By Kate Yuan

(JW Insights) Jun 12 -- Chinese EV startup NIO slashed the starting prices on its entire range of vehicles by RMB30,000 ($4,199), and extended more generous benefits for first-time car owners, the company announced on June 12, Pandaily reported.

The updated benefits for new car buyers include a six-year or 150,000-kilometer warranty for the whole vehicle, with the electric system enjoying a 10-year unlimited mileage warranty. Additionally, owners will receive six years of free in-car internet service and lifetime free roadside assistance.

The company also would no longer provide free battery swaps service to buyers who place deposits on June 12 and onwards. Instead, customers can choose to pay per swap, and NIO will introduce flexible charging and power replenishment packages.

Existing owners, including those who enjoy lifetime free battery swaps, will retain their current benefits. When purchasing a new NIO vehicle, customers can transfer the benefits from their old vehicle to the new one or give up the benefits to deduct RMB30,000 ($4,199) to RMB50,000 ($6,998) from the purchase price.

“This adjustment had been discussed internally for a long time, and we took the suggestions of some users. It is the best time to announce the changes, but we can not make everyone happy,” said Li Bin, NIO's chairman and CEO.

Last month, the new NIO ES6, a mid-size electric SUV, was officially launched, with a selling price between RMB368,000 ($51,509) and RMB426,000 ($59,627), RMB18,000 ($2,519) lower than the starting price of the 2022 ES6 model. This contradicts previous statements made by NIO CEO Li Bin that the company would not decrease prices, said the Pandaily report.

(Gao J)