- Nio Inc has launched a 7-year low-interest financing plan for car purchases, joining Tesla and domestic peers in promotional efforts.
- Four lower-priced models under the Nio main brand and its sub-brand Onvo can utilize the plan this month.
Nio Inc (NYSE: NIO, HKG: 9866) has introduced a 7-year financing plan for car purchases in China, becoming the latest electric vehicle (EV) maker to do so.
The ultra-long-term, low-interest financing plan applies to four lower-priced models under the Nio main brand and its sub-brand Onvo, available this month, according to Sunday's announcements.
Under the plan, the down payment is at least 20%, with an annualized fee rate of 0.49%.
For Nio's so-called "5566" models — ET5, ET5 Touring, ES6, and EC6 — down payments start as low as RMB 38,000 ($5,470), with monthly payments as low as RMB 1,872 and monthly interest as low as RMB 62.2.
The ET5 and ET5 Touring are Nio's most affordable models, both starting at RMB 298,000 in China including the battery pack. The ES6 starts at RMB 338,000, while the EC6 begins at RMB 358,000.
Under the BaaS (Battery as a Service) battery rental plan, the price of these models is reduced by RMB 108,000, but additional monthly battery rental fees apply.
Chinese customers purchasing these four models by February 28 will also receive benefits including 5 years of free NOP+ (Navigate on Pilot Plus) usage and 48 complimentary battery swap services, largely consistent with previous offers.
For Onvo's two models — the L60 and L90 — customers purchasing this month will also receive benefits including 5 years of free NOA (Navigation on Autopilot) usage.
Entering 2026, China's auto market faces the traditional seasonal slowdown compounded by the impact of reduced stimulus policies.
Tesla became the first automaker to introduce a 7-year low-interest financing plan in China on January 6.
Subsequently, brands including Xiaomi, Li Auto (NASDAQ: LI, HKG: 2015), Xpeng (NYSE: XPEV, HKG: 9868), Geely Galaxy, GWM (HKG: 2333, SHA: 601633) Tank followed suit.
A few years ago, automakers typically responded to weak sales with price wars, a tactic now being cracked down on by regulators.
Meanwhile, China has repeatedly emphasized over the past year the need to increase financial support for auto consumers and lower barriers to vehicle purchases.
Nio and its domestic peers are expected to begin announcing January vehicle delivery figures on Sunday.
($1 = RMB 6.9518)
