Category: Nio

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China Deliveries Electric eMobility eV Nio NIO ES8

Nio begins delivery of new ES8 in China

The new ES8 was launched in December 2022 and currently has a starting price of about $68,900 including the battery.

(Image credit: )

Nio (NYSE: NIO) has begun deliveries of the new ES8 in China, having only allowed customers to lock in orders for the flagship SUV earlier today.

Deliveries of the new ES8 have officially kicked off, Nio announced on Weibo this afternoon.

The electric vehicle (EV) maker did not provide more information, including the number of first deliveries of the new ES8.

Nio launched the new ES8 on Nio Day 2022, December 24, 2022, as its first production vehicle transitions to the latest NT 2.0 platform.

The model is offered in three versions – regular version, Executive Edition, and Signature Edition -- and after price adjustments over the past few months, they now start at RMB 498,000 ($68,900), RMB 518,000, and RMB 598,000, respectively, including the battery.

If customers choose to purchase the car using the BaaS (battery as a service) plan, the starting prices for the three versions are RMB 428,000, RMB 448,000 and RMB 470,000 respectively, with the monthly battery rental cost starting at RMB 980.

It's worth noting that as Nio's highest-priced model, the new ES8 is unlikely to contribute much in terms of sales, even though it is one of the best models in its market.

In May, retail sales of models priced above RMB 400,000 in China were 53,000 units, accounting for just 3 percent of all passenger car sales of 1.74 million units, according to the China Passenger Car Association (CPCA).

Prior to the launch of the new ES8, its predecessor saw its highest sales ever in December 2021 at 2,782 units, contributing 26.5 percent of Nio's total sales of 10,489 units for the month, according to data monitored by CnEVPost.

Nio ES8 sales have been below 2,000 units since January 2022, with the less expensive ES6 contributing the bulk of sales in most months.

Nio launched the new ES6 on May 24, with a current starting price of RMB 338,000 including the battery. Deliveries of the new ES6 began on launch night.

When the EV maker reported first-quarter earnings on June 9, it guided for second-quarter deliveries of between 23,000 and 25,000 vehicles, meaning it expects to deliver 10,187-12,187 vehicles in June.

Nio sold 3,200 units last week and 8,000 from June 1 to June 25, according to figures shared yesterday by its local counterpart .

($1 = RMB 7.2274)

NIO's new order intake hits year-to-date high with launch of new ES6, Morgan Stanley says

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China Electric eMobility eV Nio NIO ES8

Nio begins allowing consumers to lock in orders for new ES8

Deliveries of the new ES8, which starts at about $68,900 including the battery, will begin later today.

(Image credit: Nio)

Nio (NYSE: NIO) has begun allowing Chinese consumers to lock in orders for the new ES8, with first deliveries set to begin later today.

The new ES8 began accepting locked orders today, and show cars and vehicles for test drives are already arriving at the company's showrooms in various cities, according to a post on Nio's mobile app today.

The flagship SUV is Nio's transition to the NT 2.0 platform for its first production vehicle, with a length, width and height of 5,099 mm, 1,989 mm and 1,750 mm, respectively, and a wheelbase of 3,070 mm.

Nio is offering three options for the new ES8, including the regular, Executive and Signature editions, with starting prices of RMB 498,000 ($68,900), RMB 518,000 and RMB 598,000, respectively, including the battery.

If consumers choose to purchase the car using the BaaS (battery as a service) plan, the starting prices for the three versions are RMB 428,000, RMB 448,000 and RMB 470,000, respectively, and the monthly battery rental fee starts at RMB 980.

The first owners of the new ES8 will receive a 6-year or 150,000 km vehicle warranty and a 10-year unlimited mileage warranty on the battery, motor and electric control system. They will also receive free lifetime roadside assistance and up to 8 GB of traffic per month for 6 years of free car internet connectivity.

