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Nio Inc., the Shanghai-based electric vehicle manufacturer, announced a massive $4,200 discount on its models, igniting a price war with rival Tesla and contradicting CEO William Li's earlier stance against joining such conflicts.
Nio said on Monday, June 12, that the lower prices are effective immediately, and this offer replaces its free battery swap promo for new customers. It was noted that this new price cut just triggered a price war with its rival EV maker, Tesla, which also trimmed the price tags of its EV models not long ago.
As per CNBC, the company's move contradicted Nio's chief executive officer William Li's declaration back in April. At that time, he reportedly said that his company has no plans of joining the "price war."
The EV maker's discount announcement comes after Tesla and other automakers in China revealed price reductions earlier this year. This is a strategic move of the companies in their bid to attract new customers.
Aside from the price cuts, Nio's CEO also said it would be suspending its research and development (R&D) projects and other business expansion plans. The company chief explained that the decision is part of their effort to deal with the impact on cash flow caused by the lower number of orders and deliveries.
In the most recent monthly report, its deliveries dropped to 6,155 vehicles in May. This figure shows a drop from the first-quarter average of more than 10,000 units per month. Previously, the monthly average of deliveries was around 13,350 vehicles.
Meanwhile, Nio reiterated that it would stop the free battery swapping service and hopes the discount will make up for this. "The adjustments had been discussed internally for quite a while and we took advice and suggestions from some users," Reuters quoted Li as saying regarding Nio's new price cuts and battery swapping offering. "It is the best timing to publish it but we cannot make everyone happy."
