Nio announced on Monday that it would be reducing prices by RMB 30,000 ($4,199) across all its vehicle lineups. Additionally, the company will no longer offer limited free battery swapping services as a standard benefit to new customers, a radical change for the premium electric vehicle maker. Instead, new Nio owners will have the option to charge their vehicles at home or pay for battery replacements with fully charged ones at the company’s power facilities. Nio plans to introduce “flexible charging and swapping packages” in the near future, according to a statement. These developments come just a few months after CEO William Li assured investors during an earnings call on March 1 that Nio would maintain “stable” pricing and not introduce lower-cost models as part of a consistent strategy. [Nio statement, in Chinese]

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Nio’s ET5 sedan is priced at RMB 298,000, or costs RMB 228,000 ($31,921) with a battery leasing fee of RMB 980 per month, after the RMB 30,000 price reduction was announced on Monday, June 12, 2023. Credit: Nio