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Petrol car customers who purchase a new Nio vehicle through a trade-in will receive up to RMB 15,000 in option funds, and a discount coupon for a Nio Phone valued at RMB 6,498.
Nio (NYSE: NIO) today announced the launch of a trade-in subsidy to attract traditional gasoline vehicle owners to purchase its models.
In response to China’s consumer goods trade-in initiative, Nio is offering up to RMB 1 billion in gasoline vehicle trade-in subsidies, applicable to 2,024 Nio models, the company announced today.
Starting April 1, gasoline car users who purchase a new Nio vehicle through trade-in will receive an additional RMB 10,000 in option fund subsidies, it said in a statement.
After adding other perks, these customers will get a total of up to RMB 15,000 in option fund, discount coupons for Nio Phone worth RMB 6,498.
They also get 36 vouchers worth a total of about RMB 3,600 for free battery swap services, and one-year access to NOP+ worth RMB 4,560.
Nio has previously been offering entitlements including a free Nio Phone, free battery swap experience vouchers, and free NOP+ experience.
However, the company has never openly marketed these entitlements, possibly for fear of negatively impacting its premium brand image.
The latest move signals that the quest for volume may start to take a higher priority. Nio and its major local peers are expected to announce March delivery figures today.
On March 27, Nio revised its guidance for deliveries in the first quarter to around 30,000 vehicles, down 3.23 percent to 9.09 percent from the previous 31,000 to 33,000 units.
The lowered guidance means that the company expects March deliveries to be around 11,813 vehicles, considering it delivered 10,055 vehicles in January and 8,132 vehicles in February.