model will be eligible for the next bill free for every four installments of their battery rental bill. Customers can get a maximum of 12 free bills worth RMB 13,536.
If a customer buys a Nio vehicle through Nio's official channel by trading in an old car, they can get 20 battery swap service experience coupons worth RMB 2,000 and up to 1 year of NOP+ free usage. This is in line with what was announced in September.
Notably, in the purchase incentives announced in September, buyers of an ET5 or ET5 Touring who select a 20-inch wheel can purchase orange calipers at a discounted price of RMB 1,699, originally priced at RMB 3,500, and buyers of a 2024 ET7 Executive Edition can get Nappa interior at half the price, valued at RMB 10,500.
The ET5 series, as well as the ET7 option entitlement, exited this month.
The overall bigger incentive is a move by Nio to capitalize on the year-end car-buying season.
Last month, Zeekr (NYSE: ZK) management told media outlets, including CnEVPost, that fourth-quarter deliveries typically account for more than 30 percent of the year for the company.
Nio has yet to release October delivery numbers, and they are expected to be known later today.
The company delivered 21,181 vehicles in September, up 35.42 percent year-on-year and up 4.98 percent from August, according to figures released on October 1.
In the third quarter of the year, Nio delivered 61,855 vehicles, up 11.59 percent year-on-year and up 7.81 percent from the previous month.
($1 = RMB 7.1232)
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