Consumers who purchase the new ES8 on or before July 31 will receive a home charging pile worth RMB 7,500, NOP+ two years free access worth RMB 9,120, Nio Air AR glasses and Nio Air smart ring worth RMB 2,597.

Nio launched the new ES8 on Nio Day 2022 on December 24, 2022, when the starting prices for the three versions including the battery were RMB 528,000, RMB 548,000 and RMB 638,000 respectively.

On June 12, Nio made the previously free battery swap benefit optional, thus reducing the price of all models by RMB 30,000.

Following this move, the starting prices of the three versions of the new ES8 were RMB 498,000, RMB 518,000 and RMB 608,000 respectively.

On June 24, Nio announced that the price of the Signature Edition of the new ES8 was adjusted to RMB 598,000, a further reduction of RMB 10,000. The prices of the regular and Executive editions remain unchanged.

Consumers can purchase the new ES8 with the optional benefit upgrade package in the vehicle configurator for RMB 30,000. The package includes four free battery swap services per month and a 10-year unlimited mileage warranty on the vehicle.

Consumers who purchase before July 31 can upgrade the 4 free battery swaps per month in the package to 6 per month if they forgo the free home charger.

Deliveries of the new ES8 will begin later today, Nio said.

Nio sold 3,200 units last week and 8,000 between June 1 and June 25, according to figures shared yesterday by .

The company guided for second-quarter deliveries of between 23,000 and 25,000 vehicles when it reported first-quarter earnings on June 9, meaning it expects to deliver 10,187-12,187 vehicles in June.

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China NEV insurance registrations for week ending Jun 25: Tesla 16,700, Li Auto 7,500, Nio 3,200

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Battery Swap China CNOOC Electric eMobility eV Nio

Nio partners with Chinese oil giant CNOOC on power-up network deployment

CNOOC -- one of China's three largest oil giants -- said it will provide with reliable sites, technology and service support to fuel the rapid growth of its charging and battery swap network.

(Image credit: Nio)

Nio (NYSE: NIO) has entered a strategic partnership with China National Offshore Oil Corporation (CNOOC) at a time when the oil giant, like its other local peers, is seeking to transform itself into an integrated energy service provider.

On June 27, Nio's energy business unit, Nio Power, signed a strategic cooperation framework agreement with CNOOC Refinery, CNOOC's petroleum refining subsidiary, to jointly build charging and battery swap infrastructure, the electric vehicle (EV) maker said yesterday.

Wang Weimin, chairman and general manager of CNOOC Refinery, and Qin Lihong, co-founder and president of Nio, attended the signing ceremony in Hefei, Anhui province, and remotely witnessed the launch of the first joint battery swap station between the two in Huizhou, Guangdong province.

Wang visited one of Nio's manufacturing sites and a Nio House in Hefei and had a hands-on experience at a battery swap station, according to an announcement from Nio.

Guided by China's carbon peak and carbon neutral goals, CNOOC is actively building integrated energy sites and will gradually transform from an energy producer to an integrated energy service provider, Wang said.

CNOOC will next provide Nio with reliable sites, technology and service support to facilitate the rapid development of its charging and battery swap network, according to Wang.

 

CNOOC is China's largest operator of offshore oil and gas production, ranking 65th on the Fortune 500 for 2022 with $127 billion in revenue, according to the Fortune website.

CNOOC Refinery is CNOOC's business in charge of refining and chemical sales, with assets of more than RMB 100 billion, according to Nio's announcement.

Currently, Nio and CNOOC Refinery are already working together in several Chinese provinces and cities, which will provide users with a more convenient energy replenishment experience, the announcement said.

In 2020, China announced its goal of achieving carbon peak by 2030 and carbon neutrality by 2060. Since then, controlling carbon emissions has become a major concern for Chinese society, especially in the energy sector.

In addition to CNOOC, the other two largest Chinese oil giants, Sinopec and China National Petroleum Corp (CNPC), have both made it clear that they will transform into integrated energy service providers.

