Nio announced the launch of a trade-in subsidy to entice owners of traditional gasoline vehicles to buy its models, a move that differs from its previous practice of doing little marketing for purchase incentives.
In response to China's consumer product trade-in initiative, Nio is offering up to RMB 1 billion yuan ($140 million) in gasoline vehicle trade-in subsidies for 2024 Nio models, the company announced today.
Starting April 1, gasoline car owners 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.
When added to other perks, customers will receive a total of up to RMB 15,000 in option fund, discount coupons for Nio Phone worth RMB 6,498, it said.
They will also receive 36 vouchers worth about RMB 3,600 for free battery swap services and one year's access to assisted driving software Navigate on Pilot Plus (NOP+) valued at RMB 4,560.
Nio has previously been offering benefits including a free Nio Phone, free battery swap vouchers, and a free NOP+ experience.
