Nio said on Monday it would lower prices for all its models and end free battery swapping services to new buyers, as the Chinese electric vehicle maker faces mounting pressure over earnings losses and lukewarm sales, reports Reuters. Nio will cut prices by RMB 30,000 ($4,200) for all models including its revamped ES6 and ES8 sports utility vehicles from June 12, according to a company statement. That equates to discounts ranging from 6% to 9% on Nio cars.
The company also would no longer provide free battery swapping services to buyers who place deposits on Monday and onwards, it said.
More than 40 auto brands operating in China including BYD and Volkswagen have joined a price war started by Tesla this year in a fight for market share as car demand slumps, with ripples spreading throughout the country’s wider automotive industry.