Sinopec appears to be more aggressive in this transformation, stating in March 2021 that it will aim for carbon neutrality 10 years ahead of the national commitment, with net zero emissions as its ultimate goal.

As part of achieving that goal, Sinopec signed a strategic partnership agreement with Nio on April 15, 2021, to co-build charging and battery swap infrastructure.

At that time, the first Nio second-generation swap station was opened in a Sinopec gas station area in Beijing in the presence of both parties.

On April 15 of this year, the second anniversary of their partnership, the number of charging and battery swap stations they have built together reached 251, according to information previously shared by Nio.

These stations include 102 battery swap stations, 121 supercharging stations and 28 destination charging stations, covering 27 provincial administrative regions and 89 cities.

On November 24, 2021, the first two battery swap stations built by Nio and CNPC were put into operation, marking the official result of their cooperation.

In addition to its partnership with the Chinese oil giants, Nio also signed a strategic partnership agreement with Shell, the world's largest gasoline retailer, in November 2021 to collaborate on charging and battery swap facilities in China and Europe.

The two would jointly install 100 swap stations in China by 2025, according to a statement at the time.

On August 1, 2022, the first Nio-Shell partnership battery swap station and supercharger station went into operation in Xiamen, Fujian province, in southeastern China.

On May 16 of this year, Nio said the first battery swap stations it built with Shell in Europe went live in the Netherlands.

To date, Nio has 1,511 battery swap stations in China and 1,457 supercharging stations offering 7,176 supercharging piles, according to data monitored by CnEVPost.

In Europe, Nio has 17 battery swap stations and 8 charging stations.

Nio reaches 1,500 swap stations in China as it aims for 2,300 by year-end

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China Deliveries Electric eMobility eV EV Data Insurance Registrations Li Auto Neta Nio Tesla Weekly Data XPeng

China NEV insurance registrations for week ending Jun 25: Tesla 16,700, Li Auto 7,500, Nio 3,200

sold 8,000 units between June 1 and June 25. Its previous guidance implied 10,187-12,187 vehicles would be delivered in June.

For the week of June 19 to June 25, (NASDAQ: LI) sold 7,500 units, continuing to lead among China's new car-making brands, the company said today on Weibo.

As of June 25, Li Auto has sold 27,300 units this month and is on track to reach its 30,000-unit monthly sales goal, it said.

Li Auto didn't explain what that weekly sales tally was based on, but apparently they are insurance registrations. The company had suspended sharing those numbers in May, but has since resumed sharing them.

Nio (NYSE: NIO) sold 3,200 units last week and 8,000 units from June 1 to June 25, according to figures shared by Li Auto.

Notably, June 22 to June 24 was a three-day Dragon Boat Festival holiday, and June 25 was a Sunday, but a working day after the holiday.

Nio's weekly sales have continued to grow over the past three weeks, as deliveries of new models began. It was 1,500 units in the week of June 5 to June 11 and 2,000 units in the week of June 12 to June 18.

Nio officially launched the new ES6 on May 24 and the ET5 Touring on June 15.

Deliveries of the new ES6 began on the night of the launch on May 24, and deliveries of the ET5 Touring began on June 16.

In addition to these two new models, Nio will also begin deliveries of the new ES8 on June 28, which was launched on Nio Day 2022 on December 24, 2022.

When Nio reported first-quarter earnings on June 9, it guided for second-quarter deliveries of between 23,000 and 25,000 vehicles, meaning it expects to deliver between 10,187 and 12,187 vehicles in June.

On June 20, Nio signed a share subscription agreement with Abu Dhabi-based investment firm CYVN Holdings, which will invest a total of about $1.1 billion in it.

(NASDAQ: TSLA) sold 16,700 units in China last week and 57,300 units from June 1 to June 25, according to figures shared by Li Auto.

In the two weeks prior to last week, Tesla sold 16,400 units and 14,500 units respectively in China.

