Shanghai-based electric car manufacturer Nio has recently cut prices on all its models and removed its free battery-swapping service.
So far this year, Nio hasn't had the most impressive sales figures compared to its previous ones. In May, the Chinese automaker delivered 6,155 vehicles globally. Volume-wise, Nio was down compared to April of this year and May 2022. Meanwhile, Tesla China's sales increased in May year-over-year and over April 2023, yielding 77,695 units.
Considering Nio's lower sales figures, the EV enterprise aimed to restructure its pricing and features to remain more competitive and profitable. On Monday, Nio stated it would decrease pricing by $4,200 (30,000 Yuan) on all models and begin charging for its battery-swapping service. Interestingly, Nio's CEO, William Li, said the firm would not engage in price wars earlier this spring. This was primarily due to Nio not having high enough profit margins to justify price reductions.
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