Onvo, a sub-brand of Nio Inc (NYSE: NIO), has ramped up its car-buying promotions, after Tesla (NASDAQ: TSLA) fired the first shot in a price war on the first business day of the Year of the Snake in the Chinese lunar calendar.
Onvo announced today on its social media platforms the limited-time car purchase entitlements available in February, which are larger than the previous ones.
Customers who purchase the L60 -- Onvo's only current model -- on or before February 28 can take advantage of a zero percent down payment as well as a three-year interest-free financing program, which saves RMB 14,840 ($2,040).
Onvo is offering new customers three years of free access to the NOA (Navigate on Autopilot) feature this month, valued at RMB 11,520.
For customers who purchase the L60 based on the BaaS (battery as a service) plan, they can get their next bill waived for every four bills paid within three years, valued at RMB 4,193.
New customers can get 24 vouchers to use battery swap service for free, worth RMB 1,620.
Onvo is offering a body color option offer and wheel option offer for the L60, both valued at RMB 3,000.
Customers will also receive credit points worth RMB 300 after taking delivery.
With these entitlements, customers buying the Onvo L60 this month can save up to RMB 30,000, according to its poster.
Nio Onvo's February 2025 car purchase offers
| Item | Worth (RMB) |
|---|---|
| 0 down payment, 3 years interest free financing | 14,840 |
| 3 years of NOA free usage | 11,520 |
| Pay 4 get 1 free on BaaS bill in 3 years | 4,193 |
| 24 free battery swaps | 1,620 |
| Body color option discount | 3,000 |
| Wheel option discount | 3,000 |
| 3,000 delivery credit | 300 |
| Total | 38,473 |
| * Available on and before February 28, 2025. | |
In January, Onvo offered customers a zero down payment, three-year interest-free financing program, three-year free access to the NOA feature, 12 battery swap service experience coupons, and up to 12 BaaS bill waivers.
The benefits available this month increase the number of free battery swap services and provide additional option benefits, although the BaaS bill waiver benefits are reduced.
Onvo's move comes at a time when China's auto market is seeing a resumption of price war after the New Year holiday.
On February 5, the first working day of the Year of the Snake in the Chinese lunar calendar, Tesla announced that it started offering a RMB 8,000 insurance subsidy for the Model 3 sedan, firing the first shot in the auto market's price war.
Less than two hours after Tesla's move, Xpeng (NYSE: XPEV) unveiled its promotional policy, offering zero percent down payment and zero percent interest financing for up to five years in China.
The Nio main brand announced on February 1 that customers who pay a deposit for a Nio-branded model in February would be able to take advantage of a down payment as low as 20 percent and a five-year zero percent interest financing program for the purchases.
The financing program can help buyers save about RMB 30,000 in interest, Nio said at the time.
($1 = RMB 7.2891)
Nio Onvo's 2nd model said to have completed trial production
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