From June 1 to June 25, Tesla was the top-selling premium brand in China, surpassing Mercedes-Benz's 52,100 units and above Audi's 51,600 units, according to a table by Li Auto.

On June 16, Tesla announced that Chinese consumers who purchase and take delivery of an already produced rear-wheel drive version of the Model 3 this month will receive an insurance subsidy of RMB 8,000 ($1,110).

(NYSE: XPEV) sold 2,600 units last week and 6,400 units from June 1 to June 25.

Xpeng began pre-sales of the G6 on June 9 at a price starting at RMB 225,000, significantly lower than the Tesla Model Y's starting price of RMB 263,900 in China.

The Xpeng G6 received more than 25,000 orders within 72 hours of the start of the pre-sale, the company announced on Weibo on June 12.

The G6 show cars were already available at Xpeng stores, and the model will officially go on sale June 29 with deliveries starting in July, the company said earlier this month.

Leapmotor sold 3,100 units last week and 10,600 units from June 1 to June 25.

On June 20, Leapmotor announced that it had reached 200,000 cumulative deliveries since its inception.

Leapmotor delivered 12,058 vehicles in May and had 192,962 cumulative deliveries by the end of May, according to data monitored by CnEVPost.

sold 2,600 units last week and 6,900 units between June 1 and June 25. It began deliveries of its third model, the Zeekr X, on June 12.

Denza sold 2,400 units last week, and 8,300 units from June 1 to June 25.

Denza, which currently has only the Denza D9 MPV on sale, will officially launch the Denza N7 on July 3, its first SUV since the rebranding last year.

The Denza N7 is aimed at the market for traditional internal combustion engine vehicles priced around 400,000 yuan, an executive said earlier.

sold 1,900 units last week and 6,700 between June 1 and June 25.

A total of 4,000 Neta EVs were shipped abroad, the latest new batch after 3,600 were sent to overseas markets in March, the company said on June 6.

Great Wall Motor's Wey brand sold 1,500 units last week and 5,000 units from June 1 to June 25.

Changan Automobile's NEV subsidiary Deepal sold 1,500 units last week and 4,900 units from June 1 to June 25.

-backed Aito sold 1,200 units last week, and 3,200 units from June 1 to June 25.

($1 = RMB 7.2181)

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China Electric eMobility eV Nio NIO ES6 NIO ES7 NIO ET7 Wait Times

Nio ES7 and ET7 wait times get longer, ES6 gets shorter

Wait times for both the ES7 and ET7 have gone from about 3 weeks to 6-8 weeks, and for the ES6 from about 5 weeks to 3-4 weeks.

(Image credit: CnEVPost)

Nio's (NYSE: NIO) two more expensive models have longer wait times in China, while the new ES6 has a slightly shorter wait time.

Consumers locking in orders for the Nio ES7 now are expected to get deliveries in 6-8 weeks, up from about 3 weeks previously, the latest information from the Nio App monitored by CnEVPost shows.

Nio launched the ES7 on June 15, 2022, with the first delivery on August 28, 2022.

The ES7 is Nio's second model based on the NT 2.0 platform after the ET7 sedan, and the first SUV on the second-generation platform, with a starting price of RMB 438,000 ($61,000) including the battery.

The wait time for the Nio ET7 in China has also gone from about 3 weeks to 6-8 weeks today.

The Nio ET7 was originally launched at the Nio Day 2020 event on January 9, 2021, the company's first sedan, with deliveries beginning on March 28, 2022.

On the first day of the Shanghai auto show on April 18, Nio launched the 2023 ET7 with prices starting at RMB 428,000, the same as the previous version. Deliveries of the new ET7 begin on May 19.

While the wait times for Nio ES7 and ET7 have become longer, the wait time for the new ES6 has been reduced to 3-4 weeks today from about 5 weeks previously.

Nio officially launched the new ES6 on May 24, and deliveries started that night. The model is Nio's cheapest SUV, with a starting price of RMB 338,000.

