Chinese electric car brand Nio cut prices for its cars by the equivalent of $4,200 and ended free battery swaps for new buyers.
The Chinese auto market is the largest in the world. Thanks to government subsidies and license plate restrictions, the local electric car industry has grown and penetration of new energy vehicles has reached about one-third of new passenger cars sold. The category includes hybrid-powered cars.
Earlier this month, China's top executive body, the State Council, said the country would extend purchase incentives for new energy vehicles as a way to boost consumption, according to state media. It did not provide details. "Despite short-term headwinds, we believe NIO remains well-positioned with multiple upcoming ramps including its lowest cost SUV ES6, a multi-year EV adoption tailwind and market leadership in premium EVs in China, the largest EV market, EU/Global expansion, and an expanding product portfolio," analysts at Mizuho Securities said in a note Friday.Nio shares are down by about 20% for the year so far at $7.73 a share.
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