Nio Cuts EV Prices in Response to Tesla’s Model Y Launch, Stock Rises 6%

Chinese electric vehicle manufacturer Nio has slashed prices across its long-range vehicle lineup, sparking a 6% surge in its stock price. The MOVE comes as a direct counter to Tesla's recent launch of its six-seat Model Y L SUV, intensifying the battle for market share in China's competitive EV sector.

Effective immediately, Nio reduced the cost of its 100-kWh battery pack by 20,000 yuan ($2,780), bringing the price down to 108,000 yuan. This reduction applies to all models equipped with the larger battery, including the ET5, ET7, EC6, and flagship ET9 sedan. The ET5 and ET5 Touring saw the most significant cuts, with prices dropping 5.62% to start at 336,000 yuan.

Nio is also offering 20,000-yuan vouchers to customers who purchased 100-kWh vehicles or batteries between January 1 and August 18, ensuring fairness for recent buyers. This strategic pricing adjustment underscores the fierce competition in China's EV market, where companies are vying for dominance through aggressive pricing and customer incentives.