The electric vehicle maker announced on June 24 that deliveries of the new ES8 will begin on June 28. The Nio App currently shows the wait time for the model is still June.

The new ES8 was launched on Nio Day 2022, December 24, 2022, and is Nio's transition to the NT 2.0 platform for its first production vehicle.

The Nio EC7 currently has a wait time of about 4 weeks, the same as before. The wait times for the ET5 and ET5 Touring are also unchanged at about 3 weeks and 3-4 weeks respectively.

Data table: Latest wait times for NIO models after Jun 26 changes

($1 = RMB 7.1795)

(Screenshots on June 26, 2023)

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Battery Swap China Electric eMobility eV Nio

Nio in spotlight as fire breaks out at swap station in Guangdong

The station is 's first second-generation battery swap station in Jiangmen, Guangdong province, which opened on August 29, 2021.

A fire at one of Nio's (NYSE: NIO) battery swap stations has made it a talking point in the Chinese community, just as the company celebrates the launch of its 1,500th station.

A fire broke out at a new energy vehicle (NEV) battery swap station in Jiangmen, southern China's Guangdong province, at noon on June 25, local media outlet The Cover reported.

The station is owned by Nio and the fire was extinguished at 14:38, with no injuries, the report said, citing Jiangmen authorities.

The battery swap station covers an area of about 25 square meters and stores 13 batteries, including eight lithium batteries and five lithium iron phosphate batteries, the report said.

Nio has two battery swap stations in Jiangmen, and the one involved in the accident was its first second-generation battery swap station in the city, which opened on August 29, 2021, and its 402nd in China, according to the report.

Nio has not yet issued a statement on the incident, which has been widely discussed on social media, including Weibo, and in WeChat groups.

Jiangmen is located in western Guangdong, and the station is able to serve owners traveling to Guangzhou, Zhongshan and Yangjiang, according to a previous Nio App post.

The site will also help complete the replenishment network in the region's core cities and will be one of the energy replenishment nodes connecting Guangzhou to Haikou, Nio previously said.

Notably, earlier today, Nio announced that it had reached the milestone of 1,500 battery swap stations in China, with a cumulative total of more than 24 million battery swap services provided.

On average, a vehicle leaves Nio's battery swap stations with a fully charged battery every 1.8 seconds, the company said, adding that more than 60 percent of Nio vehicles' power comes from these stations.

Currently, 72.44 percent of Nio owners can find a battery swap station within 3 kilometers of their home or office, Nio said.

Nio also put 10 supercharging stations into operation today, bringing the total to 1,450 and providing 7,156 charging piles. It added an additional two destination charging stations today, bringing the total to 1,277 stations with 9,048 charging piles.

Nio reaches 1,500 swap stations in China as it aims for 2,300 by year-end

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Battery Swap China Electric Electric cars eMobility eV Nio Nio PSS Report

Nio battery swap station caught fire in China due to damaged battery

Nio second generation PSS (battery swap station) ignited in China 10 minutes after a battery swap.

The post Nio battery swap station caught fire in China due to damaged battery appeared first on CarNewsChina.com.

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Battery Swap China Electric eMobility eV Milestones Nio

Nio reaches 1,500 swap stations in China as it aims for 2,300 by year-end

's battery swap stations in China have served a cumulative total of more than 24 million times today, averaging more than 50,000 services per day.

(Image credit: Nio)

Nio (NYSE: NIO) has reached a new milestone in the number of battery swap stations in China, as it continues to build its iconic replenishment facility.

Nio today put five new battery swap stations into operation in China, bringing the total to 1,500, 410 of which are located along highways, according to data released today by the electric vehicle (EV) maker.

At the same time, Nio's battery swap stations in China have accumulated more than 24 million services today, averaging more than 50,000 services per day.

On average, a vehicle leaves Nio's battery swap stations with a fully charged battery every 1.8 seconds, the company said, adding that more than 60 percent of NIO vehicles' power comes from these stations.

Currently, 72.44 percent of Nio owners can find a battery swap station within 3 kilometers of their home or office, Nio said.

Here's a video Nio shared on its mobile app about the historical changes in the number of its battery swap stations.

In addition to providing Nio owners with fully charged batteries, battery swap stations are small, distributed energy storage sites.

Nio's 1,500 battery swap stations can store a total of about 1.36 million kWh of energy, saving about RMB 300 million yuan a year in electricity costs in China, considering that electricity costs are lower at night, the company said.

These stations can also participate in load regulation on the grid, helping it accommodate more electricity generated from clean energy sources such as wind and photovoltaics, Nio said.

Nio allows consumers to purchase vehicles that include batteries, or rent batteries without buying them. In addition, the company allows owners who have purchased or leased a 70-kWh or 75-kWh standard-range battery pack the flexibility to upgrade to a 100-kWh long-range pack.

To date, Nio has provided more than 80,000 flexible battery upgrades, it said.

Nio also put 10 supercharging stations into operation today, bringing the total to 1,450, offering 7,156 charging piles. It added an additional 2 destination charging stations today, bringing the total to 1,277, offering 9,048 charging piles.

Nio completed its first battery swap station in Shenzhen on May 20, 2018. Its initial 200 battery swap stations are first-generation facilities, with its first second-generation battery swap station coming into operation on April 15, 2021.

Nio's third-generation battery swap station, unveiled at the Nio Day 2022 event on December 24, 2022, can store up to 21 battery packs, up from 13 in its previous generation and five in the first generation of the facility. These latest-generation stations began operations on April 12.

Nio announced plans late last year to add 400 battery swap stations by 2023, though that plan was raised to 1,000 on February 21.

William Li, Nio's founder, chairman and CEO, said at the time that the company would further accelerate the deployment of battery swap stations, with a goal of having more than 2,300 battery swap stations in China by the end of 2023.

The company will deploy about 100 battery swap stations in June and more quickly thereafter, which will help boost sales, Li said during Nio's first-quarter earnings call on June 9.

Nio has added a total of 52 battery swap stations so far this month, according to data monitored by CnEVPost.

Nio added a battery swap station in the Netherlands on June 22, bringing the number of such stations in the country to six.

To date, Nio has 17 battery swap stations and 8 charging stations in Europe.

Nio swap station count update: 5 added, total 1,500

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China Electric eMobility eV Nio NIO ES8

NIO to start new ES8 delivery on Jun 28, cuts price of top trim by $1,400

Show cars of the new ES8 became gradually available in showrooms starting June 24, and NIO added more features to the model as standard.

(Image credit: NIO)

NIO (NYSE: NIO) has announced delivery schedules for the new ES8 and reduced the price of the highest-priced version by RMB 10,000 ($1,400) as delivery of the flagship SUV approaches.

The company said today that show cars of the new ES8 became gradually available in NIO showrooms beginning June 24, and the model will allow consumers to lock in orders, test drive and begin delivery on June 28.

NIO launched the new ES8 on NIO Day 2022, December 24, 2022, the company's transition to the NT 2.0 platform for its first production vehicle.

With a length, width and height of 5,099 mm, 1,989 mm and 1,750 mm respectively, and a wheelbase of 3,070 mm, the new ES8 targets the market for luxury SUVs, including Land Rover.

It is powered by NIO's second-generation electric drive platform with a maximum drive power of 480 kW and maximum torque of 850 Nm, and can accelerate from 0 to 100 km/h in 4.1 seconds.

NIO is offering three options for the ES8, including the regular, Executive and Signature editions. Here is the pricing at launch:

Including the battery, the regular version of the new ES8 starts at RMB 528,000 for the standard range version with the 75-kWh battery. The 100-kWh version starts at RMB 586,000. If consumers rent the battery under BaaS solution, they will both cost RMB 458,000, and the monthly battery rental fees are RMB 980 and RMB 1,680 respectively.

Including the battery, the starting price for the two range versions of the new ES8's Executive Edition is RMB 548,000 and RMB 606,000 respectively. Both start at RMB 478,000 under BaaS solution, and the monthly battery rental costs RMB 980 yuan and RMB 1,680 yuan respectively.

The signature version of the model is only available with the 100-kWh battery pack, starting at RMB 638,000 and RMB 510,000 in BaaS mode, with a monthly battery rental cost of RMB 1,680.

On June 12, NIO made the battery swap benefits, previously free several times a month, optional, thus reducing the price of all models by RMB 30,000.

Following this move, the starting price of the new ES8, including the battery, becomes RMB 498,000 for the regular edition, RMB 518,000 for the Executive Edition and RMB 608,000 for the Signature Edition.

Notably, NIO announced today that the price of the Signature Edition of the new ES8 has been adjusted to RMB 598,000, a further reduction of RMB 10,000.

In addition to the price reduction, NIO has added an in-car refrigerator and 22-inch forged wheels as standard for the Signature Edition of the ES8.

The other two versions of the new ES8 also receive added features, with the Executive Edition receiving additional Nappa interior trim and a refrigerator as standard, and the Regular Edition receiving additional Nappa interior trim as standard.

NIO models no longer come standard with free battery swaps several times a month, and consumers who wish to get this benefit when purchasing the new ES8 will now need to pay an additional RMB 30,000.

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NIO offers new options for ET5, ES7 and new ES8

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China China NEV Market Electric eMobility eV Nio Policy

NIO welcomes China’s move to extend tax breaks for NEV purchases

From now until 2027, pure electric vehicles will continue to enjoy purchase tax incentives, which will give vehicles a significant advantage over fuel-powered luxury vehicles in terms of purchase costs, NIO said.

(Image credit: CnEVPost)

China today announced details of an extension of tax incentives for new energy vehicle (NEV) purchases, and NIO (NYSE: NIO) welcomed the move.

From now until 2027, pure electric vehicles (EVs) will still enjoy purchase tax incentives, which will give NIO vehicles a huge advantage over fuel-powered luxury vehicles in terms of purchase costs, the electric vehicle (EV) maker said in a comment shared with CnEVPost.

With the new EV purchase tax policy in place, NIO's body-battery separation model could significantly help consumers lower the cost of purchasing a vehicle and reduce spending on purchase tax, it said.

The continuation of the purchase tax incentives is a great boon to the shift from fuel vehicles to NEVs and to stimulate auto consumption, NIO said.

Earlier today, China's Ministry of Finance announced that NEVs with a purchase date between January 1, 2024, and December 31, 2025, will be exempt from vehicle purchase tax, but the tax exemption will not exceed 30,000 yuan ($4,170) per vehicle.

For NEVs with a purchase date between January 1, 2026 and December 31, 2027, the vehicle purchase tax will be levied at half the normal rate, with the tax reduction not exceeding RMB 15,000 per vehicle.

The latest policy continues to provide additional support for models like NIO that are battery swap enabled.

When consumers purchase a NEV, if the invoice for the car and the battery are separate, the taxable price is the price of the body without tax, according to the Ministry of Finance's announcement.

NIO's (NYSE: NIO) peer (NASDAQ: LI) also voiced support for the new policy earlier today.

Li Auto aims to reach annual sales of 1.6 million vehicles and annual revenue of RMB 500 billion by 2025, Li Xiang, the company's founder, chairman and CEO, wrote on Weibo.

China has provided an additional four years of stable policies, which is great and leaves Li Auto's team with no excuse not to meet its strategic goals for 2025, Li said.

By early 2026, Li Auto's ability to meet the goal will be proven, he said.

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BREAKING: China extends full purchase tax exemption for NEVs until end of 2025

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